More Americans Want to Be Their Own Boss
by (StatePoint) ◊ Jun 17, 2011
More Americans today desire to be their own bosses than ever before, according to new research.
Last year, 565,000 new businesses were created monthly by Americans, according to the annual Index of Entrepreneurial Activity issued by the Kauffman Foundation. This is the highest rate in the last 15 years. And, other polling found that a growing number of teenagers would prefer working for themselves rather than for traditional employers.
Many experts believe that entrepreneurs and new start-up businesses will help lead the country out of the recession.
“Every new business owner believes he has an idea that will change the world and make him rich in the process. But, a great idea is never enough. The entrepreneur must back that idea with sound business practices and systems, strong management, and the ability to grow an idea into a company,” says Jim H. Houtz, a serial entrepreneur of 40 years and author of the new book, “Grow The Entrepreneurial Dream: The Ultimate Guide To Business Success.”
Here are some tips from Houtz for those looking to start a new business:
• Develop a clear vision statement. It must be specific enough to inspire performance and guide daily action, yet general enough to adjust to changing circumstances and new opportunities.
• Continually evaluate the markets you’re in. What will they look like five years from now?
• Measure your integrity level – keep checking yourself – and hold others to the same standards.
• When hiring, look for maturity, capability, and integrity.
• Keep your groups small. Even if your company gets big, work at keeping people in small groups.
• Always train your staff. Educate the people you have and don’t just look to replace them.
More tips on starting or growing a business can be found in Houtz’s new book and online at www.allamericanentrepreneur.com.
“Ironically, once you get past the challenge of establishing a business, the biggest danger is unchecked growth,” reveals Houtz. “Some businesses grow faster than they can handle it and, as a result, customer service, product quality, and employee morale suffer and kick off a negative cycle of activity that dooms the business.”
While it definitely takes luck to catapult a new business into one that is successful and lasting, by following some basic business rules you can help transform a mom-and-pop shop into a strong and profitable company.
Photo: Don’t be afraid to turn your great idea into a business.