Being an EntrepreneurNov 26, 2020
An entrepreneur organizes resources into a marketable concept. A marketable concept is congruent to market specificity, existing gaps, and uses a rationale that woes customers through marketing, branding, and engages extensive product promotion (Lane 2018). Being an entrepreneur is never a walk in the park; it involves risks, sound intuition, and a desire for success. A high energy level is an imperative prerequisite, coupled with a commercial focus and the ability to transform challenges into opportunities (Chavez 2016). Furthermore, a positive attitude towards work and its eventuality- losses or gains are relevant for an aspiring and working entrepreneur. Starting and obtaining success in a business are mutually exclusive, and the latter requires the conscious integration of all production factors. The internal and external business environments must be well evaluated, weighing factors against self to make the next step. Being an entrepreneur is a call into sound management, organization, attention to detail, sound relationships, and ultimately well-deserved returns.
Knowing the right business is basic for successful entrepreneurship. The right business is always congruent to your education and abilities. Knowing the right business ensures an aspiring businessperson has an emotional connection to their endeavors and has a great deal of commitment. The right business calls for knowledge. Knowing the right business enhances projected research and education to ensure aspiring businesspeople have the right information. Additionally, knowing the right business helps an individual connect to like-minded business people who introduce valuable insights.
An entrepreneur identifies market gaps. Every business requires a target market that is best identified using deficiencies in the supply chain (Lane 2018). As an example, complementary and supplementary goods are a viable and enormously lucrative option. In a market where people are increasingly buying motor vehicles, an entrepreneur would set up a service station to gas up the automobiles, service them and sell their spare parts. A rising demand inspires another, and it is for the entrepreneur to make notes and pounce on the most lucrative ventures. Finally, a product in the market may not fully satisfy the market’s needs, and a complement comes in handy (Lane 2018). Most products are dotted with post-completion errors leaving voids in their use. An entrepreneur assesses the loopholes and capitalizes on the deficiencies.
Starting a new business requires resources. Resources cut across the capital and human resources necessary to start, run, and maintain a business venture. Capital is basic for a business. An entrepreneur has to source the necessary capital to start and run the business. Every risk must be calculated to ensure the blow of insolvency and liquidation is mitigated. Risks are calculated against the profit margin to ensure liquidity ratios range’ can be withstood, and the return on investment is worth the time and resource investment.
An entrepreneur is motivated. Motivation determines the level of effort an individual inputs to commercialize an idea (Selig et al.,). A motivated person works hard, sets goals, and is proactive in the face of opportunities and drawbacks. A motivated businessman is not wooed by hearsay or broken by hitches. Instead, the businessman aspires to rise beyond the challenges and is not afraid to take calculated risks appearing along the journey to success. Moreover, motivation excites creativity. Creativity is intrinsic to an entrepreneur, ensuring simple and complex tasks are completed with minimum errors and maximum returns. Motivation also sparks positivity. Negativity is the most detrimental aspect of an entrepreneurial mind and the gradual but sure means to business devastation. Positivity ensures businesspeople rise after every fall and are re-energized with every shortcoming. The ultimate entrepreneurs are positively motivated and always ready for future unfolding, albeit with a clear plan.
Success requires discipline. Business is business and requires strategy and separation from self and inter-personal affiliations. Business success is earned, not replicated as many think, and must be a continuous effort towards greatness (Chavez). Suffice to say, every entrepreneur has to possess the ability to rise above disregard, coercion, collective behavior, and outside influence. Planning is vital and an integral part of a business and must be perpetuated in chasing business eventuality. Most importantly, the business’s human resource fraction must ensure continuous growth through quality insurance, employee motivation, and continuous training (Lane 2018). A leeway must be provided for workers to find time for them to avoid reducing them to robotic elements. Finally, an entrepreneur is conscious of their standing and has to orient their minds and actions.
Chavez, Juuli. “The personality characteristics of an entrepreneur and their effects on the performance of a new business venture.” (2016).
Lane, James. “THE EXIT STRATEGY: The difference between building a business and being an entrepreneur is what you can sell at the end of the day.” Strategic Finance 99.8 (2018): 23-25.
Selig, Christoph, and Guido Baltes. “Understanding Elements of the Embedded Entrepreneur-the Corporate Entrepreneur Personality.”