Is it time to consider entrepreneurship?

People often ask me, "What can they do now in order to prepare themselves for their first entrepreneurial passion?" So I thought I would share some points with you to help you jumpstart your career as an entrepreneur.

1. What is your passion? Everyone always talks about passion, but I truly believe you have to have a passion for your profession. I always ask people "what would you be willing to do for free?" If you can find that level of passion for your business, you will never work another day in your life. Work will be enjoyable, something you love doing ... that is freedom.


2. Stop looking at the clock, and get the job done. As a business owner, you may work more hours than you ever thought possible. Many people grow frustrated with business ownership because of the long hours and the loss of personal time. They begin to think in terms of the hourly wage versus getting the job done.
   
   While still on your job, pretend you own the department your running; would you attack your work differently? Become an "intrepreneur" on your job.


3. Keep your options open and your payments low. Work hard at becoming fiscally responsible. Your household is a business. Are you cash flowing or are you in deep debt. Focus on your installment debt and begin to reduce your debt level, so that when opportunities become available you will be prepared with cash on hand. Being fiscally responsible is empowering and can provide you with confidence in knowing that if something unforeseen did occur you would be able to handle the crisis.


4. Buy a lot of lunches. If you are interested in a particular industry, ask a person who is in that line of business out to lunch. I buy a lot of lunches. I know every restaurant in my town, but I am constantly learning about people and their respective businesses.
   
   I have found that people are willing to help those who are willing to help themselves. Most business people are proud to talk to others about their line of work and if they see something in you that demonstrate to them you want to improve your lot in life most people will reach out and help.


5. Do as much research as possible. Once you find that line of business that interests you visit as many locations and do as much research as possible. I remember one day I was conducting research on car washes and noticed a manufacture's name on some equipment of my local car wash. I called the manufacturer, told him who I was, expressed my interest and he told me everything I wanted to know about a car wash, including sales volumes of some locations in my town.
   
   Don't forget the internet for conducting research. Most professions have a professional society, conferences or network forums that you can visit on the internet and attain all of this information. The internet is a valuable tool and should be utilized as part of your research and ongoing development.


6. Consider joint ventures: Many companies are looking for suppliers, but need suppliers with scale, or the ability to handle the volume on a regional or national basis. By joint venturing you may better position your business to handle these larger opportunities.


7. Surround yourself with competent financial and legal advisors: Business ownership is a great opportunity to pass on generational wealth, so make sure before you leave your current employer that you have adequate insurance and you have a strong financial plan in place that will enable you to reach your financial goals.
   
   Having an outside team of financial and legal professionals can help you avoid many of the common errors people make that could potentially cost your family millions of dollars in the future.

Making the transition to entrepreneurship is not easy. It is a decision that requires a lot of planning and prayer, but it can be extremely rewarding.

As an entrepreneur, I have touched many lives and I know without my business interests I wouldn't be writing this article and meeting so many great people throughout the country at my speaking engagements.

Ownership of a business is the fastest and one of the best ways of becoming wealthy in this country. With proper planning, prayer and preparation now may be the time for you to consider starting your own business.

I look forward to hearing of your business successes. Now is the time to "Own Your Business, Own Your Life!"

Phil Wilkins – speaker, consultant, author, entrepreneur.
Phil's strategies for success can help your company:

• Attract wealthy business-owners as clients
• Strengthen and grow your business
• Build vital relationships through networking
• Cultivate leadership.  
• And enjoy a balanced life.

For more information, visit www.philwilkins.com, or e-mail Phil at phil@philwilkins.com

To book Phil for your next conference or in house event contact Teresa at Teresa@philwilkins.com or call Toll free:  888-663-6254

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Own Your Business, Own Your Life!  is an electronic newsletter distributed to our clients and colleagues to help them sell more goods and services by developing people. Portions of this newsletter may be reprinted in your organization or association newsletter, provided the following credit line is included:

Phil Wilkins is the CEO of Diverse Wealth Systems, which empowers businesses and sales professionals to sell more goods and services by leveraging diverse ideas, people and systems. He presents keynotes on client acquisition, connecting to the diverse community, the power of entrepreneurship and inspiration. He can be reached at 888-663-6254, by email at phil@philwilkins.com or by visiting his website www.philwilkins.com