Almost all of today’s large companies started out with an idea, created by a determined individual, such as yourself. But, are you an entrepreneur? Can you sense a market opportunity and grab it? Millions of people dream of owning their own small business or company but few will actually start one and succeed. Here are some tips on addressing the factors that are important to your success as a private business owner, achieving your goals, and considering opportunities that will enhance your successes in the future.
Not all entrepreneurs will be as successful as Sam Walton of Wal Mart or Bill Gates of Microsoft, but most of us are smart enough to earn more in our lifetime by becoming self employed, rather than sustaining on a salaried employment. Not only is being self employed free up valuable time, but also includes many financial incentives and benefits as well. So what is it that makes these people so successful while others struggle to break even? It all really depends on what you definition of entrepreneur is.
An individual that starts and runs his or her own business can be seen as an entrepreneur, but an entrepreneur can grow in different environments as well. If you are an operations manager at a large corporation you have the power and ability to become an entrepreneur. All you have to do is recognize a need and fill it. There is no standard mold for defining what an entrepreneur is but there are a few clues that you may have the drive. There are a number of characteristics that all entrepreneurs have in common. Here are some questions you should ask yourself if you think you have what it takes to be the next big entrepreneur.
Ã¢Â?Â¢ Do you know your strengths and weaknesses?
Ã¢Â?Â¢ Can you delegate work to others?
Ã¢Â?Â¢ Do you ask for help when you need it?
Ã¢Â?Â¢ Can you organize your ideas into a plan?
Ã¢Â?Â¢ Can you project your success?
Ã¢Â?Â¢ Do you consider yourself well informed about your venture?
Ã¢Â?Â¢ Do you have above average people skills?
Ã¢Â?Â¢ Can you recognize an opportunity?
Ã¢Â?Â¢ Are you independent?
Ã¢Â?Â¢ Do you practice good judgment?
Ã¢Â?Â¢ Can you handle high stress situations with ease?
Ã¢Â?Â¢ Can you adapt to changing environments?
Ã¢Â?Â¢ Do you have strong self discipline?
Ã¢Â?Â¢ Do you have an almost compulsive need to succeed?
If you answered yes to more half of these questions it is likely that you have what it takes to be an entrepreneur. But, it’s not as simple as just that. You have to know how to use your knowledge to your advantage. A lot of first time business owners make the mistake of thinking they have a solid plan and nothing can go wrong. That line of thinking will get you nowhere in the business world. As you formulate you business plan you should make sure it is flexible, and modest enough to grow with you as your business becomes more successful.
Being an entrepreneur takes more than just thinking you’ve got what it takes. You should be able to back up your knowledge with facts and data. If you are giving the impression that you are knowledgeable about the business you want to be sure that you have the information you need at your fingertips. When meeting with potential clients and lenders never rely on your memory. Take notes on specific information, contacts, and resources that you use to gather information.
At all times in business, especially when first starting out, you should keep an open mind towards new ideas and information. Part of being an entrepreneur is realizing that you may not always have the idea, but someone else who is a part of them team may have. It is not uncommon for a private business owner to be unfamiliar with tax laws, insurance, and other unfamiliar areas of the business. Do not be afraid to admit that you do not have the knowledge to handle the situation. You may take pride in knowing that you can handle every aspect, but it is ridiculous to actually attempt it.
As an entrepreneur it is your job to make sure you achieve what you want. As a private business owner you can gain the satisfaction and independence that you cannot achieve by working for others. Before starting out, determine your strengths and weaknesses and make sure that you weigh all the pros and cons.