Sub-Topic: PERSONAL BAILOUT.
Today is the time for afford the luxury of creating a different financial picture for yourself. Begin to focus on choosing your own job with the possibility of turning your current wealth picture around. Enterprising men and women have done quite well for themselves working right from their home, garage or a swap-meet. Though self-employment might sound appealing it requires tremendous amount of discipline, confidence and effective time management. First and foremost you will have to inquire about any required business permits. Then buy or lease and set up the equipment you need for the venture. Most importantly, since you are working from home you have to establish a very good networking system to get in touch with people who may offer you assignments. Can anybody start a small business? Yes, provided you know what you are getting into and provided you feel comfortable with your state of knowledge about the business you have chosen. A logical first step for the undecided is to list potential areas of personal background, special training, educational and job experience and special interests that could be developed into a business. You should also have a strong drive to succeed even when the hours get long and the decisions difficult. All types of people make it in small businesses and all types sometimes fail. It is a choice that should be made only after serious study, self- examination and counseling. Detailed preparation and a long term planning is your key to success.
Before starting a business, there is a need to identify the type of entrepreneur you might choose to be. Many types of entrepreneur are needed to help the country to grow.
Let’s look at the possibilities.
1.Self-Employed: individuals who perform all the work and keep all the profit (It can be a full-time job because no one else is involved.)
2.Opportunistic Entrepreneurs: those who start a business to it expand it in order to be able to hire other employees that have the necessary expertise that the owner does not have.
3.Inventors: those with particular inventive abilities who design a better or unique product and then create companies to develop produce and sell the item.
4.Economy of Scale Exploiters: those who benefit from buying in volume and offering discount prices while operating with very low overhead.
5.Buy-Sell Artists: those who buy a company for the purpose of improving it so that they can sell it again for a profit.
6.Speculators: those who purchase a commodity and resell it for a profit. Art and antiques are typical speculator items.
7.Franchisee: an individual who starts a business for which a widely known product image has already been established.
List up to 10 businesses in your community that you consider are efficient, smart, lucrative or suitable. Since there may be more than 10 small businesses, concentrate on the types that most interest you as possibilities for self-employment due to high profits. Don’t leave out any possibilities just because you feel you don’t have the necessary capabilities for success. If you don’t possess all the necessary capabilities, you can probably develop them or hire others, who have them to help you out. Include every possibility that seems appealing.
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Once your decision is made, it’s only a matter of working out the details and planning for an outcome you have control over.
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