Five things to consider before starting your own bussiness

To be Entrepreneur, first getting free from dominating bosses and the possibility to make your own decisions is one of the lures of starting your own business. As attractive as it looks, not everyone is suited for self-employment. Before you go ahead with any plan to start a business it is important to take a close look at yourself and ask yourself some important questions.

1. Do you have enough start-up capital and a back-up income?
It takes money to make money, even if it is only a home business. Make sure that you have enough funds to equip yourself and begin marketing before taking the plunge. Also, don't expect to make a lot of money in the early stages of your business. You will need to set aside enough money to provide for you and your family during the initial start-up period for your business. Consult with other similar businesses and find out how long it took them to become viable.

2. Are you a self-moving person?
This is the key quality that separates an employee from and entrepreneur. If you need to wait around and be told what to do, then you would find it easier to get a job with a company rather than to launch your own business. On the other hand, if you are able to think of an idea and carry it out without prodding from someone else, then you may be able to succeed in your own business.

3. Are you willing to work more than a standard 9-5 day?
When you work for someone else you are contracted to work a certain schedule. At the end of the day, you can often able to just forget about the job, go home and relax. When you have your own business you carry a load of responsibility on your shoulders and you will often end up working longer hours than a normal salaried employee. If you like what you are doing and if your business is financially rewarding then you may not mind putting in a lot of extra hours and working when other people are resting. Once again, there is no "right" or "wrong" here. It is just a question of looking deeply at yourself and finding out what you are best cut out to do.

4. Is your family ready to back you up?
You may have a great idea for your own business, but before you begin you have to see if your family is ready to support your ideas. If you start your own business there may be an element of risk and an increased demand on your time. Owning your own business and having a lot of responsibility can also be very stressful. It is crucial that your closest loved one, the ones who share your life, also share your vision and will provide the emotional support and understanding that you need in order to be successful.

5. Are you passionate about the business that you want to set up?
In order to be successful in your own enterprise you will have to be self-moving and you may have to work harder than an employee in someone else's firm. If you do not really like what you are doing you will find it hard to get the inspiration and drive that is required for such a task. Choose an activity that you know something about and choose an activity that you enjoy doing. The ideal business would be one where you have some prior knowledge and something which you enjoy doing.

One thing to remember, there is nothing wrong with being an employee and working for someone else. There are a lot of advantages in terms of job security, steady income, standard hours and other benefits. It is just a question of looking at your total situation and making the right choice. On the other hand, if you do possess the qualities of an entrepreneur and really have a good idea backed by adequate capital and expertise, then starting your own business may be the best thing you will ever do.

by David Bond

Entrepreneur and five of the Franchise Business Plan

Entrepreneur, In a franchise business, you’ll probably find that the preparation of the business plan is substantially easier than for any other type of independent business start-up. The franchisor typically has a great deal of verbiage readily available to include in the narrative portions of the business plan, and also includes much of the financial information you’ll need in the disclosure document.

By way of background, there are a number of sections included in a typical business plan, whether franchise or other. The main sections include:

1. Introduction. A complete description of the business, including an identification of the product or service involved, the size and competitive nature of the market for the business, a description of the operational approach used to take the business to market, and the challenges and risks associated with the business start-up.

2. Management. A description of the key management roles in the new business, including naming the persons who will fill the roles and providing background information on these people, such as resumÈs stressing prior experience relevant to success in the new business.

3. Marketing. Explanation of how you’re going to attract customers for the new business. This includes an explanation of the competitive advantages the new business would enjoy, an examination of the value equation related to the product or service as it relates to potential customers and, of course, detailed marketing and advertising plans for the business.

4. Pro Forma Financial Projections. Income statements, cash flow statements and balance sheets that project the anticipated financial performance of the business when it begins operation. The statements should include extensive notes concerning all material assumptions used to prepare the projections. These projections should always be prepared on a very conservative basis, since it’s not possible to project the unexpected delays or challenges that always seem to happen with any new business start-up.

5. Financing Needs. Regardless of the source of funding for the new business (even if all funding is coming from your savings), you should always prepare a section of the business plan related to financing needs. This section involves a complete analysis of all start-up costs related to the new business, including sufficient working capital to cover initial marketing plans and operating losses until the projected break-even point for the business. The process of carefully detailing this information, even if you’re not borrowing anything from an outside source, will better prepare you for whatever might happen as you get the business set up and operating.

The Different way of mindset between an entrepreneur and employee

Do you be entrepreneur?do you like on the make of career?
Let see..., now i would like to considering them.


Entrepreneurs

1. Value wealth over job security.
2. Build their own assets.
3. Build assets and then use their revenue to build other assets.
4. Build passive income.
5. Can become wealty when young age.
6. Have the freedom to do anythings.
7. Make money when they sleep.
8. Have an bigger opportunity to help other people.
9. make a job.

Employee

1. Value job security over wealth.
2. Work to build someone's else assets.
3. Do not build assets.
4. Build active income.
5. Don't have financially secure when young age.
6. Limited with their work.
7. Just make money in dreams.
8. Have an fewer opportunity to help other people.
9. Must have a job.
   

Robert T Kiyosaki and Rich Dad Poor Dad Book

Kiyokasi, the surename of Robert T Kiyosaki. who doesn't know him?? He is a powerful people that motivate all people to get her or his dreams. Especially for be rich man. His idea and knowledge has accrued by the world.

he made book with 18 books have sold some 26 million copies. The first title in the "Rich Dad, Poor Dad" series has been on The New York Times Best Seller List for five years, and has sold more than 11 million copies. Kyosaki says his books can put ordinary people on the fast track to a life. He says there are four basic types of people: workers, small-business owners, investors and entrepreneurs.

Successful Entrepreneur have got a lot of idea

If he were starting up a new business today, said David Fialkow, managing director of General Catalyst Partners, he would first employ the "earnest young man routine" to get an interview with an old guy in business who could explain the ins and outs of the industry. "Keep your hand out of your pocket, show up, and be prepared to listen," said Fialkow, a college dropout who helped create UPromise and a number of other successful ventures.

The goal is to get to market as quickly as possible, Fialkow continued. If you have a good idea, put smart people around a table for a few days, give them good food, and let them figure out the business model, he continued. He also said start-ups should spend more time on market verification and market feedback than on the "front office" issues of building a business.

Fialkow's lessons included trust your instincts; develop solid mentors; hire young, smart people; and pick industries that are going through a sea change. He recalled how a two-dollar ATM fee he once paid at an airport spurred him to start his own ATM network featuring out-of-town banks. Other ventures he helped create were a credit card processing center for supermarkets, duty-free shops on cruise ships, and his current stint at General Catalyst, a private equity fund.

Filipowski, who founded software maker PLATINUM Technology and sold it to Computer Associates International in 1999 for approximately $4 billion, said one ingredient for his entrepreneurial success was doing enough deals to get lucky every once in a while. He still receives royalty checks in the millions of dollars each year from a $40,000 investment he made in a pet business, which he thought had no chance of succeeding.

HBS professor Thomas Eisenmann, who moderated, asked panelists about the "Get Big Fast" strategy popular in the 1990s—which essentially meant buying or otherwise acquiring many customers as quickly as possible.

"You don't want to be in a business model that acquires customers cold," said Fialkow. His UPromise received some $100 million in financing and spent half of that in customer acquisition activities, he said. "That's nuts."

Steve Hafner, founder and CEO of Kayak.com, an online travel information site, said an alternative to growing your own customers is to secure distribution through partnerships, such as Kayak's partnership with AOL.

But there are times when a customer acquisition strategy might be sound given the circumstances of the moment, said Filipowski. "I believe in assessing the current environment and taking advantage of it."

In a discussion on the pluses and minuses of receiving venture capital, Hafner said his company sought funding not so much for the money as for the expertise—"We wanted adult supervision." Entrepreneurs run incredibly fast and focused, leaving little time for thinking about strategy and tactics to respond to events happening in the industry.