Do You Have What It Takes To Be An Entrepreneur?
Many people have a vague concept of entrepreneurship. Most think it is just a state of professionalism whereby someone own and operates a newly formed business.
Some think of entrepreneurship as the last stage of a business mentoring program, where individuals cast off their training wheels and try to become successes on their own. However, entrepreneurship is much more than that, and this article will attempt to explain the more tangible aspects of the term.
What is Entrepreneurship?
Generally speaking, entrepreneurship is the process someone goes through when conceiving and designing their own business to offer goods and services in a particular industry.
Entrepreneurship involves seeing a business operation throughout all stages of its life cycle, and implementing rules and standards to ensure its sustainability.
Entrepreneurship and Change
Good entrepreneurs act as agents of change. They conduct business ethically, while also introducing original product and services that make society take notice. What entrepreneurs offer should excite people and offer a solution or facilitate some aspect of life. Whether it is durable medical equipment or a new form of entertainment, good entrepreneurs will improve life on some level, while turning a profit in the process.
Entrepreneurship and The Individual
Entrepreneurs take it upon themselves to enact change in a specific market by creating a demand for their products or services. Most entrepreneurs – especially in the early stages – oversee all operations ranging from building relationships with vendors, marketing to the target customer base, accounting, sales, and all subsidiary functions.
In essence, entrepreneurs wear many hats to maintain a balance so that their business runs smoothly. Entrepreneurs may choose to hire on other qualified individuals to distribute functions and responsibilities so that they can focus on running the business, but that usually doesn’t happen until the business starts to experience growth on some level.
Entrepreneurship and The Public Sector
In order to successfully run a business, an entrepreneur must follow local, state, and federal guidelines. This can run the gamut from acquiring the necessary permits and licenses to operate in a given location, filing for state taxes, and registering the business name and corporate structure (sole proprietorship, LLC, S-corporation, etc.) and getting a Federal Tax ID so that financial records are available in case of an audit or if the business goes public and makes stock offerings.
The relationship between entrepreneurs and government agencies can have benefits, as well. There are often incentives (typically in the form of tax breaks) at various level of the government to stimulate the growth of new businesses and encourage entrepreneurs to operate in certain locations, implement changes to operations to make them more environmentally friendly, or incentives for businesses with a primary focus in certain industries (healthcare, technology, alternative energy, finance, etc.).
Entrepreneurship and Banks
The simple truth is that very few entrepreneurs can launch their businesses without external funding in some form. Unfortunately, banks are not inclined to approve loan applications from entrepreneurs who cannot demonstrate a strong credit rating and a healthy financial history.
In fact, fewer than 20% of all business loan applications are ever approved by banks – and that number decreases sharply when we discuss first-time business owners. This leaves most entrepreneurs with the options of going into debt personally by maxing out credit cards, taking on second mortgages, and selling off assets in order to finance their business out of pocket – or giving up on their dreams entirely.
Entrepreneurship and Commercial Finance
Fortunately, the world of commercial finance is designed to get entrepreneurs the working capital they seek, without getting tangled in red tape or dealing with denials from banks. Commercial financing companies offer entrepreneurs alternative lending solutions so that entrepreneurs can launch, sustain, and grow their businesses.
Commercial financing has myriad finding products and programs to offer entrepreneurs, ranging from asset-based lending, and unsecured lines of credit, to factoring, merchant cash advances, and much more. The additional benefit to entrepreneurs is that many of these financing solutions do not involve putting any debt on the balance sheet, nor are they dependent on credit ratings. In order for entrepreneurs to access these alternative lending sources, they must work with a commercial finance professional, who acts as a liaison between business owners and lenders.
Commercial finance is one of the few fields that is protected against recessions and other downturns in the economy. Lenders and investors will always have money for business owners who need extra working capital, because they understand that the private sector is what stimulates economic growth.
Entrepreneurship Opportunity By Owning A Finance Business
The Commercial Capital Training Group (CCTG) offers opportunities for entrepreneurship in commercial financing for those emerging business owners who want to invest in owning a commercial finance business.
CCTG gives graduated the tools and training they need to act as intermediaries between other business owners and lenders, if order to help facilitate deals in an industry with limitless profitability. Many graduates start by arranging agreements and taking a small percentage of the entire contract as payment for their work. This usually translates to four and five-figure amounts, which turns into a very sizable income when one completes multiple deals each month. CCTG will also show entrepreneurs how to create residual income streams from deals, so that there is a steady cash flow in between agreements.
The Commercial Capital Training group gives graduates access to our exclusive board of lenders, a recession-proof business model, a direct line to our support team of financial experts who are available seven days a week, and the opportunity to own their own finance companies.
If you want to fully understand what entrepreneurship means – taking full control of your financial future and acting as a significant agent of change – helping others launch their own business venture by getting them the funding they need, then you should see what the Commercial Capital Training Group has to offer.
At CCTG we pride ourselves in helping our graduates achieve financial independence so they can live the life they want, and enjoy the rewards of their own successes.