Are You Willing To Be An Entrepreneur?

Nowadays, many people want to get involve in business in way to survive.  In the competition for jobs or business opportunities, ideas involved in entrepreneurship are very important.  Many of us want to be an entrepreneur because we believe that it is the way to wealth and prosperity of life.  But, what it takes to be a success entrepreneur?  Are we ready to face the challenge?  In the Chinese culture, parents began to involve their children in businesses activities.  They give the entrepreneurial spirit and soul to their children start from the early stage. 

The spirit of entrepreneurship should be cultivated since the beginning of the children who are excellent in attitude and thinking in primary school again.  With this excellent children can decide on his way to be an entrepreneur or a creator of jobs to other people.  Should be remembered that the Prophet Muhammad's first trade since the age of 12 years.

So, are you willing to train your children to be an entrepreneur?  Most of us rather let our children to be a professional such as doctor, lawyer, dentist, engineer, musician… What?! Musician?! (Hahahaha… Part of P.Ramlee’s movie).

We know that no magic words to make a business become a success venture.  It will take a very long time for a new company to reach the break even. We must put aside some amount of money for our family to survive.

According to Dun & Bradstreet’s statistics, 88.7% of all business failures are due to management mistakes. The following lists summarize the 12 leading management mistakes that lead to business failures.

1) Going into business for the wrong reasons

2) Advice from family and friends

3) Being in the wrong place that the wrong time

4) Entrepreneur gets worn-out and/or underestimated the time requirements

5) Family pressure on time and money commitments

6) Pride

7) Lack of market awareness

8) The entrepreneur falls in love with the product/business

9) Lack of financial responsibility and awareness

10) Lack of a clear focus

11) Too much money

12) Optimistic/Realistic/Pessimistic

However, the following items should assist in the improvement of chances for success.

1) Development of a business plan

2) Obtaining accurate financial information about the business in a timely manner

3) Profile of target customer

4) Profile of competition

5) Go into business for the right reasons

6) Don’t borrow family money and don’t ask the family for advice

7) Network with other business owners in similar industries

8) Don’t forget, someone will always have a lower price than you

9) Realize that consumer tastes and preference change

10) Become better informed of the resources that are available

I just share what I know from my experience and from some article that I read, all of us has our own opinion about this matter.

Good luck folks!!!