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If you wish to start a business and become an entrepreneur, what would be your gains? List at least three (3) personal gains.

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Chris’s Answer

1) Desire/Persistence: Without this, you have nothing
2) Persuasion: You must have the ability to persuade others to recruit and invest. You need money from somewhere to start a business
3) Product: Your business must fill some needed gap. It can be a brand new product/service or just a better one. Bad ones fail

So, to sum up:

Persistence, Persuasion, Product. Not necessarily in that order.


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Dexter’s Answer

Hi lance,

The three drivers of going into business would be the following for me:
1. Chance to be responsible for something and it'll be wholly yours — Whether the business succeeds or not is completely dependent on your timing, people you hire, and the product you're selling.
2. Chance to work with your favorite people — At a business you don't own, you don't get to decide (for the most part) the people you get to work with. With a business you own, you get to.
3. Get full appreciation for the time you put in — At most salaried positions, you get paid for 40 hrs/week, but most end up working much more than that to survive and do well. At your own companies, you'll definitely be putting in more than 40 hrs/week, but you'll fully realize the value of that time.

This was a fun question! Thanks for asking, and hope this helps you somehow!

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Jen’s Answer

There are many amazing outcomes with starting your own company. However, I believe that it is a measure of how much effort you put in and how much of your personal time and passion you are willing to invest. A few great outcomes could be:
- Ownership and decision making of the company objectives
- Decision making over name, brand and vision for the company
- Building the culture of the company
- Financial success

In summary - if you have an amazing, differentiated idea, go for it - - and know that the more effort you put in, the more successful you will be.
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George’s Answer

To be a true entrepreneur, you'll need to learn how to do the following things (your "gains"):

1. Create a business plan
2. Sell your product / service
3. Run your business

Each one of these is pretty difficult, which is why entrepreneurship isn't for everyone.
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Michael’s Answer

Hi Lance,
Well let me first say you might want to change that mindset, to what are my desires for business! Many people are capable, but not many are willing! Another words it takes vision, determination and a strong will to be an entrepreneur. If you have those things you can do anything you want.
As for the gains!
1. Freedom and control to do things your way.
2. Unlimited earning potential. You’re not set just to make a certain salary.
3. The ability to work with and help others grow within themselves. There’s a great satisfaction in seeing others succeed as well. Good luck!
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Bridget’s Answer

- Freedom (Peace of Mind)
- Unlimited Income Potential
- Time

Owning your own business is one of the hardest things any person can do, I am an Investor and Realtor. There are Pro's and Con's to everything you do.

You want to go on vacation, you can as you answer to only yourself, but only you know if you have the money and availability to do so. If you dont work the process to find clients and in my case find properties to flip, can you afford the vacation when you go on it, are you going to be worried that you don't have sales in the pipeline or are you worried that the new product line has a flaw etc. When you own your own business you are essential to what, when, how, etc.

It can offer Freedom, Unlimited Income, and offer time to do those things you want to do, but you will have to work - just know every dime you make, you make it for yourself and not someone else.
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Bob’s Answer

First, you must be able to identify and serve a need as well as develop a product or service that meets that need -while providing high quality, a prudent price, rapid distribution and continuous excellent service. So, your first personal inducement is to recognize and serve a need that many others will enjoy and will improve their lives. BE A CREATIVE PROBLEM SOLVER.
Second, should you be successful in growing your business you will have the opportunity to employ people who will in turn be able to provide for their growing independence and for their own families-while watching them grow in their knowledge, skills and contributions to society. CHANGE THE WORLD.
Third, you will be personally rewarded emotionally, psychologically, financially as your investment in creativity, time, risk taking, capital investment and prudent leadership offer a standard of living few will achieve. This will permit you to invest in other businesses, people, non profits, your family and in your community. BE A CHEERFUL GIVER.

Bob recommends the following next steps:

You may wish to speak with entrepreneurs you would wish to emulate.