What does it take to be an entrepreneur?

We are used to the idea of Dragon's Den, but not every business needs to be a completely new invention. Many people make a decent living with routine businesses that are similar to their competitors. If you are planning to do something which others are already doing, then think about how you will create space for your products in the market. One way is to invest in an industry which is growing. Certain industries are shrinking during the economic downturn, so do your research and see whether your sector is still growing. Or, can you offer a local business which isn't already in your area?

It can take guts to be an entrepreneur. You may be a naturally optimistic person, but some caution will help you along the way. My number 1 piece of advice is to invest as little money as possible at the beginning. Invest your TIME and see how the business progresses before making a financial commitment. Of course in some sectors that just isn't possible, so if that is the case then don't skimp on your research. I have lost significant money by just believing that I have the power to make something work when it really couldn't. Keep your optimism and confidence, but back it up with research, figures and a sound strategy.

There are many obvious benefits to starting your own business, but you have to remember the down sides as well. You will always be the last to get paid. Money has to be allocated to paying the bills of the business, investing in stock etc, paying back loans before you can get a look in. If your business is successful you'll want to use any cash to make it grow bigger rather than taking money out to pay yourself. So, if it is a steady income you want then employment definitely has its upside!

But, if you can manage the risk then there could be great rewards as well. Working for yourself can provide a great sense of pride and achievement as well as the major reward of being there for your children.

For more advice and inspiration there are a few 'mumpreneur' sites out there which can give you guidance.

My children sitting on a box of stock!

What is a mumpreneur? Check out some of the links below:

http://www.mumpreneuruk.com/
http://www.mumpreneursnetworkingclub.co.uk/
http://www.netmums.com/back-to-work/working-for-yourself/useful-resources-for-mumpreneurs
http://www.mumsbusinessclub.com/
http://startups.co.uk/