Home based entrepreneurship is perceived as invisible by mainstream economics because its theoretical anatomy is still prone to risks and uncertainty. A sizeable number of new businesses flop because the entrepreneurial venture seeker fails to contemplate on the specific challenges that confront entrepreneurial innovation.
The U.S. economy is continuously transfiguring into a more entrepreneurial-structured industrialism. The past century featured a host of entrepreneurial innovations, such as the personal computer and softwares, which radically changed the world's social and economic landscape. That's why even the government is looking at ways to ensure innovative entrepreneurship.
Statistically, 90% of home based businesses crash in their five years. And if you count yourself among the burgeoning entrepreneurial community, you have the responsibility and must have the ability to grow your business. A home business may have a simple initiation phase, but it demands a serious perspective. It's not hard to launch one, but your utmost time and effort are required during its ripening stage. Still, having a home based business is one of the easiest wealth creators.
Assess your potentiality to be a successful home based entrepreneur by asking yourself the following questions:
1. Are you making effective and efficient use of your current resources?
A vast majority of home based entrepreneurs kick off their business with scant funds. Stick-to-itiveness is a major ethic you must cultivate especially if you know that excess is your Achilles heel. For instance, if you have an online business, don't splurge on advertising expenses or redundant marketing tools. Create a modest budget and stick to it. Refresh your business plan and make sure it embodies the exigent elements you need to propel your business to progress.
2. Are you flexible?
The voguish entrepreneur is not content with status quo; he adapts to the ever growing sophistication of technology that will amplify the chances of improving his economic welfare. If you are into Internet Marketing and you are petrified by the Internet browser or the Internet search engine, you are definitely in the wrong field. You must allow yourself ample room for expansion and better opportunities.
3. Are you in entrepreneurship by default? Did you happen to convert yourself involuntarily from an employee to a business owner because the company you were working for had downsized?
If you are, you must continue to work in a disciplined manner as you would as a corporate worker, and at the same time, harness the entrepreneurial spirit of dreaming to become BIG.
4. Are you consistently appraising your market potential?
Be well aware of your niche market and develop a marketing strategy that will keep your competitive advantage in a comfortable level.
5. How effective is your marketing strategy?
A huge traffic to your website does not necessarily convert into dollar sales. In Internet marketing, conversion value is of paramount importance. Marketing response rates yoyo from hour to hour which catalyzed the creation of the concept of conversion optimization on the web, a methodology that reinforces the chance of transforming the web visitor into a customer.
6. Are you identifying your strengths in financial management?
If you are not a hobbyist, then profit is your business motivator. A home business may be small scale, but it is not a trivial undertaking. You still need to evaluate its profits and losses. Fundamentally, as a business owner, you must have accurate information about the financial health of your company with the goal of forming internal business projections and decisions. Pay yourself a salary; this is a real overhead expense and must reflect in your income statement.
7. Do you have personality quirks (behavioral and emotional) that are impeding the progress of your business?
Greater to overcome than the financial hurdles of a home based business, are the business owner's personality kinks that would handicap his profitability potentials. Are you easily overwhelmed by stress? Are you organized? Do you lack patience? Are you focused on your objectives or are you scatterbrained? Inventory your strong and weak points; hone the former, tame the latter. Conclusively, the longevity and vitality of your business are perpetuated by the amount of time and effort you infuse.
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By Josephine Mendez
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