Critical Success Factors
In this section you will find articles relating to key topics like Entrepreneurial Characteristics, Motivation, Resilience, Finding your Passion, Resourcefulness, Focus, Tips for improving productivity when working from home and much much more.... Enjoy, today’s Critical Success Factors article. Characteristics of Entrepreneurship.“We are made stronger on the realization that the helping hand we need is at the end of our own Arm.” - Sidney Phillips Entering into any home-based business venture is an enormous challenge that will require all your skills and then some. It will take many, out of their comfort zones, and throw them into the twilight. You are here, and this could indicate that you may have that uncontrollable urge to set up a productive Home-Based Business, and put the results of your productivity in your own pockets, instead of the pockets of others. Today we will briefly describe some success factors of an Entrepreneur or Home-Base Business Owner. Prior to defining and identifying any characteristics, we must define: What is an Entrepreneur? An Entrepreneur is simply one who has an idea, organizes, operates, and assumes all risks of their home-based business venture. Example, Entrepreneur Magazine has excellent home-based franchise information. The individual who pursues and buys one of these home-based franchise opportunities is a franchisee. The Entrepreneur, in this case, is the franchisor. It was their idea, their venture, and their success. The franchisee is one who wants a home-based business, may need or feel more comfort in not going it alone, and willingly accepts the “cookie-cutter concept” by sacrificing certain controls of the business. This is a matter of opinion, as many consider and refer to both the franchisor and franchisee as Entrepreneurs. Most home-based businesses require the same Entrepreneurial Characteristics as any franchisor, it is your concept, your planning, your skills, your knowledge and your implementation of your detailed Business Plan that will determine the success of your home-based business. What are the some characteristics of a Home-Based Entrepreneur? Critical Success Factors These are the major characteristics associated with successful Entrepreneurs. For more information on theses Critical Success Factors (Click here). This does not mean that to be successful one must have all of the above Critical Success Factors. Please remember, the Home-base Business, continues to evolve, and both entrepreneur and success may soon be redefined. This is clearly demonstrated by Rhonda Abrams in her book “What Business Should I Start?” Her book identifies the 7 steps to discovering the ideal business, and has a series of test questions that will assist you to find a business that suits you. It helps to determine your “E-Type” and match your strengths to a business. In order to succeed in a home-based business, one needs more than heart. Many Home-Base Businesses fail because they fail to investigate and understand the magnitude of being in business for yourself. Some may have to make personal sacrifices. They quickly become disillusioned when they meet adversity. They frequently set unrealistic goals or believe in the six figures a month stories promoted on TV, and in many articles. I recently investigated one distributorship that tried to sell products at a “supervisory” level. I was led to believe that this meant some good money. In reality, the average supervisor level made about $438 a month in their home-based business. Learn as much as you can, seek out valued opinions and make an informed decision. The decision to own a home-based business is yours. This vision you have might take you thru to retirement. Each of us has a reason to be where we are now. Peter Drucker says it best - “Long-range planning does not deal with future decisions, but with the future of present decisions.”
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