A weekly look at Wyoming business questions from the Wyoming Small Business Development Center (WSBDC), part of WyomingEntrepreneur.Biz, a collection of business assistance programs at the University of Wyoming.
By Susan Jerke, Wyoming Entrepreneur.Biz regional director
“How do I know if I’m an ‘entrepreneur’ vs. simply ‘self-employed?'" Trevor, Gillette
The terms “self-employed” and “entrepreneur” begin with the desire to make money from a business that you own and control. An entrepreneur, however, has the extra motivation to take the business to a higher level with drive, passion, dedication, technical skill and business knowledge.
Let’s discuss some of those traits to help assess your dreams and goals. An honest self-assessment can help determine whether business ideas are feasible. Identify questions and issues you may face in converting ideas into reality.
First, you must have a great idea. Do you have exceptional drive and passion behind an idea? Dare to dream. Every idea doesn’t have to be novel, but it does have to add value or be marketed to a buying audience in a novel way. For example, did you know that Oreo wasn’t the first cream-filled chocolate cookie? Hydrox was actually the first, but Oreo quickly gained the market share with a better marketing strategy.
Do you have the dedication to build your business? The majority of business owners say that building wealth is an important motivation, but that doesn’t happen without long hours and dedication to making the business succeed. Physical and emotional stamina are necessary, along with making quick decisions, getting along with multiple personalities and possessing superb organizational skills.
Technical skills and business knowledge are cornerstones of your venture. You will need to understand accounting, marketing, industry trends and staying ahead of technology.
Understand the risks. There is no way to eliminate all the risks associated with starting a small business, but you can improve your chances of success with good planning, preparation and insight. Free help for business preparation is available, no matter where you live in Wyoming.
The week of June 17-21 is Small Business Week. The Wyoming Entrepreneur Small Business Development Center will host “Start Your Own Business” workshops in several communities around the state and via webinar Thursday, June 20. If you are considering an idea for starting a business, check our website at www.WyEn.biz for a location near you. We can help you get started down that road as an “entrepreneur.”
A blog version of this article and an opportunity to post comments is available at http://www.wyomingentrepreneur.typepad.com/blog/.
The WSBDC is a partnership of the U.S. Small Business Administration, the Wyoming Business Council and the University of Wyoming. To ask a question, call 1-800-348-5194, email wsbdc@uwyo.edu or write 1000 E. University Ave., Dept. 3922, Laramie, WY, 82071-3922.
