Tuesday, November 14, 2006

Lessons from the home based entrepreneur

Home based businesses has long been the less chick of the entrepreneurial sector yet still so many successful businesses started at home. New research now shows that the home business industry is booming and contributing positively to the South African economy as a whole.

Perhaps there are a number of lessons to be learned from start-small and keep costs as low as possible school of thought. How often do we see new entrepreneurs taking advantage of their new independent status, buying expensive company cars, setting up lush HQ and entertaining like there is no tomorrow. How often do we see these same companies fail at the expense not only of themselves but also of the reputation of entrepreneurs throughout the country.

A few lessons from the home based business sector:

1) Start small and keep your cost down.

2) Borrowing money is not an option. Innovate your company to success by reinventing what is possible from using the resources at your disposal.

3) Yes can do. The home entrepreneur is a can do kind of character. He/she knows that there is no blame to be issued. They are responsible for their own success.

4) Work now - earn later. Yes of course its unrealistic to not earn anything and the home entrepreneur knows that they will not be earning a salary or bonus until such time as they have created that income themselves. There is no borrowing of money to pay the owners salary.

5) Opportunity and flexibility are the two trump cards. Home based entrepreneurs are in the ideal situation to react quickly to opportunities. They are pro-active and except change as a competitive advantage rather than the grim reaper.

What can your business learn from the home business industry and how will this aid you to become more competitive, cost effective and pro-active in your market?

For results of the research please click here


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