Becoming an entrepreneur

There are a number of reasons people think about owing a business of their own. Personal independence, unlimited profit potential, the opportunity to work at something that they really love, at hours they choose are some of the reasons people have given for trying entrepreneurship. Many business leaders begin their careers as entrepreneurs after four years of undergraduate college training and even additional graduate school training. Others become successful entrepreneurs without special training.

Entrepreneurial programs. Many colleges now offer programs that teach students how to start and operate a business. Basic information is combined with hands-on experience and the advice of successful business consultants. These programs help potential entrepreneurs decide whether their own ideas are good and how to follow through with them. With the high rate of business failure, this approach can prevent personal financial losses.

On-the Job training. A common way to learn about a business and the opportunities for starting similar to it, is to learn while working for someone else. That pattern was used by several of the entrepreneur mentioned earlier. It provides a source of steady income to people while they are planning to start their own business. About 50% of entrepreneurs start their business in industries in which they have some experience.

The family. Evidence shows that people who come from families whose members were in business themselves are more likely to start their own companies. Apparently it doesn’t matter whether the business was successful or not. Relatives operating a business and enjoying the fruits of their labour present a “model” for a possible career.

Starting a small business. There are many aids for people who want to start a small business. Through the Small Business Administration established in 1953 the federal government provides help in the form of literature and counseling through 110 offices in 100 cities throughout the country. Professional small business consultants can also be hired to help potential entrepreneurs make the necessary decisions. The overall message from people who give advice on the subject to get all the information you can before you decide.

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