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How to be a Successful Entrepreneur

New small businesses are sprouting up around town by entrepreneurs as a result of forced opportunity.  Many smart business people who have lost their jobs to this economy are deciding to become entrepreneurs rather than engage in a long and arduous job hunt.  For some this is the kick in the pants that they needed to do what they have thought about doing for a long time.

The Wall Street Journal article dated May 11, 2009 called “Starting Over as an Entrepreneur”  delves into the risks that these entrepreneurs are taking.  “This new crowd faces lots of obstacles. …. necessity entrepreneurs have often done less of the spade work than other entrepreneurs—in part because they weren’t thinking that a layoff was imminent. And the fragile economy makes just about any new company a chancy proposition.”

Being your own boss has many advantages and allows business owners to use their creativity to make a dream come true.  The risk comes when a new entrepreneur doesn’t look at the business basics of legal structure, financial management, marketing and cash flow.  Every potential new business owner needs to develop a business plan.  A good business plan helps set the stage and puts in writing the business idea and how it will be implemented.  A business plan organizes the ideas into the steps to take to make your business successful.

An organization called SCORE has a Portland chapter that is ready and willing to help take some of the mystery out of owning your own business. A SCORE volunteer can be a mentor and help set you in the right direction to make your new business successful.  These volunteers are retired or current business people who have experience in small business and can help with the mysteries of creating a business plan or putting together a marketing plan.  A schedule of workshops in the Portland area can be found on the SCORE website.

Being an entrepreneur sounds sexy, but it can be very unnerving.  You will need partners along the way.  Don’t be afraid to ask for help from those who have knowledge in your business or field.  Knowledge is power and you should seek it in many avenues before and during your new business launch.