BECOMING AN ENTREPRENEUR
Whenever we are asked to envision our dream job, most of us visualize being our own boss and having a business with a significant cash inflow and an ever-growing client base. Starting your entrepreneurial journey can be challenging even for the most qualified and dynamic individuals. Therefore, it is very important to sift through the myths in order to pick and choose whatever best suits the individual’s needs.
The first and the most important step is to identify a profitable start-up idea, preferably one you are passionate about. Depending on the availability of resources, this step can be as simple as asking your friends about what irritates them in a specific industry that you are trying to get into or it can be as big as carrying out extensive market research through market experts. The world is evolving at a rapid pace, therefore it is a challenge to stay relevant to know the market needs in order to satisfy them in the most optimal way. Looking online can be beneficial in learning existing ideas to construct a clear and profitable business plan which doesn’t necessarily mean coming up with something new, it could by simply be introducing a better version of an existing product. Validating your start-up idea can prove to be valuable through effective networking with other entrepreneurs. Finding a co-founder or an experienced business partner cannot only be a source of emotional support but they can also bring different skills, knowledge, and connections to the table. A co-founder understands exactly what you're going through and makes you feel less alone but there could be conflict such as business approach, long-term plans or even splitting of funds. Exploring funding options in an efficient manner that can be a game-changer and investing personal savings should be kept as the last resort. Being an entrepreneur can give one control as you are your own boss and every day comes with a new opportunity to challenge your capabilities, which mostly results in job satisfaction. Entrepreneurs can schedule their work hours around other personal commitments which is a great advantage but this could result in administrative issues, so care must be exercised.
As an entrepreneur, your income is directly related to your hard work and the success of your business which comes at a cost of the security of a regular paycheck. Staying competitive is critical as a small business owner as there are fewer sources of knowledge and skills. Being an entrepreneur can be an exhausting and rewarding journey at the same time. Therefore, striking the right balance to experiment and play safe is the main challenge. If you’re not equipped to do what it takes to succeed then it can prove to be a disastrous decision of a lifetime however a disastrous decision is more rewarding than a decision not taken at all. If you’re ready to make sacrifices and put in the hard work, your small business can become an entrepreneurial dream. Therefore, it would be unfair to understate the importance of the right guidance to be deployed at the right place, at the right time. At Ali Syed CPA, we assist our clients to achieve the right business plan to keep it all together.