Business Opportunities Weblog

June 21, 2010 by Angela Shupe | 1 Comment

The New York Times recently took a look at self-employment and the people who think about taking that step.

How can a salaried employee with some savings tell if the idea of becoming self-employed is a viable option and not just an escape fantasy? And how can a recently laid-off employee with some severance pay determine whether this is the right time to pursue her dream of being an entrepreneur?

First, you must be highly motivated to sell a specific product or service that your research has found to be marketable. And your business idea should be based on expertise that you already have, said Susan Urquhart-Brown, author of “The Accidental Entrepreneur” and a career coach. Learning how to run a business is hard enough without also learning a new skill from scratch, she said.

Some soon-to-be entrepreneurs come up with a solution to a business problem and find their company is unwilling to pursue it, said William A. Sahlman, a professor of business administration at Harvard Business School with a focus on entrepreneurship.

“There’s a mismatch between what they’re passionate about and feel ought to be done and what the company is prepared to support,” he said.

Motivation, drive, passion — these words are often used in connection with entrepreneurs. “They need to be passionate about what they do because that will carry them through the tough times,” Ms. Urquhart-Brown said.

Photo by clspeace

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Tags: Advice, Self-employed, Startup