Entrepreneurship

From the Webster dictionary, it means creating a new organization, specifically business thus creating also a lot of jobs.

But I will not talk about the definition of this word. Rather, I will be talking about the importance of this word. You know, we usually imbibe it to ourselves that after studying we will be looking for a job.

Today I will share something. When you are dreaming of a little abundance in life, employment is not the key. What you need to do is put up a business. But the question is, what kind of business should you choose?

An acquaintance of mine once gives me an advice. He is an owner/manager of a gasoline station I met just this month. He provided me with these keywords:

1. Field of Expertise.
See to it that you are expert on the said business. If you are good in the field of computer, think of a good business about computers.
2. Vices.
This is a well known culprit on why your business goes down.
3. Don’t diversify your business unless very necessary
Do not widen your horizon. The downside of diversifying your business is that if your other business will go down, you will be force to get financial support from your other business. Although this can be prevented if you really have a budget for your new business but still it is not recommended.
4. Location
Situate your business at the right place.
5. Cash Flow
You should know how to control your cash flow.
6. Break-even / Gain
Your company should meet a break-even after 6 months and no more than one year you should be gaining or else close your business.

It doesn’t really require you to be an accounting genius to start a business. Start small if you are not yet confident enough with your capabilities.