Entrepreneurs need to be driven to succeed. To conceptualize and run a home business you must be a self-starter, willing to take on the risks and challenges involved in launching out into the unknown.
It may sound harsh but a passive personality is better off working a traditional job and collecting a steady paycheck. There is nothing wrong with working your way up the ladder either. It takes a lot of hard work to consistently put out great work and to be recognized and rewarded for your efforts.
Although both personality types have their own merits, you should ask yourself this question before you jump into starting a home business… Am I a kitten… comfortable with a predictable future, good at what I do and happy to collect praise and admiration…
or am I a lion? Unafraid to venture out and a true leader in every sense of the word.
Starting a home business takes an entirely different sort of mettle. To actually push your idea through the stages of development and then invest time, effort and energy into making it a reality is an act of courage. But to let go of your job and your reliable safety net of an income to depend entirely on yourself to earn a living is an act of pure faith.
Passivity has no place in the mind of a home business owner.
I happen to think that being driven is the number one requirement of being a successful entrepreneur, but I’m sure there are other opinions. If you think there’s a trait that’s just as or even more important I’d love to hear from you!
Home business owners often fall prey to the notion that you have to spend money to make money. While this can be true to a certain extent, there is a limit to how much spending is prudent or practical for the size and type of business in question.
Big Businesses Have Bigger Budgets
It is a mere fact that big businesses will have bigger budgets, so a home business owner that is on a spending path that can rival the neighborhood retail chain is surely in for some trouble. Keeping up with the Joneses in this instance will run a home business into the ground long before it manages to take off in earnest.
How to Resist the Urge to Splurge
Home business owners should take a step back if they are in the habit of indulging in runaway spending. The following tips can help to fight the temptation to spend.
1. Realize that Expenses Must be Justified
In business, expenses must be used towards a particular end. If there is no real justification for the spending then it is just frivolous and will not contribute to increased sales or profits. Spending must be tied to an end result or business goal and then and only then should the purchase be made. Revisiting your home business goals frequently can make it easier to identify worthy spending.
2. Challenge Yourself to Find a Bootstrap Alternative
Home business owners should take up the challenge to find a cheaper alternative to established methods and techniques. For instance, there are many cost effective or even free ways to gain exposure and marketing leverage.
3. Learn to Recognize Value For Money
Finally, spending large amounts of money is not the only way to get a quality product or result. This type of price prejudice can be very costly because it blinds the home business owner to lower cost opportunities to achieve the same result.
How do you think home businesses can save without sacrificing the quality of their product or service?
Running a home business doesn’t always get the respect it deserves. Some people may feel like your business is more of a hobby than an income earner and you may need to spend some time justifying what you do all day to make your money.
Of course, the attitude of the home business owner contributes enormously to how the business itself is perceived. Simply put, if you were unable to explain in a concise manner what the nature of your business is you may not capture the respect of your audience.
While the aim is not simply to get the admiration of those you meet, the inability to market your business at a moment’s notice is a lost opportunity to sell your product or service to people who may potentially become clients or a source of referrals.
If you are guilty of downplaying your business then you should take a look at How to Take Your Home Business Seriously and The Dangers of Not Taking Your Home Business Seriously for more insight.
In the video presentation below, real entrepreneurs tell their secrets to success!
As usual Homepreneur would love to find out what your thoughts are on the topic. Do you take your business seriously and how do you show it?
When you work for yourself getting everything done can be a monstrous task, but when you run your business from your home it gets even more complicated. Operating a home business can be an added challenge because not only are there business responsibilities but there are also things that need to get done around the house and for family.
Part of making the move to start a home business is often the urge to spend more time with family but when the rigors of being in charge set in, home business owners often find that there aren’t enough hours in the day to do everything that needs to get done.
However there are many little tricks that home business owners can use to squeeze as much productivity out of their day as they possible can.
The links provided above are some extremely useful articles that itemize unique and creative ways to get everything on your to-do list checked off before it’s time to turn the lights out. The great news is there may even be time to spend some quality time with family before going to turning in for the night.
Isabel Isidro of PowerHomeBiz.com also had some interesting things to say on How to Manage Your Time Efficiently.
Don’t forget to let me know what you thought of the tips or make some suggestions of your own. I’d love to hear from you!
Of course, it is an undeniable advantage to be able to have an idea and then using little or no capital, you can possibly serve your first customer right from your kitchen or garage.
The danger of doing business this way though is that you are never really sure if that first customer was a lucky break, or if there are more people who would just as readily hand over some cash for your product or service.
This is a huge risk to take if you are going to sink money into stock or other support services for your home business. There is literally no evidence to support your hunch that you will have clients in the future.
This is where market research comes in. Market research asks and answers the following questions;
- How many people will buy my product or service?
- How much and how often are they likely to buy?
- How or where are they likely to look for it?
These questions provide a foundation for some important considerations in every home business.