Part-Time Entrepreneur

The business part time responding 2 needs: increase revenue or capital to shore up existing business

Tips To Be A Part-Time Entrepreneur

The business part time responding 2 needs: increase revenue or capital to shore up existing business; However, whatever the reason, the truth is that even this type of entrepreneurship requires a plan that reduces the risk of failure and leads the entrepreneur on the path to success .

If your goal is to earn extra money without giving up your current job or neglecting your duties, then put together a feasibility study and play it safe.

Unlike a business plan – much more complex and, why not say it, extensive – a feasibility study consists of 4 points . And although it is shorter, its value lies in that you will have more clarity about your idea, objectives, actions and results. The study must contain:

  1. Product and service

Ask among your acquaintances what they think of the product or service you want to sell, what needs it solves, how much they would be willing to pay and how often they would consume it. This will help you know if you are on the right track or should you think of another business idea . One more point to consider is how close you are to what you will sell, because a serious mistake is to start a business that you are not passionate about.

  1. Industry

Investigate who are the suppliers, direct competition and potential clients that pull the strings of the industry in which you intend to participate, so you will know how many possibilities you have to position yourself and in how long. Also consider if the product or service you will be engaging with is just a fad or has future potential. Why? Simple: because if you require financing , you will be more clear about the periods in which you can cover the debt without pressure.

  1. Organization

Remember that those involved in your business must cover a specific profile, according to the position they occupy, and they will be responsible for specific actions. In order for everyone to work in line with the company’s objectives, the recommendation is that you design an organization chart that specifies the role of all those involved and what are the goals they must achieve .

  1. Finance

This is the most complicated section, but on which the success or failure of your business idea depends. Start by defining how much capital you need to start up and make a list that contains technical requirements, fixed expenses and human capital. Once you’ve got the quantity, stick with it and don’t be tempted to buy extra or fancy supplies .

Even if it is a business to complement the income that you already have insurance, you must establish a commitment to your business idea, give it quality time and take your role as an entrepreneur very seriously.

Types of Entrepreneur Fears And How To Face Them

Faced with criticism and failure, the entrepreneur is ready to defend his ideals; But when it comes to facing his own fears, he seems to waver. Help yourself with these steps and keep going!

A constant in the entrepreneurial world is the feeling of loneliness. Mexico is just beginning to taste the honeys of the entrepreneurial world; this, therefore, complicates the path of those who decide to give up a lifestyle in order to pursue a dream called their own business . And, compared to countries like the United States –where there are those who bill their first million dollars at the age of 16–, we are at the beginning of this trend.

The entrepreneur must face, first of all, criticism from his closest circles ; ie family, friends, and former co-workers. The most scathing comments are a consequence of saying “goodbye” to the opportunity to open your own business; then follow those that have to do with the disposition of time. Finally , the lack of constant and secure income ends up distancing the entrepreneur from his goal .

“I do not believe that”

Being an entrepreneur means a lot of responsibility and it is very easy to panic. If you ask yourself all the time, “Will I be able to do it?”, Then don’t set yourself overly ambitious goals. Start by setting short-range goals and gradually building them up.

“I don’t have to sell”

Many entrepreneurs stop launching because they believe they need a complete product or service, but according to Lewis, you can start a business without a complete offering . Why? Simple: because you will have the opportunity to test it and adjust it until you can cover 100% the needs of your target market with the advantage of not investing more than necessary.

“I am not perfect”

Stop wasting time on details and focus on what is truly important to undertake successfully . Remember that it is more important to have a good and profitable business than a perfect business on paper but nonexistent in real life. You will improve over time.

“That’s for the greats”

Finding investors is no longer a matter for large corporations and today entrepreneurs have more possibilities to add financing . The recommendation is to approach business accelerators and incubators , because with their help you can design business plans and attractive arguments to make capital.

“I don’t know anything about business”

Here are 2 ways: either you regret all your life for not knowing how to manage the finances of a business or you seek help. Currently, there are scholarships, mentors, and literature to help you become a business expert .

Remember that ideas do not belong to whoever imagined them first, but who had the courage to execute them on time . The limits are within you. And you, how far do you want to go?