What does it take to be an entrepreneur?
The world is filled with great dreamers. People who think they can build companies and turn it into a profitable business. Everyone can start a business but not all can succeed. What it takes to be an Entrepreneur not just an Entrepreneur but a successful one?
This and many other questions will be looked into in this post today.
A Business research carried out by Harvard business school showed that up to75% of start-ups fail.
Another study in the US small Business Administration office of Advocacy clearly showed that a little over 22% of businesses fail within the first year, More than half fail within the first five years of starting the business and little over two third fail within the first ten years.
Seeing the statistics we need to see what it takes to be an Entrepreneur.
What causes such a huge failure in businesses?
Simple. The business owner don’t know what it takes to an entrepreneur.
In this post today shall take look on all it takes to be an Entrepreneur.
Who is an Entrepreneur?
An Entrepreneur is someone who lunches or create business venture usually in a form of a company to manufacture products or provide services for profit motives.
Entrepreneurs religiously combs through their environment for business opportunities so as to create a business venture to meet the particular need that is missing. They form hypothesis on what customer might need and provide the solutions to the needs.
What it takes to be an Entrepreneur
Essential Entrepreneurial Qualities and Behaviours
So many researches have tried to identify some personality traits that make some people better and successful entrepreneurs than others.
There are no specific traits, at least to my knowledge, that makes someone a more successful Entrepreneur than the other. However there are a number of characters that makes one a more successful Entrepreneur than another. These characters are developed and nurtured by an individual who chooses to become an Entrepreneur. Entrepreneurs are made and not Born.
Some behaviour which are far distinct from personality traits and closely associated with Entrepreneurship: recognition, level of curiosity, team building, decisiveness and persistence.
While others can exhibit these qualities more than other, it can be acquired through training and proper development.
Essential Entrepreneurial skills
It comes with territory. In the early stages of a business Entrepreneurs are expected to do some things themselves in the business. Before the sales, accounting department, marketing staff, negotiators and other Essential parts of a business are formed.
In Killer skills an Entrepreneur needs I mentioned all the skills an Entrepreneur needs and why he needs them. Entrepreneurs need the right skills to take their business through the early stages to the stage f stabilization where staff could be hired.
Taking time to acquire the right and applicable skills in your business before lunching will help you in a long way and greatly improve the chances of a business success.
A business Idea
The points mentioned above are not what it takes to be an Entrepreneur. A Business idea is also needed. Business idea is one of biggest things you need to get your start-up off the ground.
For you to succeed in new business venture your Business Plan should be based on a solid opportunity. According to Harvard Business School an opportunity is defined as a proposed venture to sell a product or service for which customers are willing to pay more than the required investments and operating costs.
An opportunity is more than the act of getting into the business in the first place.
This where you try to secure funding to buy equipment the Business will need to run smoothly.
What a funding will look like depends on the kind of Business you are going to run. Some Businesses need much funding than others. There is not specific amount you need to start a Business. Study the kind of industry you are going into and get just enough funding that will get you all you need to start.
For some Business owners self-funding is quite possible. In this case they were, perhaps, able to save money to start up a Business.
Self-funding is not the only way you can get funding for your business. There are so many other ways to get funding such as from:
- Family and Friends
- Angel Investment
- The Banks
After getting funding, it will be to stick to your business plan and fight to carry the business to top.
Keep in mind that all the sources of Funding come with its ups and down. Weigh all the ways of sourcing funds and choose the one you can take and go with it.
To know how to take your business to the top check my previous article on how to get your start-up off the ground. In this article I explained how to create your first start-up and get the market for it.
The path way to becoming an Entrepreneur
Huge numbers of people aspiring to be Entrepreneurs have great, innovative and interesting ideas, but unfortunately they don’t have the resources they need to make it come true. On the other hand other aspiring Entrepreneurs have the resources to kick start a business but lack the idea to start a Business. You can have the brilliant Business Idea but can fail if you lack the resources especially Funding and the right skills to scale your business through. You need to have a blend of the resources and skills to be on the path way of Successful Entrepreneurship.
The great and good news to all is that: Great Entrepreneurs are not born. They are made. With the right skills, the funding and the lack of fear of failure in Business everyone can become a great Entrepreneur.
The path way to Entrepreneurship is not just a walk in the park. It takes a lot of work and discomforts to succeed. Sleepless nights, the feeling to give up, discouraging words from people and much more.
Entrepreneurship is hard in some way, especially starting out, but if you don’t give up and become discouraged you will make it. Success in Business takes time and Energy. Be patient, be creative, stick to your plan and your hard work will pay off.
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What else takes one to be an Entrepreneur?
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