Are You A Home Based Business Entrepreneur?

Owning and managing a home based business requires one to be an entrepreneur. A person who owns home based business like affiliate marketing or network marketing (MLM), or who want to own one, needs to evaluate himself/herself for the following qualities of an accomplished and exceptional entrepreneur.

You need to be aware of your own unique skills, expertise, strengths and weaknesses. If you are aware of your own strengths and limitations, you can apply your strengths optimally against competition and challenges and mitigate your limitations to your benefit.

To build and run your own business requires a lot of effort and hard work. Entrepreneurs are hard workers. Do not expect to work a 9 to 5 shift. You will need to work hard and long hours. So ask yourself, are you a hard worker?

You need the drive and motivation to be an entrepreneur. How motivated are you? What is your motivation? Is it success? Is it fame? Is it money and luxury? Whatever your motivation, make sure there is enough motivation and drive to sustain you.

Are you passionate about your business? When you are passionate about your business, you will stay motivated. You will not give up when setbacks occur or when you experience serious challenges in your business. This is truly one of the strengths for an entrepreneur.

You should be a good planner. Without good time management plan, personal development plan, financial plan, business and marketing plans, your business will in all likelihood fail. Successful entrepreneurs are good and thorough planners.

Self discipline is a virtue of successful entrepreneurs. Like everything in life in order to be successful you need to be self disciplined. You need to be disciplined to adhere to your plans and schedules. You need to be committed to your business and your ideas.

Entrepreneurs do not just take risks. They take calculated risks. They go through thorough planning in order to minimise the risks. They study the market and identify the right and profitable niche. They consider their chances before taking risks. To be an entrepreneur, you need to be a calculated risk taker.

This list of desirable qualities for an entrepreneur is not exhaustive, but it is a core of entrepreneurial abilities and skills that can make one a successful home based business entrepreneur. If you study successful entrepreneurs in either affiliate marketing or MLM (network marketing), you will find most, if not all of the mentioned qualities.

One Fact Home Business Entrepreneurs Can’t Afford To Miss

Home business entrepreneurs will naturally be exercising their problem solving skills more than the average person. It just comes with the territory.

Problem solving is one thing – but identifying the primary log-jams of your business that are keeping you from achieving significant breakthroughs and higher levels of success are another world altogether.

These logjams are known as ‘constraints’. Home business entrepreneurs need to understand that constraints are an aspect of their business that has been severely limiting growth.

Naturally there are lots of potential ‘parts’ of you business that could be the source of your primary constraint.

  • The product or service itself (Example: A well known maker of Brandy was losing market share to a competitor with an inferior product simply because their bottle and label were sub-standard)
  • Conflicts between the tactics you’re using VS. a strategy suitable for market. (Example: People new to MLM are told to build their business by marketing to their family and friends instead of learning to find & attract the people who actually want what their selling).
  • Making the mistake of focusing primarily on working ‘in’ you business rather than ‘on’ your business. (working on your business allows you to develop the systems so other people can do the work while you focus on building the business.) McDonalds got where they are due to their systems.

Business entrepreneurs need to consistently be ‘on the hunt’ for the current aspect of their business that is under the greatest constraint.

This is essential because these logjams exist at every level of a businesses growth.

Like life itself, a business is either growing or its dying. In order to continue to expand your business (or even to ‘maintain’ an existing position) clearing these log jams are a top priority and responsibility for business owners.

Unfortunately; the most important element of success in business success (and the biggest constraint by far), is also almost always the one that home business owners shun the most: Marketing & Sales.

This can not be emphasized strongly enough: Without a ‘sale’ nothing else happens.

No matter how good your product/service is, if people aren’t aware it is available or how it is substantially better than what they are using, you will fail.

Those words may upset some readers but I’m a no B.S. kind of person and we all need to face reality – and the sooner the better…

The good news, which is just as unknown to home business owners; is that ‘sales’ is actually a lot of fun once you learn to attract the people who are already motivated to purchase what you’re offering.

If you’re a smart home business entrepreneur you started your business because you found a product/service that you love.

That’s great, but that does not mean that everyone else in the world is going to share your interest in that product let alone love it the way you do.

Time and again I’ve seen new home business people trying to convince a prospect about their product’s merits without recognizing they might as well be talking to a brick wall.

Pitching your product to the wrong prospect is by far the most prevalent mistake I see new home business entrepreneurs making. The consequences are often serious:

  • The whole experience is very stressful and emotionally draining for both the prospect (especially if it’s a family member or friend) as well as yourself.
  • The resistance generated from ‘wrong prospects’ is substantial and can make a new entrepreneur second guess themselves – or their product (which can kill a new business in nothing flat).
  • The time wasted on ‘wrong prospects’ means you weren’t with the prospect that wants/needs your product (i.e. – no sale).

Constraints are a fact of business that is constant. They are either suppressing a business or (once cleared), are opening whole new opportunities for expansion. Learn to face this critical fact and to embrace the opportunities they present.

Home business entrepreneurs are the new lifeblood of America’s economic recovery and learning to consistently address constraints will be a major key to their success.

Why Regular Personal Self-Development is Essential to Succeed For Home-Based Business Entrepreneurs

Personal self-development may sound like some new-age hocus pocus, but it’s actually a serious issue that should be very important to any home-based business entrepreneur today. If you’re running your own business from your home but you’re not paying attention to you, the business will invariably suffer. A business – particularly one where a single person runs it from his or her home – is only as good as those who work for it. For a large company, it’s relatively easy to remove people who are causing a problem in order to keep the business moving forward. However, for the home-based business entrepreneur that’s simply not possible. If only one person is involved in the business, the strength of its success depends solely on the strength of the entrepreneur.

Personal self-development plays a huge role in this. Of course, it’s vital to develop the business itself, but it’s equally important to develop the home-based business entrepreneur as a human being. Both are valuable, and both are necessary. Anyone who’s interested in personal self-development can learn a great deal from self-help books and by listening to his or her “gut.” In other words, if something is nagging at you, and you feel like you need to understand something better, change course, or take a break, you probably should. Intuitive decision making is necessary for a successful home-based business entrepreneur to practice, and you can enhance this skill through personal self-development.

Learn all you can about your business and about yourself as a business owner and as a person. That way, you’ll realize sooner if you’re off track, and you’ll be quicker to make necessary changes. As you grow as both an individual and a business owner, you’ll be able to increase and expand your business more effectively. Your customers will notice and appreciate the changes. Staying relevant is vital to business today, particularly for the home-based business entrepreneur. Personal self-development plays a big role in this relevancy, and it can keep a business owner in the game, even as competitors fail.

Another key aspect of running a home-based business, particularly an internet marketing business, is the speed at which everything changes. Because it is technology based, there is a natural tendency for massive evolution in business processes as the internet becomes more complex and users become more sophisticated. Even more critical are the best known methods (BKMs) that top internet marketers use to ply their trade online. As new strategies, tools, tactics and processes are developed, the playbook changes rapidly, in some cases, daily.

If you plan on becoming a highly successful home-based business entrepreneur engaged in internet marketing, it is essential that you also make a deep and permanent commitment to personal self development. There is simply no way to get around it. If you fail to stay current with the trends the successful industry leaders are using to grow their businesses, you will undoubtedly be left behind.

Luckily, most internet superstars are very willing to share the secrets of their success. Sometimes they give this information away for free, sometimes you will need to invest a little money to get it. Regardless of how it becomes available, it’s critical for you to plug into the information, digest it, and understand it. When it comes to being a successful home based business entrepreneur, personal self development is the key.

Business Entrepreneur Development Strategy

In today’s Business Entrepreneur Development Strategy, we’ll be comparing and contrasting the differences of both online and offline businesses.

In the days of old, one had very limited option when it comes to starting a business. There was usually one route to go and that was your traditional old brick and mortar type of business or what is known as an offline business in today’s term. With technological advances, times have changed. One can now have a virtual business or what is better known as an online business.

Having had the privilege to experience both side of the coin of owning both an offline and online business, I can easily provide you with both the pros and cons of each one.

Let me just say that you can find success in both arenas of your choice. However, there are certain factors to take into consideration when choosing a business model to work with. Whether you chose offline or online the most important factor is deciding on what product or service you are to provide for your customers. I know it sounds obvious but you be surprised. Often times people pick things that they think will sell instead of what they are passionate about. It’s always a good idea to believe in what you are selling.

So before you go to strike it rich as an entrepreneur and start your own business, lets take a look at some of the differences of choosing between an offline business and an online business.

Offline businesses – they usually requires you to have a much higher start-up cost. Depending on what kind of budget you have, you will have to consider your overhead such as insurance, utilities, and rent. Location is also another major factor that needs attention to. A good high traffic location will usually cost more in rent since it involves real estate. After all, you want to have your business easily accessible to the public.

Having an offline business usually means having a commute for both owners and customers. You simply can not bring the store to your customer. If it’s a physical product you are offering and not a service, there’s also inventory to be considered as well. You will most likely need to staff your business unless you plan to do everything yourself, which in a lot of cases is not feasible.

So far having an offline business seems like a lot of money and work involved; and it is but there are rewards as well. There’s real human interaction with having a brick and mortar business. You simply can’t download a cheeseburger or a haircut. As you create a loyal customer base, your business becomes more profitable. You and your business become a pillar to the community in which it serves and that can be priceless.

Online businesses – they usually have a relatively low start-up costs. The usual high overhead of rent, utilities, and insurance that is associated with an offline business is replaced with a domain name, internet connection, and web design. In some cases you don’t even need your own website if you are an affiliate marketer.

We talked about having a high traffic location in an offline business; the same principle will apply in your online business only you don’t have a physical address to drive traffic to. Your domain name will be the new home of where you’ll want to drive traffic to. No business will sustain itself without having visitors or better yet customers, so traffic is very important. Both you and your customers no longer have a commute to get to your place of business. It’s as close as where your computer is located.

Depending on the products and services you are offering in your online business, inventory can be a thing of the past. I personally don’t want to deal with physical products and having to hassle with shipping but if you decide that is something for you than drop shippers can help you in that department so you don’t have to worry about keeping inventory. I much prefer informational products that can be instantly downloaded once it is purchased.

Since you don’t have a physical store to maintain, inventory being optional, you can pretty much run the show by yourself. However if you are not knowledgeable in building websites or being a little tech savvy you can easily outsource the work for little cost if you shop around.

Wow! So far there seems to be so much more advantages to operating a business online versus offline, why would anyone chose the latter? Good question! Have you ever heard of the saying “mind your business”? All businesses needs looking after, you simply can’t run a business on auto pilot. So depending on what personality type you may be, you may find it difficult to be on the computer all day long improving your website, checking emails, researching, fixing technical glitches and driving traffic to your business. There’s no real face to face human interaction involvement in an online business unless you chose to incorporate some of the offline aspects of doing business into it as well.

There’s no right or wrong choice in one’s preference of doing business. My goal is to show you the differences between both offline and online businesses so that you can weigh your options and make a more informed decision. You may even consider incorporating the two so you can have the best of both worlds as many successful business entrepreneur have developed in their strategy.