Small Business

Many people find the potential independence and financial rewards that can come from owning a small business very appealing. For some, owning their own business has been a lifelong dream. Many people, however, hesitate to pursue this dream because they don’t think they have enough education, experience or money – or are simply afraid they might fail. Others can’t accept the idea that they can change their lives – that people like them could ever own their own business. For still others, going into business for themselves is a financial necessity because they have lost their job and there are no other readily available ways to earn a living, or even survive.

Whatever the reason, owning your own business can be one of the most challenging, satisfying, demanding and rewarding things you do in your life. However, there are real risks and difficulties in starting any new business. (Санцевич)

Entrepreneurs

Small business owners are also called entrepreneurs. One definition of an entrepreneur is someone who organizes, manages and assumes the risks of a business or enterprise. Other experts say an entrepreneur is a person who can “create out of nothing” a viable business.

There are a number of myths and misconceptions about what it takes to be an entrepreneur. One misconception is the people who go into business for themselves are naturally high risk-takers. Of course, there are risks in business, but real entrepreneurs aren’t gamblers who depend solely on chance to succeed. (Морозова)

In fact, just the opposite is true: successful entrepreneurs do everything possible to minimize the real risks associated with starting a company by studying, planning and organizing the information, people and materials they will need to succeed. They manage risk by setting reasonable and obtainable goals – then work to achieve them. In short, the successful small business owner works hard and intelligently. (Насалевич)

Despite what many think, starting a successful small business does not always require a lot of formal education or prior management experience. Certain basic skills will be needed, plus some background in the business being contemplated. Just as important as formal education is the willingness to learn and improve the skills needed to succeed in business. (Николаенок)

One of the biggest misconceptions about entrepreneurs is that they are only interested in making money. Entrepreneurs certainly like and respect money, but money is only a byproduct of an even bigger goal for many very successful entrepreneurs. (Лабоцкая)

There are also a number of common traits successful entrepreneurs share:

• a great deal of energy;

• ability to establish priorities and make decisions;

• ability to deal effectively with a wide variety of people, such as customers, employees, suppliers, possible investors and lenders;

• ability to communicate clearly and effectively;

• ability to work with numbers;

• familiarity with customers and with the products or services to be sold;

• ability to balance conflicts between business and personal goals;

• awareness of personal strengths and weaknesses.

Becoming an entrepreneur is a way of looking at the world, seeing opportunity where others see problems. It is also knowing how to use certain basic tools to achieve your goals. (Шевчик)