The Best Advice: 5 Ways to Launch the Entrepreneur in You
You can be an entrepreneur. Whether from the place of service you want to make a difference or from an inspiration or out of necessity, you commit follow through with that idea.
It is worth mentioning that there is a belief that if you are a franchisee, you are not an entrepreneur. Here’s how Webster dictionary defines “Entrepreneur” : “one who organizes, manages, and assumes the risks of a business enterprise.”
The definition fits every person who has taken risks of starting and owning a business, no matter what the format of business. Albeit there are different business models, levels of risks. It does not make you less or more of an entrepreneur.
Now that the parameters of the meaning have been revealed, yet again, we will look at the 5 different ways that can launch you into entrepreneurship.
1. YOU, Inc.
Go with what you are good at and kick start the concept on your own. As a general rule, you will start with something you are good at delivering. Sometimes, what you are passionate about and what you’re good at, are not necessarily the same things.
More often, than not, you will use the relationships which you have built during your corporate tenure to venture off on your own. In some cases, you are inspired and blessed with an idea or two which can spark your success – think #Scrub Daddy, #Facebook, #Apple, #Bombas, #WickedGoodCupcakes.
You know the service or product you can deliver and together with your game plan, you think of a business name, register the business locally and with the IRS for your EIN number – and you’re ready to go.
Then the real work starts. Marketing and sales, website, email, branding, getting your brand out there. Your system that was in your head, what you envisioned, jotted down on the napkin or paper will be manifested.
2. NETWORK MARKETING
Not a pyramid scheme. Pyramid schemes can be illegal (since income is based on recruitment and not the sale of a product/service). Network marketing or multi-level marketing is where you generate income from selling products or service. SEE DEFINITION
Here’s where you start small and follow the trailblazers whom have already shown success. Use the system, usually start by promoting to family and friends. There is usually a fee – starting from a few hundred dollars – to get started. You’re then opened to a world of conference calls, team leaders, mentors who are all dedicated to your success. Just follow the process.
Licensing opportunities may include the granting the right to represent yourself as a deliverer of that brand – product or service. Training and/or License fee varies – sometimes included in the purchase of the right to deliver the product.
Sometimes there is a percentage of royalties on sales and sometimes none.
Many people shy away from franchises based on the assumptions they have made as a result of hearsay from friends, family and what they think they know. As a franchisee you have earned the rights to be the local representative of a brand. You will have access to their tools and support systems– sales, marketing operations and success on how you can replicate the profit model that made the concept successful in the first place.
You are in business for yourself, just not by yourself. Being able to write the check to purchase the franchise, does not mean you are qualified.
5. BUY A RESALE BUSINESS
Resale businesses may be a great option, if you have the wherewithal to buy an existing business. In this type of opportunity, you are investing for the operations, ongoing revenue, the client base and future income. Taking all that into consideration – the financial investment may be higher any of the above types of start-ups.
No matter what format you choose to launch your entrepreneurial career, it is best to explore some or all of the above options. Not everyone can be a Shark Tank phenomenon. Not all business ideas are cash cows. Remove any assumptions you have because each approach is different and has its own pros and cons.
Talk to the people who have done it before, failed and succeeded. They know about taking risks.
You cannot advise others about taking risks, starting a business, if you yourself have never done it. If you’ve not invested your own hard-earned money into building something successful profitably – you don’t really know about risk taking in business ownership. Hearing about someone else’s failures in business, is not the same as having experienced it. Get hold of those who have started, failed and risen up despite of and from it. They are your best advisors.