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Top 7 Things You Must Know Before You Start a Business

By Erfan Hettini

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We live in the most intriguing decade of all time-- The decade of entrepreneurship. A decade that presents a tremendously unlimited number of opportunities for the average person, with unprecedented success rate for the equipped one.

In a decade where mergers resulting in layoffs and job insecurity have become the norm. More and more people are choosing to start their own business today than any time in history. More and more people have reactivated the entrepreneur within and are realizing an unparalleled success and so can you.

Let’s take a look and see why the time is ripe for you to launch your own business and see what factors are on your side to help you succeed.

  1. We Live in the Information Age

    The best way to illustrate my point is to first ask yourself the following question: do you realize we live in a different age?

    Never before in the history of the world has it been easier to start your own business than it is today. The internet has proven numerous times over that we have indeed entered the speed age, the age of information, those who have the right information and put it to use in the shortest time possible, benefit the most .Every 60 seconds, there is a new millionaire born somewhere in the world.

    There are certain success factors that are best explained through a contrast between the Industrial Age and the Information Age.

    There are two key factors with different aspects of that Industrial Age vs. Information Age

    Demographics of millionaires and Billionaires in both ages
    In relation to Age, Time, Wealth

    •In the industrial age it took more time to create wealth and the age of a wealthy person, and especially billionaires was on average almost in their fifties and sixties. In this information age there are plenty of self-made multimillionaires in their twenties and billionaires in their early thirties.

    •In the industrial age, billionaires were very few, but in the information age: it’s not as seldom as before. The U.S. alone has well over 400 persons in the billionaire club.

    •Achieving billionaire status in the industrial age took on average 20-25 years to accomplish versus 10-15 years for the information age.

    •A contrast between Warren Buffet and Bill Gates illustrate the following point. Warren is a multi- billionaire of the industrial age mostly, and a gate is a multi- billionaire of the information age. Warren is much older, and a gate is much wealthier than warren and became a billionaire in his early thirties.

  2. Entrepreneurship is Self-Mastery

    Benefits of Entrepreneurship
    In terms of income, tax, time, security, income potential

    •An income created through a job is called linear income which is trading time for dollars. An income created through a business is called leveraged -income which is leveraging the time of the employees, advisors and vendors to create income for the business owner.

    •As an employee working a job you pay the maximum taxes and you are the last one who gets paid. In a business you pay minimum taxes and you are the first one to get paid.

    •When you are an employee, your freedom of time and schedule are bound by what your job dictates. As a business owner, you have a large degree of control over your time.

    •As an employee you could lose your job regardless of your performance. As a business owner your security is in your own hand.

    •Your income has a ceiling as an employee, but as a business owner you determine the ceiling of your income.

  3. Everyone is Born a Successful Entrepreneur

    How to Discover and Activate the
    Entrepreneur Within

    If you study the pre-industrial age, you will find that the economic system was based on small entrepreneurs exchanging skills for goods and money, and not too many people were employees.

  4. Self-Awareness is Clarity

    You Must Know Where You Are before You know Where to Go

    How- to take inventory of your current situation on mental, spiritual, physical, emotional, and financial levels to determine the level of your preparedness.

    Find out where you are now on all theses five levels above.

    •Mental: Do you think like an entrepreneur and to what extent? Do you need more work?

    •Spiritual: Do you allow time for meditation of your soul? Most successful entrepreneurs spend such time.

    •Physical: Where’s your energy level today? And how much energy and efforts are you capable of at this time?

    •Emotional: How would you deal with a financial loss, and are you able to say calm in the most emotionally charged time, such as a decline in business or an unexpected business emergency arising?


    •Financial: What’s your financial strength today and how much risk are you willing to take?

  5. The Path to Your Passion

    Find the common thread of the things you enjoy (aspects)
    •Take a look at all the projects and the things that did in the past and felt very confident and enjoyed doing.

    •Take a closer look and you will find a common thread among them all that you enjoy the most. What’s that common thread?

    •Is it marketing, talking, organizing, being the decision maker, being the idea person, or being the person implementing things?

    What business seems to interest you and intuitively capture you the most?

  6. Connect to Your Passion

    Ask yourself this, what would you do everyday for FREE, if you didn’t have any money needs whatsoever?

    Answering this question honestly, will set you years ahead from other people

  7. Your Personal Success Weapon

    Once you decide where you are and what you really passionate about, where you want to go seems much clearer, it will also clarify the most important success factor in anything and that is your WHY. WHY, do you want what you want?

    Being clear on this is the only thing capable of giving you the persistence and resolve to go through high tides and land victoriously.

Erfan Hettini is a lifelong entrepreneur; he started his first business while a college student. He’s currently a consultant, a real estate investor, a movie producer, an award winning poet and the author of 101 Reasons You Should Fire Your Employer and Start Your Own Business. To learn more, you can go to
http://www.fire-your-employer.com

Source: http://Top7Business.com/?expert=Erfan_Hettini

Article Submitted On: October 29, 2006