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What Makes a Person an Entrepreneur?
Entrepreneurship is generally characterized by some type of innovation, a significant investment, and a strategy that values expansion. The entrepreneur is often quite different in mindset from a manager, who is generally charged with using existing resources to make an existing business run well. The roles of entrepreneur and manager are not necessarily incompatible, but entrepreneurs are seldom patient enough to be good managers.
Mindset of an entrepreneur
It is often instructive to analyze the experiences that have formed our attitudes toward entrepreneurship. A recent study showed that 70% of business startups were by a person who had an entrepreneurial parent.
The U.S. Small Business Administration has developed a Checklist for Going into Business that leads the prospective entrepreneur through a skills inventory that includes supervisory and/or managerial experience, business education, knowledge about the specific business of interest, and willingness to acquire the missing necessary skills. A commitment to filling any knowledge or experience gap is a very positive indicator of success.
Personal characteristics required, according to the SBA, include leadership, decisiveness, and competitiveness. Important factors in personal style include will power, and self-discipline, comfort with the planning process, and with working with others. Can you objectively rate yourself in these dimensions?
Peter F. Drucker, author of Innovation and Entrepreneurship, says that anybody from any organization can learn how to be an entrepreneur, that it is "systematic work." But there is a difference between learning how to be, and succeeding as an entrepreneur. "When a person earns a degree in physics, he becomes a physicist," says Morton Kamien, a professor of entrepreneurship at Northwestern University. "But if you were to earn a degree in entrepreneurship, that wouldn't make you an entrepreneur."
We are all self-employed
The reasons commonly given for people going into business for themselves are: freedom from a work routine; being your own boss; doing what you want when you want; boredom with the current job; financial desires, and; a perceived opportunity. Which of these might be sufficient to get you to take the risk?
Several "yardsticks" have been proposed for measuring whether a person is a likely candidate to be a successful entrepreneur, but the real challenge is in accurately applying them to ourselves.
We are all self-employed; even as employees of a firm, we are still primarily personal career managers. Trends toward downsizing and outsourcing will almost certainly lead to smaller companies utilizing networks of specialists. Fortune magazine suggests that "Almost everyone, up through the highest ranks of professionals, will feel increased pressure to specialize, or at least to package himself or herself as a marketable portfolio of skills."
How marketable is your portfolio of skills? Many think they have several years' experience, when what they really have is one year's experience several times. Are you continuing to learn, and keeping up with developments in your field? The best approach to preparing for an entrepreneurial career is often to find some aspect of your field in which you can become expert.
John B. Vinturella, Ph.D. has almost 40 years experience as a management and strategic consultant, entrepreneur, author, and college professor. For 20 of those years, Dr. Vinturella was owner/president of a distribution company that he founded. He is a principal in business opportunity sites jbv.com and muddledconcept.com, and maintains business and political blogs.
Enterprising Route is to Go Your Own Way
DON'T talk to me about education for entrepreneurs. They're pouring far too much public money into it already - not counting the millions some well-known Scottish entrepreneurs are prepared to waste on it.
When Your Business Feels Like an Arranged Marriage
Q. I was laid off six months ago.
Does It Really Take Money To Make Money (Online or Offline)? A Reality-Check of 2 Case Studies
The short and simple answer to this question is NO!Now, before you start screaming that I am crazy, out of my mind, have lost my marbles and all the other things that generally get tossed around when someone has the nerve to state something like that, let me clear a few things up.It does not take a monetary investment to get your business off the ground (aside from the everyday items you already have around your house).
The Deal is in the Details
What Startups Need to Get a Business Loan, Part 2In part 1 of this article, entitled "Three C's", we looked at the overview of startup business loan requirements from the lender's perspective. We read how cash, good credit and sufficient collateral form a joint partnership to enable a loan request to bond together into a doable deal.
Applying The Daffodil Theory into Business Practice
At times all of us need a bit of inspiration to add to our day. When I first read this article, I had started my own home based business and was in a bit of a slump.
Securing Second and Third-round Venture Capital Financing
Widget sales are booming - the competition is scrambling, demand is up, and the books are finally treading water. Your core management team has big ideas for the future of Widget Inc.
Focus is the Key to a Successful Startup
The definition of a startup means you have very few resources to employ and little time to get them to do something valuable. The clock is always ticking, and the money (if you even have any) is running out by the day.
Delivery Companies Make the Grade
In the United States we have the most efficient delivery service companies in the world. This is because the free market competitive system has pushed entrepreneurs to become more efficient to make more profit and to keep costs down.
Entrepreneurial Ongoing Education Advice
I would like to give some advice to all the up and coming entrepreneurs; if you really want to be a superstar not only do you have to work harder and smarter than the competition, but you must always keep learning. I built a company from a bucket of water and a sponge into a National Car Wash Franchise System in 23 states.
What Makes an Entrepreneur?
Rupert Steiner in his book 'My First Break' attempted to define the secret of becoming an entrepreneur and following interviews with over one hundred entrepreneurs, Steiner concluded that there was not one defined path. He has, however, drawn out observations of an entrepreneur's personality traits.
Hearing That Entrepreneurial Voice?
Women business owners are our only clients, so naturally we celebrate and support female entrepreneurship. Operating in this market gives us the good fortune to learn about some of the deeper themes in the lives of women business owners.
Before Getting A Franchise
Buying into a franchise is a great way to be part of a recognized brand with the benefit of lower advertising outlay. With many franchises to choose, here are some tips before you get involved with franchise:Get The Support of Your Family:The success of your franchise is also the acceptance of your immediate family in supporting your effort.
Three Cs - What Startups Need to Get a Business Loan, Part 1
You want to get a good, solid overview of what it takes to acquire that business loan you need, especially if you are a startup. The essential element of what the lenders out there require of you can be wrapped up in the acronym, C.
Franchises - A Proven Business System
Franchises offer the first time business owner a proven and successful business opportunity. If you are looking to start your own business for the first time, franchises provide you with the greatest opportunity for success.
5 Habits Of Successful Entrepreneurs
Habits get a bum rap. When you think about your habits, I bet you think of the "bad" ones - the ones that you aren't particularly proud of, like eating too much sugar, or smoking, or dwelling on your negative thoughts.
A Dorm Room With A View
As a senior in high school, he paid cash for a BMW with money made by selling newspapers. In 1983, as a college freshman, he sold custom-made PCs and parts out of his dorm room?hiding them behind his roommate's shower curtain whenever Mom and Dad visited.
Adding a Service After You Buy a Business
When you buy a business, you should have a plan. Why have you chosen that particular business? Why that particular time to buy a business? What can you bring to the business? Some of the most successful business stories are of people who buy a business with the intention of bringing their specialized set of skills to it, and using them to grow the business.
How A Woman Became A Successful Bill Collector In A Mans Industry And How You Can Too!
I have worked in the credit industry for over 17 years now. When I first started out, I only knew a very few women in the industry.
Entrepreneurs: Benefits vs. Features-Know the Difference!
Entrepreneurs know their business. They know their product, their service.
Can a Microbusiness Help You Enjoy a Better Retirement?
Not having enough money for a comfortable retirement tops the list of financial concerns among aging Americans, according to a recent Gallup Poll. It even outweighs peoples' worries about having a serious illness or accident.
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