01 Oct 2013

You have a great idea.

It will bring in lots of money.

And you don’t want to work for anyone else anymore. You’re tired of building someone else’s dream.

But do you have what it takes to be an entrepreneur?

Forbes ran a piece last year�with a 25 common characteristics of an entrepreneur. It’s the first four that really strike a chord with me:

  1. Do what you enjoy.
  2. Take what you do seriously.
  3. Plan everything.
  4. Manage money wisely.

While the next 21 are important traits to have, these are key to getting your business off the ground.

The plan may even be the most important.

“Planning every aspect of your home business is not only a must, but also builds habits that every home business owner should develop, implement and maintain,” writes James Stephenson. “The act of business planning is so important because it requires you to analyze each business situation, research and compile data, and make conclusions based mainly on the facts are revealed through the research.”

Business planning also lets you puts your goals down paper, creating a road map for you to get from Point A to success.

Get your business started

Kevin Ryan, a serial online entrepreneur, says he looks for problems that he can solve when he wants to start a new business.

One afternoon in New York City, he saw a lineup of women and learned they were waiting for a sample sale.

He went off to the drawing board and created�Gilt Groupe, a website that offers flash sales of designer items.

“What I’m always thinking about is what are the problems you’re trying to solve,” he says in an interview yesterday with Inc.com. If anything online takes you more than two minutes, you have to be thinking ‘is there a better way to do this?’ ”

If you’re lured by the freedom of entrepreneurship, check out�the series of interviews Inc.com conducted with Ryan.

Here to help

A1 Accounting, a Calgary accounting and bookkeeping firm, is here to�assist you with your taxes and planning. We specialize in personal taxes and small-business accounting and financial services. Contact one of our tax specialists and we can help you optimize the tax benefits and credits available to self-employed individuals and small businesses.

Fill out�our contact form�or give us a call at 403-226-8297.

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