A business entrepreneur is anybody who starts and runs a successful business, assuming the risks involved in any such enterprise (e.g., by risking one’s personal assets in return for start-up capital from a private lending firm). Often called business sharks, entrepreneurs have proven that they are bold enough to take calculated risks in order to achieve their business goals. However, despite their bravado, not all entrepreneurs succeed. In fact, fewer than 5% of new businesses are able to survive the first year. In order to survive, the business must be backed with sound business strategies, business management techniques and business planning.
In this competitive world, there are increasing numbers of people who aspire to become entrepreneurs, but a large number of these entrepreneurs lack the entrepreneurial skills and ambition necessary to be successful. The lack of business degree or entrepreneurship training has made them feel incapable of starting their own business. But this should not dissuade you, because there are several key characteristics of an excellent entrepreneur that will help you make a success of your own.
Good business entrepreneurs are bold. They pursue their business goals without considering the feasibility of their ideas, resources and financial capabilities. Rather than being preoccupied with the initial investment required to launch a venture, good venture capitalists look for businesses that have a scalable startup. The ability to make quick and significant decisions is a key quality of good business entrepreneurs.
A scalable startup enables an entrepreneur to make use of the new business capital available to them quickly. Entrepreneurs with limited knowledge and experience in entrepreneurship are often unable to use venture capital to launch a new business. But good entrepreneurs are very resourceful. They know how to apply the knowledge and skills they have gained through their previous ventures to building a new business.
Risk taking is an essential quality of an entrepreneur. Most entrepreneurs jump into new business ideas without considering the potential risks they might be facing. Instead of focusing on the risks involved, they focus more on the rewards they stand to enjoy from launching the new product or service. This could be an important mistake. In order to make the most of the opportunities that come your way, you need to be both risk taking and risk evaluating at the same time.
A successful entrepreneur must have a sound business plan. A good business plan is an effective tool to help entrepreneurs decide which ventures to pursue. A business plan helps business owners come up with a comprehensive marketing, financial and other plan that covers all aspects of their business operations. Proper planning helps entrepreneurs overcome the obstacles that might prevent them from successfully running their ventures. A well-prepared business plan should outline everything from the current business situation to anticipated market conditions in the next two to three years.
Good business plans also give detailed information about the team and the owners. The names of each team member should be included. Each member’s position and responsibilities should be listed clearly. The plan should provide information about the strengths and weaknesses of each team member. For example, if CPAs are involved in the business, then the CPA should be included in the business plan along with other relevant experience for the entrepreneur.
By following these three characteristics, an entrepreneur would definitely have more opportunities to be successful. Being entrepreneurial is not just about jumping into a new business idea. It requires serious hard work, dedication and vision in order to make it successful.
As mentioned earlier, there are many resources where entrepreneurs can obtain helpful tips on how to write a good business plan. For those who want to know more about these three characteristics, there are also plenty of books and websites focused on this topic. Some even offer ways on how aspiring entrepreneurs can improve their chances in having their own successful business. The Internet offers entrepreneurs lots of opportunities to meet potential business partners.
However, although entrepreneurship may seem like an easy task, there are also several steps involved in being successful. Even the most promising business idea won’t succeed if the entrepreneur doesn’t have the right attitude. In addition, the entrepreneur needs to be resourceful. He or she should have excellent communication skills and possess excellent managerial skills. If he or she possesses these three traits, then he or she has a great chance of succeeding in creating a new business idea.
There are lots of benefits for women entrepreneurs. A degree provides them with a wide range of options. Some specialize in business administration while others take entrepreneurial courses. Others have a natural inclination towards it. Whatever path women choose, they can definitely make it big in the world of business. They just need to take the first step by finding the right degree program that will allow them to succeed.