This week was very informative. "So, You Want to Be An Entrepreneur" was the topic. From the article of the same name from the Acton Foundation for Entrepreneurial Excellence, I learned about the three principles needed to succeed as an entrepreneur: industry knowledge, operational fundamentals, and raising capital. Each principle adds value to your growing business.
I can apply these three principles right now as I plan to start my own business. Industry knowledge is a must. For me, I need to study and understand the industry of a professional genealogist. Where do they work? How do they find clients? What does a day, a week, and a year look like for them? Do they just do research or give speeches or consulting work? Do they specialize in a geographic area or a genealogy-related area, such as writing? These are items I need to review in my community and local region.
Knowing how to run a business day-to-day is also especially useful. Do I have an actual office where I can see clients or do I work from home? If working from home, where do I meet with clients? How do I record billable hours when I am being interrupted by the phone or email? Do I have vendor accounts set up? Do I have an IT repairman on-call? Most businesses today need internet to handle day-to-day situations. Do I keep petty cash on hand for emergencies? How often do I deal with correspondence (right away or just when I can get to it)? These are just a few examples I thought about when considering the operational aspect of my business.
I will need capital to get started. I would rather invest in my business than borrow money or have others invest, though I know loans or investors are a possibility. How will I raise the needed funds to get started if what I have is not enough? Look into small business loans? Try to find investors? This is one area that I need to learn more about in order to be successful.[1]
[1] Acton Foundation for Entrepreneurial Excellence, “So You Want to Be An Entrepreneur,” ActonFoundation.org.
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