Home Based Business ... Is it for you ?

Introduction

The 1990s were called the "Decade of the Entrepreneur." More people are starting home based and micro businesses than ever before. People are turning their skills, hobbies and ideas into profitable ventures. This can be a satisfying experience. The endeavor is usually something a person enjoys doing or is very skilled at doing. It allows for flexibility so you can work around your family and work schedules. It also gives you the independence of being your own boss.
The words entrepreneur and entrepreneurship come from the French word entreprende, which means to undertake. An entrepreneur is someone who organizes, operates and takes the risk in a business venture, expecting to gain a profit. Entrepreneurship refers to the process of planning, organizing and operating a business.
A home based business is not for everyone. For many people it will be a supplemental income source for retirement or extra income for the family. In fact, only 46 percent of home based and micro business owners recently surveyed cited that making lots of money was a motivation for starting their own business. Seventy-eight percent of business owners stated that having more control over their lives was an important reason, and 90 percent said they would go into business again. So, even though you may not get rich from such an endeavor, it may be worth the effort to try your idea out to see if it would be successful. Remember, entrepreneurs may not see a profit right away; it will depend on the type of business.
There are several facets to consider when starting a home business. Determine if there will be a market for your products or services and if such an endeavor is possible. This is crucial before a large amount of money is spent. The business may not be feasible. Too many businesses fail because people do not test their market plan and manage the business properly. Information from Link Research in a 1996 survey of 5,000 Home Office Computing readers reported that 20 million businesses found the most challenging business tasks to be 1) marketing to gain additional business; 2) time management; 3) financial record keeping; 4) avoiding overhead when possible; and 5) assistance in managing varied responsibilities.
This article will identify and address many of these factors. If you decide to pursue a home based or micro business, careful planning and consideration of these topics will help increase the chances of success and in some cases prevent you from making an unwise investment or help avoid unnecessary risks.

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