When Should You Give Up on Your Dream of Becoming an Entrepreneur

Are you the type of person who has been dreaming for years of actually owning and operating your own business? Perhaps you have tired numerous ways to open your own business, even when you had the money to do so, but it just has not been successful. There does come a point when you need to figure out than tit is time to let go of your dream of running and operating your own business. Of course if you have not tried every possibility then you should not give up.

Some people just don’t have the knack of running and operating their own business. Many people really don’t realize how much. You could try speaking to various people on the topic of becoming an entrepreneur. You may be able to find out what you have been doing wrong or if you are able to continue with your goal. Usually when people attempt to open their own business for the first time they hit a lot of road blocks. Some give up after the road blocks, but others keep trying without really realizing why they are not successful.

 

One way that you can tell it is time to put your dream of becoming an entrepreneur on hold or putting it out of your mind altogether, is when you are putting out more money then you are making. Most people get loans to start up a business or they save up their money in order to be able to afford their own business. If you begin to notice that the amount of money you had to start with is slowly dwindling, then it is definitely time for you to think about letting go of owning your own business. Some people may put the idea into your head that you should never give up on a dream. Unfortunately some people follow this way of thinking and end up more broke than before they even started making the effort to start their own business.

 

The bottom line is that if there is no profit in the business then it may never turn a profit. Of course you should also keep in mind that sometimes it may take time for your business to really get off the ground. Most business starts off slow and than gradually build more business as time goes on. So if you actually do get your business up and running make and you are only making a small profit than you may want to give it a little more time. You should know how to recognize the signs of when to call it quits for your business.

Universal Health Coverage Will Increase the Entrepreneurial Spirit in the United States

“Universal healthcare would increase the entrepreneurial spirit in the United States.”

I normally don’t agree with Nancy Pelosi, but when she said the above statement I totally agreed with her.

 

Let’s put aside for a minute the fact that medical care should be a basic human right and available to everyone in a wealthy nation like the United States. On a pure economic and job creation level, universal healthcare would be a huge asset.

 

The best way I can explain why I believe this is to give a true life example. Bill is a good friend of mine. A real brilliant guy. The type of guy that you say to yourself once you get to know him “That guy has something special. He’s going somewhere.” For about ten years Bill worked at a large consulting firm and his career blossomed. But as he moved up the corporate ladder he began to get bored with his job. After some soul searching he decided to quit his job and start a new company. It was always his dream to build something from the ground up.

 

Today, just five years after launch, his company is a raging success. Each year sales are double or triple the previous year’s. At this moment his company has about 500 employees. Five hundred good paying, career orientated jobs added to the local community because Bill was not afraid to take a chance, work hard and follow his vision.

 

Six months ago Bill was diagnosed with a chronic health condition. If treated properly it is not life threatening, but the treatments are very expensive. Luckily he has health insurance, so with a weekly doctor visit he is able to continue living his life and building his company.

 

I asked Bill the other day if he would have taken the leap from the corporate world to become an entrepreneur now, knowing his current health condition. He didn’t answer right away but thought about it for a few minutes, in typical Bill style. Finally, he just said “No.” When I asked him why he said that he would not have left his job with a chronic condition without another job waiting for him with good health insurance. He would never be able to get a private policy with his pre-existing condition. Bill said it would have been way too much of a risk, a risk that would have put his health and the well being of his family at jeopardy. Sure, he could have used COBRA to extend his policy from his former employer, but COBRA only lasts eighteen months and for a person with a chronic condition that is not good enough of a safety net.

 

The more you read about this subject the more stories you hear about people who have pre-existing conditions staying with a safe job rather than making the entrepreneurial leap. I can not blame these people at all. But if we have universal health care that does not allow insurance companies to deny people with pre-existing conditions medical coverage then these entrepreneurs would be willing to strike out on their own and create something great like Bill did.

 

If Bill was diagnosed with his condition five years earlier then he would never have started his company, a company that has created 500 jobs and contributed millions of dollars in federal and state taxes. If for no other reason, we need universal health insurance coverage to help keep America’s entrepreneurial spirit alive.

Dust Bunny Cleaners: Entrepreneurs in a Weak Economy

Every once in a while the economy just sucks. People lose their jobs and everyone enters panic mode. There just isn’t enough money to go around. But the dark clouds of a recession have a silver lining. Something wonderful and beautiful always happens in a recession. The old dinosaur companies die off, but the young entrepreneurs tend to take their shot at the brass ring.

In Utah just this exact thing happened. A young man found himself unemployed and didn’t like it so he began to test and try and fight and struggle. Soon he had an idea, for a janitorial service business. He dreamed up Dust Bunny Cleaners. It was going to service mid-sized businesses.

 

The young man began to build up his business. The fees and licenses almost killed him. He didn’t know anything about janitorial work except for a brief 2 months of experience. And worst of all he didn’t know anything about business. That didn’t matter he just kept on going anyway.

 

Terrified that young man went out with a stack of business cards he personally made, and a handful of papers he jokingly called marketing materials. They were little more than brief descriptions of what he intended to do, if hired. He pounded the pavement and went to work promoting the fledgling start up. To his surprise he got one, two, three contracts, and it continued to grow.

 

Soon the company was profitable. The young man was in business and Dust Bunny Cleaners, became more efficient and a better service. Today, it is one of the best Janitorial Companies in West Jordan, Utah. And it continues its steady march to success.

 

Dust Bunny Cleaners continues to serve the West Jordan City area and is expanding its business. Each day that passes more and more companies are deciding to use them as their janitors. The business is growing. It is interesting to know that even in a down economy the American Spirit is still alive and capitalism continues. Dust Bunny Cleaners is still a young business but once upon a time, so was Ford, McDonald’s, and Coca-Cola. It is a great business and they do excellent work. With a little bit of luck this business and all those new start-ups will help a slumping economy and create more jobs.

 

Anybody in the area that has any use for an office cleaner, or janitorial services should definitely check out this business. You can get hold of them by calling (801) 433-7834.

Do You Have What it Takes? The Seven Entrepreneur Success Sign

Do You Have What It Takes?:

The Seven Entrepreneur Success Signs

It’s in your blood. It’s your passion, your calling. You’ve had it with your day job, and this is your life, your career. You’re hungry to do your own thing.

 

But wait a minute…

 

Are you ready to make this commitment? What’s key is whether you have the right stuff to make a go of your dream. To tackle the business world on your own demands stamina, ingenuity, guts. Before you to take on the competition and become a titan of industry, I’ll advise you to scrutinize yourself with an objectivity only a few can muster.

 

Let’s see…

 

Can You Bring It?

 

Here are the seven prime elements for a hot self-starter. If your have them, your odyssey, your new life will become a real treat:

 

  1. An Obsession: Is your dream job a 24/7 fixation. I mean, if you had to do it for free, would you still burn with the passion? You must ask yourself if you’d still be as driven if the money, the lifestyle, the passion were missing. If you smile, sigh, and beam with satisfaction whenever you visualize or imagine doing your daily bliss, then you’re on the right track.

 

  1. A Plan: You must see the broad, general strokes clearly. A vision of your market potential is crucial. Do you have the first steps down cold? Do you have the people, capital, and resources to follow through? All of the “what if” scenarios must be addressed, every “i” dotted and every “t” crossed. Your business plan should become your bible. Get it right and you’ll be off to a great start.

 

  1. Money: Speaking of capital, you must have ample financing to make it work. A financing strategy must be in place. Again, this is reflected in your business plan. Loans, grants, savings, venture capital, and family/friends are all sources. Explore your options. Don’t look down at anything. Most businesses, especially in the early days, are cash poor-until the receivables start pouring in. Statistics show that close to 84% of the businesses that fail, fail due to a lack of sufficient financing. Consult with bankers, venture capitalists, the Small Business Administration, and other professionals. Those resources are vital. Get the best advice and follow it!

 

  1. People: It goes without saying that you must insert the right people in the right places. You must find them and be able to afford them. A hot entrepreneur must motivate his/her employees. And it’s not always just about money. People need to feel that you can offer growth and a sense of purpose. Everyone wants to contribute and be recognized for their contributions.

 

Before you attempt to put your product/service on the market, ensure that you’ve sold your people on your vision. Otherwise you’ll waste time, effort, and money. Your company will never get off the ground unless your key employees are mentally, spiritually and physically compatible. They must feel your passion, breathe your air.

 

  1. Management: Early on, you should decide whether you’ll manage the daily operations of your enterprise or hire somebody to handle those mundane, yet critical tasks. This is central because your business will crumble without clear lines of responsibility and accountability. There are pros and cons on the issue of hiring management expertise. Most of them revolve around:trust, management style, image. In any case, you must devote yourself to the business of the business via marketing, revenue generation, and financial management. A solid business manager can relieve you of much of the daily grind, so you can handle your company’s growth.

 

  1. Flexibility: An embryonic enterprise should never lock itself into a tight script. Be prepared for change. If you’re managing appropriately, welcome it. Doors and new strategies may open for you. Understand that payments may not arrive on time, and people may arrive late or never show up. Contracts may not close and are often broken. People quit. Have a plan B ready at all times, ready for implementation. Don’t become sentimental. It’s about money-success-fulfillment. Have confidence and enjoy the process.

 

  1. Survival: How will you make until your customers and clients show you the money? That’s what every owner must grapple with. Give your product/service marketing and sales program a long lead time before income is expected. Just to be safe. Again, plan B. Can you pay the bills, feed your family, and run the business until the cash begins to flow. You’ll require employees who can afford to miss a paycheck or two, and are willing to sacrifice. If not, cash must be tucked away for those lean times. Are you a survivor?

 

Here’s hoping that you can get it done and live the dreams you dream.