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Entrepreneurship–What Does it Take to be an Entrepreneur?

Updated on November 12, 2012
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Have you thought why some entrepreneurs have excelled in their business ventures while others have not? Do you know what it takes one to be an entrepreneur? Being an entrepreneur does not mean that you have to start big. No, entrepreneurship means coming up with a business idea and working on it to ensure that it is successful. You have to do a research of the business idea so that you find the one that has got sufficient demand. Do not first create a business idea and try to sell it.

First, do a market research to identify what people need and from it create a business idea. Through market research you will identify a need that hasn't been satisfied on the market. Another great way of coming up with your own business idea is by adding value to an existing product/service. You can identify some weaknesses of an existing product and improve the product by making it better.

Some entrepreneurs did start their ventures without undergoing any training on entrepreneurship. Have you come across such entrepreneurs? On the other hand some people had to study entrepreneurship to be entrepreneurs. What will you prefer, going to college to study entrepreneurship before starting your entrepreneurship venture or starting your entrepreneurship venture without going to college to study entrepreneurship?

To nurture entrepreneurial spirit in the present world that has got stiff competitive, you should keep on learning something new that is relevant to your entrepreneurship venture. Successful entrepreneurs do not hesitate to learn new things such as new technology. They know that by learning new things they will be able to improve their production and offer the market with quality products and services.

Young people should think of self-employment opportunities if the dream of securing jobs is not forthcoming. Maybe your entrepreneurship venture will create jobs for others including those who have just graduated from colleges. Let me ask you, will you prefer being idle for almost five years waiting to be employed by the government or would you just start a business that will generate you income each month?

Governments are appealing to young people who have just graduated to think of creating jobs for themselves. Why? It is because the few available job opportunities cannot absorb all students who are graduating each year from various fields. However, this does not mean that they should start a business without putting into consideration what it takes to be an entrepreneur.

What it Takes to be An Entrepreneur

The success or failure of an entrepreneur depends on him/her. Below are some of the things that a person should consider before thinking of starting his/her entrepreneurship venture.

1.) Having a Goal

An entrepreneur is a person who is working according to goals. This means that an entrepreneur is not working blindly; he/she has set both short term and long term goals to be achieved. For you to be a successful entrepreneur you must set goals and work towards achieving them together with your employees.

Entrepreneurs revise their goals if they think something has to be changed or where there are problems.

2.) Taking Opportunities

An entrepreneur is a person who is seeking opportunities to take risks in. For you to become an entrepreneur you should seek profitable opportunities to invest in. This however does not mean that you should invest at every opportunity you come across but it means that you should be able to identify available opportunities that pertain to your business idea. It could be expanding your entrepreneurship opportunity to new markets that are profitable or adding new products/services to your business.

Before taking risks to invest in new opportunities an entrepreneur asks these questions:

1.) Is this new opportunity profitable?

2.) What amount of capital is needed to invest in this new opportunity?

3.) Will the new opportunity help my entrepreneurship venture to achieve its goals?

3.) An Entrepreneur Knows His/Her Strengths and Weaknesses

An entrepreneur is a person who has analyzed his/her strengths and weaknesses. He/she knows them and is taking advantage of strengths while overcoming the weaknesses. Before you think of starting your entrepreneurship venture you should analyze your strengths and weaknesses. This will help you a lot in running your entrepreneurship venture.

4.) Settling for the Best

Entrepreneurs do not want to be defeated by their competitors. They do not want to take the second position on the market, they want the first position. How do they achieve the first position on the market? There is no other way than satisfying their customers through their services or products. Therefore, entrepreneurs carry out a research on ways on how they can satisfy their customers. They work hard in providing better services and high quality products at competitive prices. You should always strive to settle for the best as an entrepreneur.

5.) Enjoys Working

Once an entrepreneur has identified a business idea, he/she enjoys working on it to ensure that it becomes a successful business. An entrepreneur does not complain of being bored or tired of working since he/she has passion. This does not mean that an entrepreneur works to an extent of experiencing physical, mental and nervous fatigue. An entrepreneur knows when to take a break to have a rest and to enjoy life.

6.) Knows How to Delegate Tasks

An entrepreneur knows that he/she cannot perform all tasks. An entrepreneur delegates tasks to employees. He/she does this by identifying employees who can perform tasks effectively and efficiently and thereafter delegating such tasks to them.

Do you have any information you want to share about entrepreneurship? If yes, then you can leave your comments below.

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