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Should You Become an Entrepreneur?

Are you an Entrepreneur?

You may be thinking that you would like to try something different besides a 9 to 5 regular run of the mill job.   You may be toying with the idea of becoming an entrepreneur.   First it is important to understand what this really means.  It means becoming a business owner who has organized the business, but is willing to take on greater risks that include a financial risk as well.   Becoming an entrepreneur is not for those that are weak at heart or depend on employment security.

When one describes what or who an entrepreneur is it usually describes an individual who has the ability to initiate an idea then take it on as a challenge and has the drive to see it through.

Once you have a full understanding of what this is then you need to look at the reasons why becoming an entrepreneur can be a very viable and lucrative opportunity.   If you have a creative nature then you have the first attribute to be an entrepreneur.   Your creativity has to be realistic however, when it comes to the business in knowing that your idea is going to meet the need of a specific target market.   You have to crave the independence that comes with the being a business owner you also have to be prepared to take on the responsibilities that come with this position. You have to have a passion for the products and services that you are going to offer and believe in.

You have to know that you have the solution to a problem which is your product or service that is going to meet the need of the consumer.

You have got to be flexible in your timing.   While you may not have enjoyed the 9 to 5 hours you better be sure that you are going to be in a position where you can dedicate a lot more hours to your business because this is the demand that it is going to place on you. When running your own business it usually works out that the more hours you put in the more money that you’re going to make.   It can be a little bit of a challenge to develop a pattern that works well for your personal life as well as your business.

You have to be prepared at first that that money may be tight and that it is not coming in as quickly as you anticipated.   This is where you are going to have to tighten your belt and knuckle down to making your business become profitable.   As your business grows you will then be able to hire others to help you and this is what is going to make your business grow.

No matter what stage your businesses be sure that you include the minimal costs that it will be for an accountant to make sure that your finances are well documented and meet the government standards.

 

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Sam Seidman, CPA, CA, LPA
629 Sheppard Avenue West
Toronto, Ontario
M3H 2S3

Telephone: (416) 398-1700
Fax: (416) 398-6226

Chartered Professional Accountant, Chartered Accountant, Licensed Public Accountant

Email: sam@torontoaccountant.ca

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