Entrepreneur: Is It Right for You?

Photo by: Alex Osterwalder

 You have been following me and what I have been writing about? That is just awesome! Thank you for the support and paying attention. Today continued from our previous topic “Capitalism” I am going to continue on “Entrepreneur.” I love that word, it makes you feel smart and like you are doing something.

Do you have a clue what “Entrepreneur” means? By classic dictionary definition you will get, “One who starts a business or other venture that promises economic gain but that also entails risks.” By everyday people definition, like me, would say, “You own a business.” Simple? Nope. Running your own business is not easy. It does entail risks and the venture is to bring economic gain (or simply make money). I wanted to own a business and maybe some day I will, if I ever have any money. It takes time and for those in the business world-they understand that time is money.

Before you get started, make sure you are researching the whole nine yards. As a business person you will be playing on both ends on the field, the buying and selling side. It’s very important to know what the demands are in the area that you wish to pursue your business. The Buyers control the demand of what is needed/bought. Sellers control the supply of what is to be sold. Those, typically, in the business are quick to pick up on what’s occurring around the them-style, trend, and media. All very important factors. You have to think about all the responsibilities: writing your job descriptions-so you can find the right candidates, keeping up with the Department of Labor-as changes take places you must be aware of them, salary and wages-knowing your bank information and the list goes on and on. There are steps you can take.

After you are running your business and feeling good about yourself-don’t let anything bring you down, although you have to be realistic. Keep a positive attitude. Besides, who wants to walk into a place that doesn’t have a pleasant atmosphere? As time passes it gets harder and harder to keep track what’s happening…make sure you keep records of all inventory, expenses, and accounts payable/receivable. Come up with a program that will help you, if not then you could be lost in paperwork and a huge mess, but luckily there are accountants out there that can help you keep track. Doing so will help you manage your cash flow. Money is one of the many important factors you have to calculate.

It may sound like a headache, indeed it could be, but if it’s your dream to own and operate a business, then by all means do so. Keep in mind that just because you are good at sells, doesn’t mean running a business is for you.

-Khon Phaxai