What is it and what does it mean? The dictionary defines this simply as “A person who organizes and manages any enterprise, esp. a business, usually with considerable initiative and risk or an employer of productive labor.”
WOW…That doesn’t even begin to fill the realm of entrepreneurs; I see us as self-motivated hard working individuals, willing to risk our own personal assets and incomes to provide products and services to the public with little personal gain but hopefully with great personal satisfaction. More often than not failing to attain the desired outcome we had envisioned. We are the do anything group of people. If you are a small business owner I know you can relate, if you are not then today I’m going to give you the hard and astonishing facts of being an entrepreneur.
FACTS:*
• America's small businesses - some 20 million strong - are the strength of our nation's economy. They account for 39 percent of the country's gross national product, create two out of every three new jobs and produce two and one half times as many innovations per employee as do large firms.
• Estimates for businesses with employees indicate there were 580,900 new firms and 576,200 closures (both about 10 percent of the total) per year.
• Two-thirds of new employer establishments survive at least two years, and 44 percent survive at least four years.
• Women owned 6.5 million businesses that generated $950.6 billion in revenues, employed 7.2 million workers, and had $179.6 billion in payroll in 2002.
• Commercial banks are the most important suppliers of debt capital to small firms, supplying more than 80 percent of lending in the credit line market and more than 50 percent in other markets, such as commercial mortgages and vehicle, equipment, and other loans.
These facts are real and sometimes frightening, but for those of us who are entrepreneurs at heart we have little time for facts and figures. We do however have a strong belief in great ideas and seeing them come to fruition. This is the soul of an entrepreneur…
If being an entrepreneur is so tough then why do so many people attempt it? Why do we put ourselves and our finances on the line? Why do we attempt what seems like the impossible after watching so many small businesses fail? Well because we are the idealists, who are optimistic and who often times romanticize our ideas into viable and enterprising business ventures.
If we are going to jump into business what are the avenues to make our ideas work? How do we find them and what do we do to utilize the information that is available to us? Where do we go to find out if our business ideas are sound and if they will sustain a living for us and our future employees? I suggest doing lots of research, starting with your local SBDC (small business development center) or state SBA (small Business Administration). These organizations are your best asset to begin the small business process. Investigate your competitors, why reinvent the wheel, they have begun and are successful, take their model and just add your own personal touches. You will then need to start with a simple business plan, which is crucial, to any idea you feel is viable. You will then be asked to provide financials to back up your projections and help you establish projections. This process may seem daunting but if you take your time and focus it can and will get done. Focus is the key word here and it will be a significant element to your success.
For today I will just leave you with a few great websites and the resources they provide to begin the process for taking your business idea and researching to see if it can be a viable and profitable success.
Good Luck…
A
http://www.sba.gov/
http://www.sba.gov/aboutsba/sbaprograms/sbdc/index.html
http://www.score.org/index.html
*http://www.smallbusinessnotes.com/
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