Starting Your Own Entrepreneurship – Passion, Grit, Vision

In one of my recent posts the question of entrepreneurship was discussed from a standpoint of definition; and although the definition may differ slightly from person to person, entrepreneurship is about a set of principles and values that are seldom found in other areas of life. The way an individual approaches his/her own livelihood and the support of family and lifestyle provides the answer to whether or not that individual is an entrepreneur capable of operating an entrepreneurship.

The Definition

Entrepreneurship is the process of creating or seizing an opportunity, and pursuing it regardless of the resources currently in one’s control. According to Wikipedia entrepreneurship is defined as “the act of being an entrepreneur, which can be defined as ‘one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods’. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity”. defines entrepreneur as “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk”.

The Characteristics

Must you be the rebel–mouthy and opinionated? Do you like the thrill of change, always eager for the next new venture? Is your idea of security to never be the victim of a corporation’s downsizing or reengineering? Are you a fiercely independent risk-taker who can comfortably handle the uncertainty of being responsible for your own paycheck? Do you have to possess these characteristics to be an entrepreneur?

Answering “yes” to these questions (except the last one) can put you firmly at the helm of your own entrepreneurship; But the answer to that last question need not be yes for you to qualify to run your own entrepreneurship because you can be, for example, less “mouthy and opinionated” and still be a successrful entrepreneur, live a happy, rich life and be in control of your life and career.

The Bare Essentials

If you start your entrepreneurship on the Web, you could begin operatiing with as little as $100 in seed money and your experience in your position at your current job and/or past experience. It is reasonable to assume that you’re putting in the required hours, if not more, at your current job, so you may have to work part-time from your home computer for a period of time before your business gains enough momentum that you could quit your day job. And obviously you can continue to work from home until your business income reaches levels of success that affords you some time to relax or do what other successful people do.

All this can be done if you have the passion, commitment and intuitive vision for running your own entrepreneurship. But somewhere along your road to successful entrepreneurship, you’re going to need a secret formula or USP (Unique Sales Proposal). Yes you need a passion for the thrill and independence of being an entrepreneur, but you also must have the commitment to follow through on that passion. Here’s are a few ideas which you can use as your success formula to help you get on your way.

The Research

First you have to know where you’re going, so research your chosen industry. Identify types of businesses that match your passionate vision and aptitude. Explore areas that show growth potential and, using your experience and insight, look for a need not presently being filled.

Find a successful company similar to the one you envision owning, and study how it started and how it grew. Learn as much as possible about the entrepreneur behind it. Devour books and publications related to your business concept. Talk to other entrepreneurs to discover their best practices.

The Vision

As an entrepreneur-in-training, you’ll need to build basic and advanced leadership skills. A successful entrepreneur is a bold visionary, seeing what others cannot and willing to follow that vision despite naysayers. Many entrepreneurs never finished college, but that hasn’t stopped them from owning large companies like Dell Computer and small companies like neighborhood restaurants and consulting firms. They relied heavily on their visions, not on MBA programs.

Entrepreneurs handle ambiguity with ease. They get a thrill out of leading the way into unfamiliar territory and thumb their noses at failure. Fearless pacesetters, they are usually mystified to find they’re weak at operations and management.

That’s okay. Other people can manage for you, but you must be the guiding force that inspires your managers and staff to follow your vision. You’ll shoulder responsibility and hold yourself personally accountable for the outcome. As a leader you have to focus on the big picture and trust others to focus on the details. People who do it all are self-employed but not entrepreneurial.

The Action

You must also be an actor. You act and get things done by delegating, subcontracting and leveraging other people’s talents. You’re innovative and unwaveringly determined, willing to put in fast-moving 16-hour days to reap the rewards of independence, creative freedom and unlimited financial gain.

Learn to be a marketing genius. Everything is marketing, from the way you say “good morning” to the contacts you make. You sell ideas, products and services to potential purchasers by getting inside their minds and creatively communicating benefits.

Above all you must grow your enterprise and make a profit. People who say, “I love it so much I’d do it for free,” are not entrepreneurs–they’re volunteers. Most entrepreneurs are willing to start small and grow slowly, but they fully expect to make money. There is nothing noble about being poor or failing financially.

The Strategy

When you know where you’re going and have the courage to act, the only thing missing is the strategy for getting you there – but this is no small thing. Jumping into business without a strategic plan is like jumping in the ocean without knowing how to swim. To create the strategic plan, envision your enterprise exactly as you want it to be. Then write down your goals and objectives for achieving that vision. For each goal, create a strategy and a target date for achieving it.

Assess your strengths. You already possess knowledge, skills and experience your enterprise will draw on. List all your strengths that apply to your enterprise. Then appraise your challenges. They might involve market penetration, profitability, expertise, competition or location. Challenges change as your enterprise changes. How will your challenges impact your goals?

Finally, act like a CEO. Create an income and spending plan. Know where your money is going, question every expenditure and keep the cash flow positive. That means taking in more money than you pay out, plain and simple. Make a budget and stick to it. A CEO gets things done through delegation, so create a framework of people who can help you achieve your entrepreneurial vision. Even if you work solo, you can benefit from a myriad of talented consultants, vendors and subcontractors.

If you stick to it and don’t quit on your dream, you’ll look back years from when you started with that small investment and a vision fro your own entrepreneurship, and you’ll probably smile. But whether the smile comes or not you’ll feel a burst of pride within you. That comes as a result of all your hard work, long hours and sheer determination that was necessary to make it happen. You might utter these words: “I did it”!

Home Based Web Business – A Network Marketing Affair

If you have been in the eCommerce market for at least 6 months, you are already receiving offers from many companies promoting their products/services to you, and this will continue as businesses offer you the opportunity to become a distributor of those products and/or services. While many of these businesses offer the opportunity free of charge, others may require you to pay a fee similar to that of a franchise, based on their willingness to set up a website with your name on it and provide instructions on how to make it a success.

Regardless of the motives behind their willingness to share knowledge, techniques and strategies, you’re still able to share in the wealth of their business operations. Where many people make the mistake, is in getting involved with a home-based Web business and then believing – mistakenly – that just by filling out the online forms and paying the required fees, they will immediately start on a money-making journey to riches, wealth and the realization of their dreams.

This could not be farther from the reality of what actually happens after getting involved with a home-based web business. Failure to think long enough about how you came to be involved in this type of business, and the fact that someone was marketing this plan to you, can often lead to failure to grow your new business by marketing it to others; as many “others” as you possibly can during the early years of the new venture.

So the time to relax is not in the beginning of your new business but after you put in the required time (10 to 18 hour days and 7 day weeks, for as long as it takes) to make your business a success. The major portion of your time, work and and money will be spent – or should be spent – promoting and advertising your new business.

There are numerous ways to promote your home-based Web business, such as old-fashion advertising, handing out business cards or even putting you web address on the side of your vehicle to be seen while you drive to the grocery store or around town. All that may be good to draw a half dozen people or so to your new business venture, but to help it really grow and ultimately succeed, it may be necessary to rely more on the network marketing strategy.

Oil millionaire J. Paul Getty is often quoted as saying, he would rather have one percent of the efforts of 100 people, than 100 percent of his own efforts; and that is the basis of network marketing. The Kirby vacuum cleaner company devised its own form of network marketing as far back as 1935 before the phrase was coined and the concept totally understood.

The KVC company knew that in order to sell their sweepers, a sit-down presentation was needed. They had a few dealers with whom they shared the profits of their sales and using their proven methods they taught others to sell the sweepers and each person who was brought in as a sales representative could also share in the profits off the efforts of others once s/he followed the proven success plan.

While a few people may make a lot of money in a short period of time with network marketing, most must grow their business slowly, because of the learning curve, as well as the marketing tests (or test marketing as the case may be) that must take place if your home-based Web business is to be a success. Test marketing is a time-consuming activity which cannot be rushed.

You owe it to your business and yourself (and family, if applicable) to devote the number of hours every day, week and month to learn all you need to know from and about the sponsoring company (if your business is network marketing or milti-level marketing in nature), and anything else you need to know about how to market the product or service you are selling.

Once you educate yourself, you can train others to be successful by teaching them to market the product or service and make money from their sales as well. The more people they have working under them, the more money they can make; And since you devoted valuable time, money and resources to train them, you will also make more money which you would deserve.