Becoming Your Own Boss
According to the latest U.S. Census Bureau data, the number of African American owned firms has grown by more than 26% in recent years. Almost 4 in 10 of those businesses (38%) are owned by women.*These numbers are growing and they should give a boost of optimism to others who want to take the plunge into owning their own business.
One of the first things a prospective entrepreneur needs to do is some soul searching. A person needs to understand the reality that getting a small business off the ground is difficult. The early stages are a roller coaster of surprises, disappointments and also successes. It will also be extremely time-consuming. That means an entrepreneur with a burgeoning business must be prepared emotionally and even physically for the stresses of shouldering all of the responsibility. You will no longer leave your work behind you when you punch out at the end of the day. Business owners are thinking about their businesses 7 days a week, 365 days per year. Many business owners say they are married to their business. That’s because an entrepreneur needs to be as dedicated and put as much time into his/her business as he/she would put into a marriage.
Once you have established that you are willing to make the commitment to being a small business owner, the next step is to develop a clear vision of what kind of business you want. This is a very personal decision. What kind of business you decide to have depends on your background, personal tastes and whether there is a need for the service or product in your geographical area. Perhaps most importantly, it depends on what it is that you are passionate about.
You must choose a field, product or service that you love and that you will continue to love to work in for many years to come.
Research, research, research. Pin point what kinds of services you want to offer in your business.
Remember, you don’t have to do it all on your own. There are a number of non-profit organizations that can help you find funding on a local, state and federal level. Many organizations also offer professional counseling for new small business owners. Oftentimes, the contacts you make and the advice you receive prove to be invaluable. Do some internet surfing to find organizations like this in your neighborhood.
Remember, owning your own business is bitter-sweet. It means bearing the brunt of any failures, but it also means taking full credit and reaping the greatest rewards for you successes.
*Information taken from www.score.org.