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Posts Tagged ‘home business mistakes’

Homepreneur Mistake – Passivity

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!

Recommended Reading

Tips to Overcome the Fear of Starting Your Own Business

Challenges in Starting a Home Business

How to Develop a Successful Home Business

Where to Find Ideas About Starting Your Home Business

Homepreneur Mistake: Spending Like a Big Business

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?

    Recommended Reading

    Tips to Increase the Cash Flow of Your Business

    The Benefits of Budgeting