Business mentoring for entrepreneurs
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Starting a new business venture is definitely exciting, but it is not all about fun and excitement because this process also comes with some risks and a lot of uncertainty. Whether you are planning to ...

Starting a new business venture is definitely exciting, but it is not all about fun and excitement because this process also comes with some risks and a lot of uncertainty. Whether you are planning to start the business on your own or you have a partner to do it with, you need to know the advantages and disadvantages of putting up a business.

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Business mentoring for entrepreneurs Document Transcript

  • 1. Cosmic Coaching Centre http://cosmiccoachingcentre.com Page 1 Cosmic Coaching Centre Corporate & Individual Career Solutions for Mid-Level Professionals & Executives
  • 2. Cosmic Coaching Centre http://cosmiccoachingcentre.com Page 2 Starting a new business venture is definitely exciting, but it is not all about fun and excitement because this process also comes with some risks and a lot of uncertainty. Whether you are planning to start the business on your own or you have a partner to do it with, you need to know the advantages and disadvantages of putting up a business. This way, you will remain realistic about the chances of your business to survive and grow. ADVANTAGES One of the basic reasons you may want to start a business is to gain both professional and personal benefits from it. Having your own business means having the flexibility to choose your own hours, work setting, and pace. What’s more, this will allow you to pursue the career that’s close to your heart. Although it may seem complicated at first, undergoing business mentoring will make things easier for you. When it comes to the financial aspect of running a business, a new business always has the potential to generate huge profits. Of course, this will still depend on how you handle the business. but for as long as you stay committed and dedicated to meeting all the needs of your business, there is no doubt that it will be profitable and stable in the end. DISADVANTAGES As a beginner entrepreneur, you can start with a lot of energy and enthusiasm. But you have to prepare yourself also for the demands of running a business, which could sometimes be overwhelming actually. In your old job, you may have had to work 40 hours a week, but for your business, you should be ready to spend more to make sure you address all the issues that may arise. There are some costs also that come with putting up a business. Needless to say, you have to allot money for the establishment where you will conduct business, plus all the necessary tools and equipment. You also need to hire people to help you around, which means you have to be ready to pay for their employee benefits and salary. Perhaps the scariest thing about having your own business is the lack of guarantee that it will succeed. Many people hesitate to pursue this path because they cannot afford to spend out large amounts of cash and effort as well for something that doesn’t have any certainty. CONSIDERATIONS Just like in career planning, putting up a business should be done step by step. There are dos and don’ts also which entrepreneurs have to take into account. You cannot just invest in something without a proper business plan. Take the time to know the industry you are targeting and get the help that you need. Rushing things will almost always result in something undesirable, so you had better take it one step at a time.
  • 3. Cosmic Coaching Centre http://cosmiccoachingcentre.com Page 3 You will find it almost impossible to find a company or business these days that still doesn’t utilize computers. The reason is that computers have become a vital tool for businesses to stay competitive in the market. While it is true that computer systems make it a lot easier and simpler for organizations to run their businesses, some experts claim that there are some disadvantages also to using computers, especially when it comes to how the workforce utilizes them. Overreliance on Computers There’s nothing wrong with using computers, but a lot of businesses depend on them too much that a lot of destruction can be caused by a simple system crash or even power outages. Files stored on computers can be lost, and unfortunately, it could be permanent. The worse thing that could happen is if the company doesn’t have a back up of the files they have. Meanwhile, those businesses that depend on their ability to offer quick responses to the inquiries of their consumers may have troubles doing so if they lose access to their computer systems. Internet Is a Distraction Employees can easily be distracted by computers, especially if they have access to the internet. The problem here is that instead of spending enough time on their work, workers may be tempted to use the internet to chat with friends, play online games, and so on. Companies have an option to install certain filtering software to block particular sites, but this would be additional expense for the company. Vulnerability to Hackers All businesses, regardless of their size, possess important and confidential information, especially about their customers. Among them are their consumers’ social security numbers, credit card details, home addresses, and so on. These pieces of information are what computer hackers are looking for and use to commit different cyber crimes. Thus, companies have no choice but to invest in excellent security measures to make sure all their data is safe and secure. Privacy Issues Even business mentoring experts would explain to company owners that the issues related to the wrong use of the office computers and the internet can only be solved by monitoring the way workers use them. This is an effective measure, of course, but it is also something that many users are totally against. Employees may feel that any monitoring policy implemented by companies is against their rights to privacy. This can be a big issue, of course, considering that companies are required by law to respect the privacy of their workers. This kind of conflict is hard to settle, because both parties need to compromise to make sure they come up with an agreement that is favorable for both sides. These are just some of the many issues you, as a company owner, will have to consider when it comes to incorporating computers into your system.
  • 4. Cosmic Coaching Centre http://cosmiccoachingcentre.com Page 4 The idea of business success is a common inspiration among business owners all over the world. Since it is obviously a big challenge to maintain a progressive business, entrepreneurs are in constant search of ways to keep their businesses growing. There are certain habits an entrepreneur can develop that will help him achieve flowing profits, attract customers, earn respect in the industry, and enjoy a balanced life overall. Habits of a Successful Entrepreneur 1. Building and keeping of networks. A successful business person knows how valuable networks are. Thus, they find a way to determine and establish good business relationships with advisors, mentors, as well as peers. Their network is what gives them direction and assistance on how to run their businesses. 2. Focus on customer satisfaction. For any business to be a success, it should be committed to its customers. This means that the people behind the company should have a clear understanding of what their consumers need and want. This is how they can create a loyal customer base. A good businessman doesn’t only focus on earning profits, but on improving the lives of their consumers as well. 3. Honesty and being open to facts. Entrepreneurs need to be totally honest with themselves with regards to what their strengths and weaknesses are. They don’t dwell much on trying to improve their weaknesses. Instead, they seek the kind of help they need to address such weaknesses. It is through this that they are able to discover their greatest strengths as well. 4. Flexibility and adaptability. Successful businesses are driven by people who know how to adjust to changing circumstances. While it is good to have a concrete business plan, there is never a guarantee that everything will go as planned. It is, therefore, important that business people learn how to respond to changing situations. This way, they will not be paralyzed by their feeling of uncertainty and their fears. 5. Ability to identify opportunities. Challenges are a part of every business. In any organization, customer complaints, conflicts among employees, profit loss, and other issues are inevitable. Nevertheless, a good business person has the ability to spot the opportunities despite all the problems the business is facing. This isn’t an easy thing to do, but if done properly, it can definitely keep the business energized. 6. Keeping a balanced lifestyle. There is no doubt that a business can take up so much of an entrepreneur’s time and energy. In fact, it can end up controlling the owner’s life. A sound entrepreneur, on the other hand, knows how important it is to maintain a balanced lifestyle. He spends enough time for himself and his loved ones. Doing this puts everything into perspective. This may not be a simple thing to do either, so many business people turn to business mentoring experts to help them reach balance in their lives.