qprev_HBB Manual 2.qxd - Small Business BC

People have all sorts of good reasons for wantingto work from home. For instance,you may want to:• Be your own boss• Make money• Spend more time in the same place asyour family• Incubate a new business idea• Expand an existing interest or hobbyPeople usually have more than one reason forstarting a home-based business. What thingsabout becoming a home-based business personappeal to you most? Write them down as astatement of what your goals are.Assess Your Entrepreneurial SpiritWhat Personal Qualities andTraits will Help You?Are you suited to being an entrepreneur?Do you have the personal skills and qualities thatare needed? Did you try to run a business beforeand fail? Do you even have any previous businessexperience at all? Do you have the guts to go thatextra mile when others would have thrown in thetowel?These are important questions to consider.Success at operating a business depends muchupon your faith in yourself – your selfconfidenceand your determination. A lack ofself-esteem will soon affect your motivation,especially if times get tough. This is especiallytrue in the start-up phase when so much sweatequity is invested. It is also true for most homeentrepreneurs who lack operating capital andmust rely heavily on their own efforts.But take heart. Experts agree there is no singleprofile of the successful entrepreneur. Theentrepreneurial spirit lives in a variety ofdifferent people. Individuals share somepersonality traits but not others. Strengthsin one area can compensate for weaknessesin another. Also, the very traits that make someentrepreneurs successful – such as determinationand willingness to work long hours – can alsoturn into traps. There are extremes for each trait.Having too much of a particular trait can be asmuch of a problem in a home-based business asnot having enough.Interestingly, the new economy favours a style ofentrepreneurship that’s well-suited to homeentrepreneurs. Technological advancements andglobal markets have opened up the world ofbusiness – giving direct access to customers andsuppliers. Customer loyalty is fickle, orderprocessing must be fast, and reputations areeasier to lose. In this brave new world, homebasedentrepreneurs need to be nimble andinnovative. Lacking huge inventory orbureaucracy, they can fill market niches quicklyand profitably. Small has become beautiful andstyle is giving way to substance.The key is getting to know yourself. You need toacknowledge your personal assets and liabilitiesfor running a home business. Areas to considerare:• Your initiative and creativity• Your willingness to take action• Your ability to handle stress• Your previous business experience• Your problem-solving skills• Your ability to handle people• Your willingness to learn from mistakessolutions for small business home-based business 5