Transitioning from an Employee to Entrepreneur is a challenging step to take and a hard decision to make. One must be courageous and fearless to be able to start something on their own.
However, if one wishes a quick and easy way to become a business owner, then getting a \”Franchise\” is the best option. Franchising offers a tested and true business model with proven operational concept with higher success rate but with bigger investment. Mostly, you have little to no creative control on how to run the business as it needs to be approved by franchiser.
On the other hand, Launching a \”Start-up\” requires a potentially big investment on yourself as you are on your own to take the risk. It requires long hours and a lot of hard work as you venture on the exciting opportunity to start from the ground up.
Start-ups are best for those who have unique business idea. The learning Curve might be financially costly, so make sure you have enough capital to support the business during its developmental phase.
Choosing Franchise vs. Start-Ups depends on your personal goal and fearless approach to business as you sharpened your craft in Entrepreneurship like what Angela Wei Milk Agency did.
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A common step of Entrepreneurs is that they have taken the \”Leap of Faith\” having strong conviction with the business idea and took the ultimate risk to putting it into work. Entrepreneurs who wanted to start their faith journey simply started with the following steps and traits:
Steps to become an Entrepreneur:
1. Find the right business for you.
2. Determine if you should get an education.
3. Plan your business.
4. Find your target group/audience.
5. Network.
6. Sell your idea.
7. Market
Traits of a Successful Entrepreneur:
1. Highly Motivated.
Willingness to inspire and grow people and create an influence that generates value and social impact.
2. Creative.
Able to see things in new ways and comes up with out of the box ideas and seek innovative solutions.
3. Persuasive
This requires being reliable, knowledgeable, honest and credible to be able to convince others to change their actions, decisions or opinions.
4. High level vision.
Always keep an eye on the big picture.
5. Versatility.
The ability to quickly adapt to change and shift as needed.
6. Risk Tolerance
Should be open in taking risks that provides room for creativity, innovation and growth.
7. Flexibility
Be able to modify style or approach in response to unpredictable circumstances. Can easily adapt to change as it come.
8. Decisiveness.
The ability to act and decide effectively.
9. Collaborative.
Be an effective Team Player, heavily invested in cultivating strong relationships everywhere.
Also, on the area of planning and marketing strategy one must answer the following core questions to determine whether you can have a successful entrepreneurial venture.
- For whom do you create value?
- Will these people pay for that value, or can you monetize the value created?
Now, the final question is, \”Am I ready and brave enough to take the leap?\”.
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