Edmonton Business Consultant | When Is the Perfect Time to Become an Entrepreneur
Even though 75% of adults age 37 to 57 have expressed a desire to become an entrepreneur is Edmonton business consultant. Not that many people actually take the plunge to follow their dreams. There are many reasons why, from lacking competence, to not having the right idea, to waiting for the timing to be perfect. Also, there is a high failure rate in business that could keep people from following through with this dream. 15% of businesses fail in the first year, thirty by the second year and fifty by year five. By identifying what they want to do, and creating a plan can help those who have the right drive and passion to follow this path.
There are a lot of reasons why a person may not follow their dreams of becoming a business owner, and one might be being unable to give up the steady paycheck that they are getting from being an employee. However, Edmonton business consultant says that there are some businesses that a person can do while they are working there other job that can give them a lot of skills that can be beneficial as an entrepreneur. They can get into a direct selling business, or a network marketing business. There are a lot of really great ones that people can get into. These can help teach people skills that are important like networking, goal setting, and can help them hone their selling skills such as how to read a script and close a deal. Also, by working in MLM can help people get rid of their self-limiting beliefs and gain confidence in themselves as well as their ideas.
In addition to relying on a steady paycheck, some reasons why people might wait to start a business might include family. Edmonton business consultant says they might want to wait until their children are a little bit older, so that they have more freedom with their time. Or they might not have a fully formed idea of what product or service they want to sell. However, once a person has addressed these issues, they need to understand that while waiting for things to be right, they should avoid waiting for things to be perfect because that time will never come. As long as a person has everything they need to start the business, should take the plunge instead of waiting for the timing to be perfect because they will be waiting forever.
By identifying what business they want to get into, and creating a plan can help ensure that a business owner is taking all the right steps towards business ownership, even when they are the employee of another company. When they accomplish all of the things they need to make it possible to start a business, then they will be ready to take that first step. This is very important, so that people can follow their dreams of becoming a business owner, and then actually following through with it.
Edmonton business consultant | when is the perfect time to become an entrepreneur
The majority of people polled identified a desire to start their own business says Edmonton business consultant. And the biggest reason why people expressed a desire to start a business was because they are unhappy. If they are not doing what they love, not making enough money, or if they are experiencing physical difficulties with their job this causes people to dream about becoming an entrepreneur. They see this as a way to gain financial freedom and a way that they can get the time to do all the things that they want to do.
However there are many reasons why people who have expressed desire to start their own business do not actually follow through. One of the biggest setbacks is because people want to become an entrepreneur, but they do not know what product or service they want to sell. This is often why many people decide to become a franchise owner, because they do not have to figure it out. However, it can be very easy for people to come up with an idea says Edmonton business consultant as long as they are listening. If they start listening to the people around them, their friends and family to start, and listening to see if they have a need for problem that needs solving. If a person has a hobby, regardless of what that hobby is, they should start talking to other people who share that same to see if they have a common need or problem.
By identifying a common need or problem that needs solving, can help a person whose driven to become an entrepreneur come up with a solution for that problem. Once they have that solution, that be the idea for their business. Not only will this help them figure out what they want to do, but it will also solve the number one reason why businesses in Canada fail. 42% of all failed entrepreneurs say that they were unable to find a market for their product or service. Therefore, if an entrepreneur can fill a need or solve the problem, they will instantly have customers that they can sell their service or product to.
Ultimately, people have a great misconception about getting started in their business that could be a limiting factor says Edmonton business consultant. They tend to overestimate what they are going to be able to accomplish in us a year, but under estimate what they can do in ten. If they are not prepared this ahead of time, and get prepared to stick it through when things get difficult and when they are not seeing the results they want they may get discouraged and quit. Edmonton business consultant says this is often one of the reasons for such a high failure rate of businesses, is because people give up when things get hard. Therefore, it is important that people who are planning to become entrepreneurs not only have the drive and energy, but they were able to be mentally strong so that they can get past the hard times and keep going.