Being and entrepreneur can be both rewarding and challenging. It is part of the American dream to own your own business. But, in most cases owing and running your own business is harder than it seems. Do not let this discourage you because almost everything worth having has a high price. It is no differently with a owning a business and being an entrepreneur. And once you get started you will learn valuable lessons that you can apply to not only future business challenges but to other parts of your life as well.
One of the biggest difficulties in running a business is having enough cash flow. Cash is king as they say. Without it you cannot run a business. Does that mean that you need a large sum of money to run a business? Well, that depends on several factors. For example, if you are running a part-time business from your home and you already have the products that you want to sell online, the cost if going to be very little compared to owning your own business and renting a store, paying for lights and other utilities, employees, insurance, and other business's expenses. So, the answer to the question of how much money do you need to run a business hinges on how big and what type of business you want to have initially. But, even a small at home business selling products on the internet needs adequate cash flow to buy new products to sell and stay afloat.
Another challenge that you as an entrepreneur will face when you run your own business is how to obtain the best employees for the particular type of business you are running. No matter how good an employee is at performing his or her job, the business will not achieve its maximum potential if two factors are not present. First the employees must be compatible with the type of product or service being sold. For example, artsy people usually do better selling artsy stuff. Mechanical minded persons are better suited for products and services which involve mechanics (not necessarily car mechanics). Secondly, make sure that your present or potential employee's personality is a good fit not only with other employees but with customers.
The last point I am going to make in this article is the what I will call the "I" factor. When you as an entrepreneur run your own business, there is only one letter and ironically one person which will separate you from success. That letter and person is "I" (not me but you). It is the difference your ability to run a business or to ruin a business. You are the difference. If you give up easily and are easily discouraged, maybe it is best that you work for someone else. But, if you have opened a business, given serious thought of opening a business, dreamed of opening a business, or attempted to open a business, you can be successful just by changing the way you face challenges. You are destined to be an entrepreneur. Don't give up.
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