Tips for Four Types of Job Seekers - continuation 2nd part
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4. If you want to create your own job. The dream of becoming an entrepreneur is a common one today. Before you make that pledge of independence, however, consider the following brief tutorial on starting your own business. Here are five key rules for would-be Bill Gateses:
- Make sure you’re motivated by a good idea, not by bad circumstances. You’ve heard it before, but it bears repeating: Nine out of ten businesses fail within five years after opening. So you really need to consider what is driving you to strike out on your own. If your entrepreneurial desire springs from general worker malaise, think twice. A start-up requires that patience of job and the passion of Julio Iglesias. People who are not prepared to face endless hours and potentially years of red ink are poor candidates for being their own boss.
- Write a solid business plan. A business plan clearly outlining your company’s raison d’etre will help you to define both short- and long-term goals for your business. Researching your plan should also help you focus your concept and even gauge demand for your product or service. Luckily there are many excellent resources for helping you draft a solid plan complete with cash-flow projections. You might take a business-plan writing class at a local college. Another valuable resource is the U.S. Small Business Administration (202-205-7701), whose small business information centers nationwide offer free publications and one-on-one advice sessions on writing plans. Additionally, check your local software supply store for titles to help polish your plan.
- Take stock of your financial condition. It takes time to start earning money from a new business, typically 18 months. Can you survive without a paycheck for that long? Make sure you’ve gotten enough dough to support yourself and your family for a while before plunging into entrepreneurship.
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One Response to “Tips for Four Types of Job Seekers - continuation 2nd part”
Disagree totally with the business plan idea.
Check this out and let me know what you think…
http://smarthomeworker.com/2009/05/31/why-having-a-business-plan-can-kill-your-business/
Let me know…
By Sahail Ashraf on Jun 25, 2009