Be Your Own Boss!
Manage your own destiny, follow the Tool Guide below, you Can Do It !
I read The NewPaper this morning with great interest on an article about more Under 30 “discouraged” & giving up looking for jobs due to current gloomy economy.
Some of these “discouraged” ended up venturing out on their own.
In my view, this may be a blessing in disguise!
Life is just a journey of experiences, & entrepreneurship may be your best experience in life before we pass on…
In my 25 years of professional career life as CFOs, MDs & CEO, I have personally partnered many SME business owners, have seen them going through ups & downs.
In my view, if these new entrepreneurs can more or less follow the Proven steps – ie “2Fs + 8 Ps + 3Cs” – which I would elaborate later, they should be on track to self discovery & enjoy the journey of Entrepreneurship !
There are many benefits being an Entrepreneur, as opposed to Working for someone else…
Let’s take a closer look…
Benefits Of Entrepreneurship
* Any individual, who possesses a business, firm, or venture, is known as an entrepreneur.
* He or she is accountable for its development, the inherent risks & returns associated with it.
* Entrepreneurship is defined as the practice of beginning a new trade or reviving an existing business, for capitalizing on fresh opportunities.
* Normally, entrepreneurship is a difficult proposition as many new businesses fail to survive in their initial periods & never take off.
* Whatever may be the course of action, entrepreneurship has a lot of benefits both for the entrepreneurs and the society in which these businesses are carried out.
* Some of the key benefits include:
1. Opportunity to get Control
* Owning a firm or a business endows the entrepreneurs with the independence & opportunity to control their own business.
* They can aim to achieve targets that are important to them.
* Entrepreneurship provides entrepreneurs a chance to take decisions according to their own wishes.
2. Offers a chance to make a difference
* Some people begin & put a lot of effort just to make a difference in society.
* This has given rise to the concept of social entrepreneurship, which is a recent phenomenon.
* Such people search for opportunities to serve a cause that is significant to them & try to find pioneering solutions to some of the most pressing and challenging problems of society.
3. To reap high Profits
* Reaping high profits by being an entrepreneur is one of the most important factors that motivate people to become one & take up all the challenges associated with it.
* The profits their companies & businesses make play a vital role in any decision made by entrepreneurs.
* Owning a business or a firm is the best way towards accumulation of wealth.
4. Helps people work to their full potential
* Many entrepreneurs find their work to be extremely enjoyable.
* They consider their business as an instrument of self-actualization & self-expression.
* Owning a firm or a business acts as a test for the creativity skills, abilities, & determination of an entrepreneur & is taken up as a challenge towards success.
5. Offers a chance to pursue their interests
* Most entrepreneurs don’t believe their work to be actual work.
* Most of them establish businesses closely associated with their interests.
* As such, there is no particular age for retirement of entrepreneurs.
With all these benefits people now consider the alternative of running their own small businesses rather than doing jobs for others.
But how to make it work ?
* Here are a few easy steps on how to run your own business successfully :
( A) Surround yourself with “Advisor(s)” to help you “clear road blocks”
( B) Follow this Bosses’ Tools Guide :
“2Fs + 8Ps + 3Cs”
1. Faith
2. Follow Through
3. Passionate ( Love your Work )
4. Persevere (Take your work seriously by giving your business fullest attention to details & effort ) ( Don’t Take Chances ! )
5. Positive Attitude
6. Project a Positive Business Image
7. Plan ( Be organized ( Do Business Plan, Do Balanced Score Cards, Do Cash Forecasting, Bookkeeping, Workflows, System, Governance, SOPs, Templates, etc )
8. People ( Build a Top-Notch Business Team )
9. Prepared to Fail ( Don’t Look Back ! )
10. Perceived as Expert
11. Cash Sensitive ( Cash Management because Cash is King )
12. Customers ( Know them well, Know their Needs )
13. Create a Competitive Advantage
For (A), (B) #7 & #11, feel free to contact me anytime. Glad to help.
Cheer Up, Look Up, Go…
Good Luck !
If you need help, feel free to contact us at :
(O) +65 63851011
(M) +65 90880669
www.corporatebackoffice.com.sg
