Are YOU the True Meaning of Entrepreneur?

Did you know that there's more than one way to become a business owner? You can start from scratch, you can buy an existing business or you can buy a franchise. Let’s start with starting a business from scratch.?

The Advantages of Business Ownership

If you are that true entrepreneur that wants to do things your way and you want to create your own business systems and processes, then starting from scratch might be the way that you go. Now, there's advantages and disadvantages to each of the paths to business ownership.? When you start from scratch, some of the advantages are:

1. You're in total control.?
2. You make all of the decisions; good or bad.?
3. You get to keep all of the profits.
4. Lots of room for creativity

Most true entrepreneurs enjoy having total control over their business and creating all of the systems that they will use to operate their business.? They can be as creative as they want in the type of business they are building.? They also want to be responsible for all of the business decisions - good or bad.? However,? making bad decisions? in a startup can get expensive and not all new business owners have the capital to continue to finance too many of those bad decisions.? Another benefit startup owners enjoy is being able to keep all of their profits.? They don’t have to worry about paying royalties to anyone.???

The Disadvantages of Business Ownership

However, there are disadvantages to starting from scratch.? Some of the disadvantages are:

1. You must create all the systems?
2. There are limited options for financing
3. Slow ramp up
4. Highest failure rate

If you've never owned a business before, where do you start?? How do you create all those systems and processes?? You also don't have any training or support on how to run your specific business and therefore the ramp up of the business may be slow.? It may take longer to get to that point in the business where the owner can start drawing an income.? And when it comes to financing, the options may be limited because lenders are hesitant to lend to startups with no history of success.? Your business may look great on paper but there is no real history of success.? Another disadvantage is that unfortunately startups have some of the highest failure rates due to the fact that many startup owners have never owned a business before and they just don’t know what they don’t know.? However,? if you're that true entrepreneur, these disadvantages may not worry and you may be ok with these risks.???

If you really want to know whether you are an entrepreneur and will be comfortable with a startup business, message me below and I' d be happy to send you the link to the entrepreneur profile that will help us to identify what type of owner you are.