Entrepreneurship Motivation

There is a breed of person - an entrepreneur. And all across the world entrepreneurs and business minded individuals bring to the world there dreams, desires, and ideas and turn them into reality.

There exist many in the world today, who seek instant success, a flash flood of money to make them rich today. We see lotteries generating billions in revenues from people seeking that instant rich injection! But, what many don’t realize is that most of the people who ever win the lottery, soon loose all the money and more.

The myth that nine out of ten small businesses close in their first year may or may not be completely true. According to more recent Dun and Bradstreet data, 76 percent of new companies were still in business after two years. But since these statistics are based solely on the number of business license applications forfeited, they may not be entirely accurate. Many business owners don’t immediately contact their licensing office; some never do.

Writing a full business plan is a ton of work no doubt. If you are a student it could take 6 months or more to make a full plan. If you aren’t seeking funding or don’t want to create that full on business plan then what options do you have? I still think you should create a plan, just because it will be incredibly beneficial for your business, but there is a shortened business plan that you can create that will give insights into the industry and business you are looking to run without the time investment of a full plan. This shortened plan is known by many as a preliminary venture analysis. (called a PVA for short) A PVA give you the info needed to create a fairly quick decision on whether or not your business is feasible or if you have a smaller decision that needs to be made such as whether or not a new product line should be launched. A PVA is most comparable to the executive summary part of a full business plan. The big difference between the two is that to make a PVA you will spend a lot less time gathering information and researching. This means it will not have the same depth as an executive summary.

Many people have chosen start up businesses as a way to either increase their income or as a supplement to their current income. Because of the freedom and extra free time that work at home business offer to business owners, this is a growing trend in America. Many people have noticed the benefits and decided to reap those benefits themselves, too. Other than increased income potential, small business start up also provide you with the option of setting your own schedule and spending more time with your family.

“I am going to make fresh, organic food for kids. It will be fun.” Little did I know that what I was actually saying was “I am going to enter into the food manufacturing industry with no experience”. The business was actually launched in early 2007 producing organic meals for children in Salem, Oregon. A reflection on my first year has yielded four lessons learned.

The Common Factor for Successful Entrepreneurs

Famous successful entrepreneurs like Ann Sieg of The Renegade Network Marketer, Mary Kay Ash of Mary Kay Cosmetics, Mike Dillard of Magnetic Sponsoring, and my own father, Wallace March who founded IDC, the first international drilling company, all had one particular thing in common. They all started with nothing.

Ann Sieg was a frustrated network marketer going nowhere fast in a long line of MLMs. Mary Kay Ash was a single mother of three working in a man’s world, constantly losing out on promotions to the men who she herself had trained. Mike Dillard was waiting tables. My dad was a bookkeeper.

All Business owners have a common trait; it is a “Business Owners” mind-set. If you are considering starting a home based business, you better develop “Business Owners” mind-set.

Are you considering a Home based Business Opportunity? Remember, a Home Business Opportunity, is just what it says. It is a Business. It is Not a job.

All Home Business Opportunities require a “Business Owners” mind-set and not an “Employee” mindset.

Planning on starting a small business would be more effective if you have gone over several ideas. It will take you some time to go through several small business ideas before finally landing on one. Choosing the right idea will benefit you greatly especially if you don’t have a background in entrepreneurship. A small business does not have to be a full-time job especially at first. Some people start a small business out of a hobby and when it grows, that’s when they quit their day job and go full blast.