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Basics to Becoming a Successful Entrepreneur

By Chantal

The power of production in the world lies in the hands of those that can organize and manage a risky venture - an entrepreneurship. Just as we learn how to do almost everything in life before doing it, we ought to learn to how to become an entrepreneur, not only just an entrepreneur but how to become a successful entrepreneur. There is a saying “failing to prepare is preparing to fail”. Getting acquainted to entrepreneurship is you learning, asking, and finding out how to become a successful entrepreneur. Learning in any field of life involves study programs just as entrepreneurship has entrepreneurship programs.

Entrepreneurship is the capacity and longing to develop, organize and manage a business along with any of its risks for profit maximization. The obvious example of entrepreneurship is starting a business. Entrepreneurship together with land, labor and capital can produce profits. The spirit of entrepreneurship is characterized by innovation and risk taking. Entrepreneurship can be scary because of the fact that there is no guarantee that the business will work. The entrepreneur may loose money in the first few years which may be a discouraging factor. Anyone longing to be an entrepreneur should learn how to be an entrepreneur.

Becoming an entrepreneur

According to Jennifer Post, entrepreneurship is a complex term that is often defined simply as running your own business. But according to her there is a difference between a business owner and an entrepreneur. Although one can be both, what distinguishes entrepreneurship is the attitude of the individual. Entrepreneurship is much broader that the starting a business venture.

Being an entrepreneur or starting a business is not only for those with MBAs individuals don’t need some kind of special training to start or run a business  what you actually need is the desire to learn and adopt , and ability to take action. There are entrepreneurship programs and workshop that can increase ones knowledge on entrepreneurship.  Being an entrepreneur doesn’t just take a day, it comes with a lot of planning and thinking. Everyone starting a business or want be a successful entrepreneur has to calculate all cost and benefits before getting into it. Not only those with special training make it as an entrepreneur but those who are determined to learn and go along with all that it takes to make it as a successful entrepreneur.  Anyone longing to be an entrepreneur has to learn how to become an entrepreneur. Knowledge could be gotten formally (in school, workshop or entrepreneur programs) or informally (asking successful entrepreneurs what it takes to be like them, watching an entrepreneur go about with his business). Being an entrepreneur is more than just head knowledge but actually starting a business that you like and being determined to make it stand even when it falls.  

Creativity

Creativity skills are not learned by sitting in a classroom but by the experience and application of creative thinking process. According to Ken Robinson, people learn to be innovative and entrepreneurial by exploring assumptions questioning, using imagination and synthesizing information. Learning how to become a successful entrepreneur needs a lot of action. You need to put to work what you know in order to gain more knowledge as a result of experience.

Many people see starting a business or being an entrepreneur to be a very big and difficult task to do, it will seem difficult at the beginning but with time if you still have the passion for it and you are determined it will be a lot easy. Doing it for some time makes you get used to it and it just flow more easily that it did at the beginning. Starting a business does not always or necessarily mean that you need to have millions in your account you need just the little you have in your hands that can buy the things that you actually need for a business. Some people started by opening up very little businesses and ended up having enterprises that employs many. Some started as vendors and little by little year after year they grew to become big entrepreneurs; this is because of patience, hard work and determination to grow big.

Passion

In entrepreneurship, passion is the real drive. An entrepreneur is one who possesses an interior fuel and stigma that drives his actions. This energy helps to overtake and surpass the various challenges that entrepreneurship brings and it injects strength to continue pursuing goals even when difficulties arise. Successful entrepreneurs are passionate people. Inspiring to be a successful entrepreneur you need to be driven primarily by your longing for achievement and the desire to make a great difference. The most important traits to have as an individual aspiring and contemplating on how to become a successful entrepreneur are passion and persistence, and there must not be confused with arrogance and stubbornness.

Confident

Also, in learning how to become a successful entrepreneur, you need to be confident and self motivated. Entrepreneurs are tenacious that they understand their limitations. They have disrespect for established rules and set out to do things that others may not have the courage to do.  

 

Risk bearer

Also, entrepreneurs are risk bearers as they are willing to fail and start over again, internalizing the lessons they’ve learned to create something new and improved. Going through failure is of importance when you learn something from it that will lead an improvement in your business.

 Also, an entrepreneur is one who can take any idea be it product and/or service, and have the skill set, will and courage to take risk to do whatever it takes to put that concept into a reality and not only bring it to the market but also interested in making it a viable product and/or service that people need.

Flip through common mistakes

Also, in learning on how to become an entrepreneur, you need to learn from the failures of others. Studying those that ended up failing is much more important and necessary than admiring the small percentage of business that grew and became successful. Study of a business that ended up failing will greatly increase your chances of success because most companies and entrepreneurs have made common mistakes that have led to their end as business men. Humbling yourself to learn from the mistakes of others before you make the same mistakes is a secret to success. Individuals learning how to become an entrepreneur, have to learn to get advice from those who have been into entrepreneurship. The aspiring entrepreneur is just a novice and is likely to fail even in some cases where failure could have been avoided that’s why there is a need to seek for advice on how to become an entrepreneur and just becoming an entrepreneur but also how to become a successful entrepreneur. It is very necessary for individuals who are starting a business to have a successful business owner as their mentor. This is another way on how to become a successful entrepreneur.

 

Entrepreneurs are people who create new markets and hence define the value of money. What we know as wealth, capital and value constantly change. Money is no longer the currency in use nor is the valuation of a company the only way to measure wealth. Beyond financial value entrepreneurs need to be able to create wealth with knowledge together with sustainable assets and social impact. Any one long to be a successful entrepreneur need to learn how to be an entrepreneur.

Hard work

Also, to become an entrepreneur, you have to make it what you really want. This is because entrepreneurship needs a lot of hard work. It is necessary that you are on the right path. If it is what you want then take enough time to think before getting in. Many entrepreneurs failed several times before finally getting a business idea that took off and brought success to them.

In learning how to become a good entrepreneur, you need to have in mind that entrepreneurs are people who look for problems to solve and not the other way round. Meaning they are not people who would start with a solution before looking for a problem.

‘Learn and Learn’ – Entrepreneurship Programs

Learning how to become a successful entrepreneur requires reading books, attending entrepreneurship programs and networking with people you admire. Entrepreneurship programs are essential for aspiring entrepreneurs.

Being an entrepreneur requires study and research. This study must not be intense or in school it could be formally or informally. Many great entrepreneurs did not actually get to college but they got into business and are great entrepreneurs today. Most of these types of entrepreneurs got their knowledge by working for an entrepreneur or business man where they got their skills and knowledge mostly practically as they were assigned to do one thing or the other. Many have succeeded in entrepreneurship through the knowledge the got from school through an MBA or entrepreneurship learning course in school. Anyone in these two categories can be a successful entrepreneur as long he is determined, hard working, persistent and consistent. Entrepreneurship needs a lot of personal work too as the entrepreneur need to discipline himself especially spending habit.

Entrepreneurship programs are essential for potential entrepreneurs. The world is changing and almost everything is being done using electronics. Even in the business world there are some businesses that are not seen physically at a particular place but they exist. Entrepreneurs need to go for entrepreneurship programs to learn and be a part of this development and growth in technology in other to go along with the current view of things at all times. In trying to be a successful entrepreneur you do not want to be left behind but you need to go along with the technological, economic and political trend of the world. Entrepreneurship programs may be somewhat expensive but there is a saying that “nothing good comes easy”.

Honesty

Success in entrepreneurship is not gotten from exploiting consumers; honest entrepreneurs are very successful ones. Anything gotten out of dishonesty is not worth getting. It is honorable to become successful out of hard work and not out of exploiting others. An entrepreneur though out to make profits is equally out to serve the community with whatever goods or services he provides in exchange for money. Honesty should be seen in the goods or service rendered (not expired or poorly made goods) and in the prices in which those goods and services are given out. An entrepreneur has to be aware of the importance of customer focus.

Driving force

Every great entrepreneur today had a vision to be great. You can only become what you see and admire. If you want to start up a business today how do you want it to be in 5 months, in 1year or 5years? Our desire is a driving force toward achieving our goals; any man or woman without a desire to get to somewhere higher and better and bigger than the one he is today is likely to be at the same place doing the same thing even after a period of five years. Desire come with discipline and discipline is one of the prerequisite for success in anything an individual wants to do in life.

At the end of it all, there is no exact formula for entrepreneurship. It is unique for each individual. An individual cannot follow another individual’s path to success; the journey is unique for everyone. In learning how to become an entrepreneur consider the fact that you have a lone success path.

Making a difference as an entrepreneur is so rewarding. It is also the hardest thing to do and it is equally so challenging and requires a different kind of mind set. Making a difference is not just about making money or becoming famous or being an inventor of new things it entails a lot more. It is someone who spends some time to find out how to become an entrepreneur that makes a difference.

 What to bear in mind when starting a commercial enterprise

Being an entrepreneur stems from starting a business. Most people have what it takes to start up a business: good idea, right amount of capital and creativity. Most people lack patient, determination and ability to plan. What an individual needs in starting a business and making it successful is having a work plan to stick to.

In starting a business, getting a business idea could be by turning your hobby into a full-time business: it could be something you have a lot of experience in; in getting a business idea, what you want to produce or sell should be taken in consideration including where you will be producing it.

Any one starting a business should be clear about the mission and vision; what you are going to do and what you are not going to do. A business idea is not the overall business strategy that will dictate what will be done for your business for several years but it is an outline of things you are going to focus on.

Starting a business obviously needs money. According to Jayson Demers, there is no uniform “startup” fee for building a business; this obviously implies different businesses will have different needs. According to him it is important to first estimate how much you need before you start finding alternative methods to fund you company.

Sujan Patel an entrepreneur and marketer, in his article 7 key steps toward starting your own business, brought out seven key steps towards starting a business as follows:

  • Take time to brain storm: an idea is great but it needs to be given legs. You need to think about every aspect of your business and come up with every answer that a stranger or a potential investor might ask. These are some questions that should be answered by one starting a business;

-           Who is the goal market for the product?

-           What may want to go incorrect and how can you solve it?

-           Are there extra services or products that could tie into your major imparting?

-           What are the main belongings you need your clients to recognize?

            In preparing answers to these questions ahead of time, you will discover more what it takes to be a good               business owner.

  • Create a business plan: the main parts of a business plan are the executive summary, a description of the company, market analysis, structure of the company, description of service or product, marketing and sales.
  • Gather needed resources: in planning to start a one person business, you don’t need to worry about hiring anyone but you might want to create a plan for the future when you want to scale the business. In starting a business the individual need a few essentials to start operating. A list of all you need should be created and their approximate cost.
  • Launch marketing and brand-awareness campaigns: before you launch business off the ground, start to plan on the ideas for marketing, sales and branding efforts.
  • Get the finances shape: not setting up a proper accounting, bookkeeping and tax records up front will be dangerous and costly to business in the long run.
  • Create a maintenance list: when your business is up and running, keep track of regular tasks that will keep the business running, like doing payroll, keeping up with inventory, updating the website and regularly blogging and using social media.
  • Set future goals: goals need to be set continuously in order to move the business forward.

 

Build a Strong Entrepreneur and customer relationship

When it comes to making more profits, it is always tempting to concentrate on making new sales or pursing bigger accounts. But attention to existing customer no matter how small they are, is essential to keeping business thriving. The secret to repeat business is follow up in a way that it will have a positive effect on the customer.

As an entrepreneur, effective follow-up begins immediately after a sale, when you call the customer and  say “thank you” and you also find out if he is pleased with your product or service.

Here are some effective ways to follow up and make sure that your business is always in the customer’s mind:

  • Let your customers know what you are doing for them. This could be in the form of a news letter sent to existing customers, or it could be informal like a phone call. Whatever way you as an entrepreneur choose it is up to you. The important thing is that you should dramatically point up to customers that you are providing them excellent service. If entrepreneurs never mention all the things they do for customers, the customer may never notice.
  • An entrepreneur should write old customers personal, handwritten notes most often. You could write to the customer making him or her to know that you still remember and think about him. Asking about his job or family and then asking if he still needs the products or service you used to offer to him. Talking to or visiting old clients you will often find out that they have referrals to give you which could lead to a new business.
  • Also an entrepreneur should keep it personal with his customer. Always try to talk to the customer personally not passing information through an intermediary. If you call and he is busy tell him that you will call another time or you stop by his or her home or work place.
  • Remembering special occasions and sending regular customer birthday cards, or cards that fit for the occasion at the time is another way of creating a good relationship with you customer. Gift are excellent follow-up tools. One does not have to spend a fortune to show that he cares, you can use creativity to come up with an excellent idea that can tie into your business, that of the customer or his recent purchase.
  • Creating a healthy relationship with customers could also be by passing to customer any information you have gotten which you know might be interesting to the customer. You can do this by making a call or making a face to face talk.

Every entrepreneur should be mindful of how he treats his customers; when they (customers) are treated nicely they treat you nicely too most of the time. It’s the responsibility of the entrepreneur to create a healthy business relationship with his customers especially the regular ones. Don’t give preferential treatment to the some to be “bi customers” and treat others to be “small customers” anyhow. You need all of them. Use managerial skills to manage them as your customers.

Growing in entrepreneurship

Growth is risky but necessary for startups to survive says Tomas Marko. Growth in entrepreneurship may be in the context of employees, customers, revenue, liquidity, profit, geographic locations and other dimensions. They are always hurdles regardless of the growth type.  All the entrepreneur need to do is to understand the risks and knowingly take them.

In order to grow as an entrepreneur, it is necessary that you the take the following into consideration;

Expand to a new location

Think about opening a new location. This is what often comes to the mind of many entrepreneurs when talking about growth. In considering growth through physical expansion, the entrepreneur should make sure to maintain a consistent bottom line profit and must be sure that there has been a steady growth in over the past few years.  Also make sure that your management team is extraordinary because you will need them to get the new location up and running. Here the entrepreneur needs to prepare a complete business plan for the new location. The entrepreneur ought to choose the location depending on what is best for your business and not what’s best for you wallet.

License your product

This could be an effective low cost growth medium if you (entrepreneur) have a service product or branded product. Licensing maximizes risk and its low cost as compared to the price of starting a new company and selling a brand product. In looking for license partners an entrepreneur can do research on companies that provide products or services that are similar to he’s.

Form an alliance

Aligning yourself to similar type of businesses is a powerful way to grow. An entrepreneur can grow by diversifying your business. Diversifying your business is an excellent growth strategy.

Targeting new markets

McGukin says his other markets are what make money for him.

Being an entrepreneur is a beautiful thing, but how to become a successful entrepreneur entails a lot as it involves you making decisions that are risky, you must be determined and patient. It is not just a day’s thing so you need to be sure of what you are getting into before getting into it. Entrepreneurship programs have always been a guide to entrepreneurs so you might want to get some entrepreneurial skills through entrepreneurship programs.  Every aspiring entrepreneur should learn how to become an entrepreneur.

 

 

 

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