What is Entrepreneurship?

Creating Your Entrepreneurial Vision

The primary appeal of entrepreneurship is the ability to work for yourself. After working for others, it’s natural to want to control your own destiny. This desire for freedom leads many entrepreneurs to quit their job, work longer hours, and assume more risk and responsibility. As an entrepreneur, the goal is to create a business machine that can run without your involvement. There is little sense in quitting your job to longer hours for similar pay. Plan your business with the goal of creating more money and time.

Create an operation with yourself as one part of a much larger machine. At the beginning, plan on handling multiple roles until you have the budget to hire staff. As your business expands, hire the right people and delegate tasks.

It’s important to provide employees an overview of what success looks like. Create a job description including the metrics, or numbers, they will be judged upon. Everyone will need adequate training, so it’s important you understand enough about each job role to properly train an individual, or hire somebody that can. Hiring an expert to manage the areas in which you lack experience is one of the best decisions an entrepreneur can make. Map out your business plan in writing and refine it as you go to maintain a clear sense of what you want to accomplish.

How Our Entrepreneurship Blog Helps You

WealthHunters launched in 2018. We are self-funded and go through the trials and tribulations that every business owner in America encounters. WealthHunters’ Entrepreneurship Blog documents our journey transparently so you can avoid pitfalls and take advantage of what works. We publish entrepreneurship articles providing tips to save time and money on your journey to entrepreneurial success. Subscribe to our newsletter and we will create personalized content specifically designed to help you accomplish your business goals! Share your vision with us and be sure to note the areas in which you need the most assistance.

The Benefits of Entrepreneurship

Entrepreneurship has many obvious benefits. Controlling where and when you work is appealing to most people. Nearly everyone has had a terrible boss. As an entrepreneur, you don’t have to answer to anyone! Controlling the direction of your business allows you to experiment with different strategies and take ownership- or credit- for their outcome.

Secondly, you can reduce tax expenses by writing off purchases related to business. Business write-offs can include vacations, automobiles, cell phones, and even a portion of your rent or mortgage if you have a home office. You can also write off books and training courses if they’re business related.

Third, you have absolute control over your own success or failure. This can be scary to some people, but that’s what many entrepreneurs live for. You’ll frequently see and hear us mention our primary goal- to help you achieve financial and spiritual freedom. When times get difficult, remember why you want to be an entrepreneur. You are far more likely to succeed if you are motivated by more than money. Think about what you want to accomplish and how many lives you will change in the process. As an entrepreneur, you help your employees and clients feed their families. Who will you help and why? Knowing the answers to these questions is as important as your business plan.

The Risks of Entrepreneurship

It’s only appropriate we share some risks of entrepreneurship as well. The reality is most entrepreneurs fail to make money. Many entrepreneurs invest personal money to launch or expand their business and overestimate the demand for their product. Countless entrepreneurs have lost their life’s savings by failing to understand the effect of macroeconomics on their business.

Another reason many startups fail is cash-flow problems. Accordingly, it’s important to forecast your account receivables, account payables, and business expenses. Failure to do so causes tremendous problems.

To further complicate cash-flow problems, it’s very difficult to get a business loan as a startup. Typically, your business needs to have been operating for two years and have $10,000 worth of monthly deposits to qualify for a small business loan. If you don’t qualify, and don’t have the personal money to float your business, your business could tank.

Even worse- inexperienced business owners often subject themselves to legal problems. Paying for a business expense on a personal credit card can erode the legal shield a business entity provides. Therefore, it’s absolutely crucial to keep your personal and business finances completely separate.

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