Home-based Business: Success And The Common Man

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You are the only one who can use your ability. It is an awesome responsibility.” – Zig Ziglar

The figures are staggering; a startling 150 million individuals are making over 400 billion dollars in home-based business income. This figure eclipses the food industry. It even puts the pharmaceutical industry to shame.

By some estimates, home-based entrepreneurs are earning an average of $63,000 or more annually. The freedom of being self-employed allows many home-based business owners to consider a return to the corporate world something they’d avoid at all costs.

Consider some of these findings…

* Owning and operating a home-based business offers entrepreneurs an achievable point of entry. More than 40 percent of all home-based businesses require less than $5,000 for startup.

* Home-based entrepreneurialism is growing in importance and diversity. It offers opportunities for entrepreneurs and at-home professionals in every demographic and ethnic group.

* According to IDC, a top national research firm, there are between 34.3 million and 36.6 million home office households in the United States alone.

* According to The Success Factory International, America is in the midst of an extraordinary workplace transformation; the home-based business phenomenon shows no sign of slowing down

* Information technology (IT) has made it possible for e-commerce and has enabled small, medium-sized, and home-based businesses to compete more effectively in the global market. Ecommerce makes it possible for more people to start their own businesses.

Many home-based business startups are an outgrowth of either personal interest or a profession that severely limited the individual freedom of the worker. In either case, there seems to be growing satisfaction among those who have chosen a home-based business alternative.

Interestingly home-based businesses are extensively populated with women or aging workers. The reasonings behind this trend would require an article of its own, but the point is the Internet is filled with highly successful non-traditional business owners.

What comes as a surprise to many home-based business owners is the fact that their business started at home in an effort to save money with full intentions of moving the business to a brick and mortar store front. However, it is estimated that only 5% of existing home-based businesses will ultimately move out of the home.

Part of the lure of home-based businesses is the empowerment provided to the owner who understands the return of control in their life as a priceless benefit of home-based businesses ownership.

“My list of ingredients for success is divided into four basic groups: Inward, Outward, Upward and Onward.” – David Thomas

An African Hope Peddler

A man who refuses to move forward will never leave a footprint.” – Modupe Oluwalademi

Modupe lived in Nigeria. He had very little in the way of wealth and had been robbed more than once, but he had an incredibly entrepreneurial spirit. His contagious spirit inspired many to do more with their lives than they thought possible.

This man was marketing hope and he was gifted and promoting his product. He had seen the worst of circumstances yet found the means to pen words that were both motivational and hope-filled.

Consider the following…

If you don’t begin where you are today, you’ll never get anywhere tomorrow.” Modupe Oluwalademi

A time waster is an opportunity waster.” – Modupe Oluwalademi

You’ll become a king-size liability to your generation if you lack ‘a plan of action’ for your life.” Modupe Oluwalademi

It is a fool that celebrates a plan that has not delivered results.” – Modupe Oluwalademi

Don’t give up on your failure. ‘Try again’ might be what you need to become a world changer.” – Modupe Oluwalademi

When you learn every day and you don’t act upon what you have learned, you are like a farmer plowing every day without sowing seed.” – Modupe Oluwalademi

A problem solver is always a crowd puller.” – Modupe Oluwalademi

A man who dares nothing learns nothing.” – Modupe Oluwalademi

The greatest risk in life is not to take any.” – Modupe Oluwalademi

Courage gives strength to vision, but discouragement stifles the life out of it.” – Modupe Oluwalademi

Attitude is like an epidemic, it is very contagious.” – Modupe Oluwalademi

Modupe was only forty-three when he passed away, yet his words provide important clues to the bold spirit of entrepreneurialism.

No matter what you are marketing it takes a brash mixture of risk, opportunity and drive to moves you from a person with passive interest to one that is passionate about what you have to offer and the benefits of the product.

Modupe also reveals another truth; you will have plenty of detractors in your quest to establish your dream when he writes, Armchair critics are often champions at nothing.”

You may think that the marketing of hope on the streets of Nigeria to be a waste of the entrepreneurial spirit, yet if you are honest you will find reason to move forward with your own dreams when you consider the words of an African Hope Peddler.

Entrepreneurial Research And Testing

“Experience is that marvelous thing that enables you to recognize a mistake when you make it again.” – Franklin P. Jones

Becoming an entrepreneur is about taking an idea and making a successful business from the sale of the idea. If the idea is a product, the sale of the product will require more than simple creativity and innovation.

An expert is a person who has made all the mistakes that can be made in a very narrow field.” Niels Bohr

In the 1980’s a father in Wyoming created a product for his daughter to play with. The invention consisted of a wheel that was roughly the size of a toy wagon wheel. A separate pole with a stabilizing device attached was used to keep the wheel upright and balanced. This invention provided hours of amusement for his daughter, but when he tried to develop a business selling the product he discovered there was absolutely no market for it. This same gentleman also attempted to prove the viability of the manufacture of cement brickettes as a cost effective substitute for lava rocks in gas grills. He rejected the idea when after a few grillings the cement literally exploded causing the destruction of his grill as well as a steak dinner.

The above is an example of a couple of failures in entrepreneurialism. Consider the above glimpse as an argument for marketing research and testing.

Strong people make as many mistakes as weak people. Difference is that strong people admit their mistakes, laugh at them, learn from them. That is how they become strong.” Richard Needham

The perfect entrepreneurial scenario would be to provide a solution to an underserved market where demand exceeds existing supply or to be the first to meet an emerging demand. In either case there needs to be a significant amount of market research to determine the longevity of anticipated demand along with the reliability of the solution you are offering.

Imagine if the cement brickettes were marketed and sold only to have the flaw discovered when someone was injured from cement shrapnel.

So much goes into the development of a business idea and you have to have a solid business plan in mind in order to get funding. It only makes sense to be sure you have completed all the needed research to assure both your banker as well as yourself that the product or service you are offering will provide benefits that will meet demands and provide success for all involved.