Qualifying For Success As A Home Based Business Entrepreneur

Entrepreneurial success is gained through the accomplishment of mission and objectives. Success and failure are tied directly to the entrepreneur’s reason for being in business, that is, their mission and objectives. Success requires being both effective and efficient.

With clearly stated mission and objective and producing the intended resulted, the entrepreneur is termed as being effective. Efficiency describes the relationship between the resources used and the extent to which objectives were accomplished.

The effective and efficient entrepreneur uses three basic management skills to accomplish the mission and objective of the business.

Technical Skills: the ability to use tools, techniques, and specialized knowledge to carry out a method, process or procedure. A typical example for us online marketers is the use of the autoresponder, imagine emailing thousands of prospects without such tool.

Human skill: used to build positive interpersonal relationship, solve human problems and build acceptance of one’s customers. Even though the autoresponder is such a great tool for communicating with one’s prospects, the human factor cannot be absent. The successful home based business entrepreneur knows that in order to gain the trust and loyalty of the prospect, personal communication has to be present.

Conceptual Skills: careful thoughts are taken about how decisions will affect the business overall and are made to benefit the entire business. Analytical, creative and intuitive talents are conceptual skills that an entrepreneur must develop.

Integrating these three management skills and continuously improving them will work wonders for the home based business entrepreneur as the business progresses. 

Business Plan Development

The need for comprehensive business plan development can never be overstated. Every entrepreneur must develop a business plan, irrespective of the nature of his commercial setup. Whether you set up a new venture, or buy out a running business, purchase a franchise, or simply wish to expand your current business, it is imperative to develop a business plan. Often, timely business plan development saves you from being wiped out by the competition.

A well-developed plan proves very informative. Besides stating the goals and the ways and means to get there, it lists all the production processes and their capacities. A description of your products and services, the size of your business and the scope for expansion tells you exactly where you stand. Even details of the competition are included along with price comparisons to keep you alert. It lays down the standard to be followed for the advertisement of the company’s products and services, and allocates the resources accordingly. Vital information on the ability of company personnel to adopt and implement the plan guidelines solves many HR issues.

Creating a plan involves more than just a feasibility study. It is the first document you present before potential investors and bankers. Even suppliers may extend initial or extended credit on the basis of your plan content.

The plan serves you till the very end. If you decide to sell your business, the buyers uses it to evaluate your business and to feel confident about their investment. The set of guidelines helps the new owner ensure a smooth transition and continued operational success.

How to Stay Motivated As an Online Home Business Entrepreneur

No matter how dedicated and passionate you are about your online home business, as an entrepreneur who works from home it is inevitable that at some point you are going to find that your motivation levels begin to drop. This is something that will happen slowly over a period of time, so that you don’t realize it until you find that your productivity has almost slowed to a standstill.

Because this happens over a period of time, there are ways to maintain your levels of motivation by developing some daily habits. If you fail to do this what will happen is that your online home business is going to crumble, so it is essential for you to keep up on your daily tasks and keep your head in the game.

The best thing to do when you begin to lose focus is to just take a short break. Depending on your preferences you could either go for a walk to clear the cobwebs from your mind or maybe just take the whole day off.

Some people find that the best thing for them is to just change from the project they are working on, to something else for a short while but irrespective of how passionate and driven you are to succeed, there will be times that you find your motivation to carry on faltering, and just trying to push through it can do more harm than good. If you are not sufficiently focused your chances of making mistakes will increase or alternatively you may find yourself just not working efficiently. When you take a break it gives you the opportunity to refresh your mind and come back to working enthusiastically.

Two hours of focused and efficient work will reap better rewards than eight hours of trying to work and losing focus all the time. A break can help to get you feeling energetic and focused and you will achieve far more.

Another option to remain motivated is to set boundaries on the time you spend working. One of the difficulties faced by many online home business entrepreneurs is that they tend to spend most of their time in front of their computers. If you plan your time so that you allow time for family and friends in your schedule, just as you would if you worked a 9-5 job then you will have more motivation and focus when you are working. Let’s face it you wouldn’t spend 60 hours or more per week working in a regular job and just because you are working from home doesn’t mean you need to increase the hours you work.

Keep your motivation high by making sure that you really enjoy your free time. Many people feel guilty when they take time off and end up spending that time worrying that they are not working. One of the main reason why people choose to work from home is the freedom of choice that it allows, so enjoy the time when you are free, it will benefit both you and your business in many ways.

A big issue in the workplace and one that is regularly addressed is motivation and there is a good reason for this. When you are not motivated you will make more mistakes, you will not enjoy what you are doing and your work performance will suffer. This applies equally to running an online home business. Be pro-active, take regular breaks, set boundaries for yourself and enjoy the free time you allow yourself. By doing this you will keep your motivation levels high and you will find greater success for your online home business.