Installment Loans are All in a Days’ Work for an Entrepreneur

Making the Decision to be an Entrepreneur

Bank statements, installment loans, accounts payables and receivables are all parts of a small business that owners must be aware of. With the market as unstable as it is, a lot of people are looking into becoming entrepreneurs. Though it sounds like a good plan, experts are cautioning that it isn’t as easy a move as some are hoping. In fact, the overall assessment of entrepreneurial capability can be broken down into three different questions:

  • Do you have confidence in your plan and yourself?
  • What is your core motivation?
  • How broad is your vision?

These three questions can tell a lot about a person’s entrepreneurial spirit, or their lack of.

Confidence in the plan

The primary focus of any successful business owner is their plan. James V. Koch, researcher and author, said that the “classic entrepreneurial personality seems to combine the self-confidence of Muhammad Ali with the sunny-eyed optimism of Little Orphan Annie.” Koch’s belief is that entrepreneurs are “born and not made.” The main distinguishing factor of a true business owner is that they are committed wholeheartedly to their plan. Koch added, “We ran into entrepreneurs who had failed four or five times in a row, and they were absolutely convinced that this next time they were going to strike gold.” The confidence a true entrepreneur has in his or her plan is resilient, determined, and focused.

The Core Motivator

Another important characteristic entrepreneurs have is their desire to do something significant with their business lives. John Down, director of the Center for Entrepreneurship at the University of Portland, said, “They don’t view what they are doing the way a lot of people may view their jobs—as a means to a paycheck that allows them to do other things outside of their work. For the entrepreneur, the work itself is the goal.”

The goal of doing the work makes the typical entrepreneur extremely focused and determined. Down added, “Whatever a business owner needs to tackle, they tackle. Whether it is a complex spreadsheet, an amortization schedule for installment loans or an in-depth contract, a business owner will tackle the issue quickly.”

How broad is the vision

Finally, experts cited the entrepreneur’s vision as a key factor to knowing if self-employment is the right choice. Koch stated true business owners tend to be “more strategic in their thinking… more big-picture oriented.” It’s this vision and ability to hold up large plans that allows owners to face the vast number of challenges that come up during any business venture. It’s this reason why most business owners studied have a good group of people surrounding them who have a talent for details. Koch added, “Entrepreneurs tend to not have time for the minute details of a plan… rather they focus the entire business entity and on staying true to the vision while others concern themselves with the everyday activities the organization needs to survive.”

Entrepreneurs in 2010

In 2010, analysts are projecting a record number of entrepreneurs entering the market. It takes a lot of determination and vision, but the true business owner seems to have similar characteristics. Studies are showing that traits are shared among entrepreneurs. Not only are they adept at managing installment loans, bank funding, hiring and firing, but they also have more intrinsic qualities that serve them well in the market.

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