First let’s know what is meant by entrepreneurship? It’s not only starting one’s own business but an entrepreneur is the one who is willing to bear the risk of a new venture, or in simple words an innovator who markets his innovation.
Who can become an Entrepreneur ?
Successful entrepreneurs come in various ages, gender, race, and income levels. They differ in experience and education. But research reveals that most successful entrepreneurs share similar basic characteristics.
Here are some basic characteristics unless them you cannot accomplish success as an entrepreneur. These characteristics constitute will assist a smart strategy for any new enterprise:
Creativity is the spark that drives the development of new services or products or steps to do business. It is the push for improvement and innovation. It is continuous questioning, thinking, and learning outside of prescribed formulas.
Dedication is what motivates the entrepreneur to work hard, 12 hours a day or more, even seven days a week, especially in the beginning, to get the venture off the ground. Ideas and planning must be joined by hard work to succeed. Dedication makes it happen.
Determination is an extremely strong desire to accomplish success. It includes patience and the ability to bounce back after difficult times. It enables the entrepreneur to make the 10th phone call, after nine have got zero response. For the true entrepreneur, money is not the motivation. Success is an incentive; money is the bounty.
Flexibility is an ability to move quickly in response to change market needs. It is being faithful to a dream while also being aware of market realities. A story is narrated about an entrepreneur who started a shop selling only French pastries. But customers raised their desire to buy muffins as well. Rather than endangering the loss of these customers, the entrepreneur modified his vision to accommodate their needs.
Leadership is the capability to create rules and to set goals. It is the capacity to follow through to watch that rules are followed and the goals are accomplished.
Passion is what gets entrepreneurs initiated and keeps them there. It gives entrepreneurs the ability to persuade others to believe in their vision. It can’t be a substitute for planning, but it will help them to stay steady and to get others to look at their plans.
Self-confidence comes from thorough planning, which the level of risk and uncertainty . It also comes from self expertise. Self-confidence gives the entrepreneur the ability to listen without being easily intimidated or swayed. Confidence and a good advanced speech can take any pitch to the next level. The first marketing company experiences comes from its founder. Spend time learning how to share your vision. Don’t be afraid to ask for the sale, but remember that the client is always the focus.
“Smarts” consists of common sense joined with experience or knowledge in a related business or endeavor. The former gives a person good latter, instincts and expertise. Many people have smarts but they don’t recognize. A person who successfully keeps a household on a budget has good financial and organizational skills. Education, employment, and life experiences all contribute to smarts.
Every entrepreneur have these characteristics or qualities in different degrees. But what if an individual lacks one or more? Many skills can be studied and learned. Or, someone can be hired who has required strengths which the entrepreneur is lacking . The most important approach is to be familiar with strengths and to work on flaws.
Successful entrepreneurs often distinguish their ventures through niche specification, innovation and differentiation.
- Niche specification is an attempt to provide products or services that fulfills the needs of a specific sort of consumers. By focusing on a fairly limited market sector, a new venture may satisfy customers need better than larger competitors can.
- Innovation is perhaps the defining characteristic of entrepreneurship. Innovation is the change that creates a new dimension of performance. There are two main types of product innovation. radical or pioneer innovation comprises a technological breakthrough or new-to-the-world product. Progressive innovations are modifications of existing products.
- Differentiation is an attempt that has to be made to separate the new service or company’s product from that of its competitors. When differentiation succeeds, the new product or service is relatively less sensitive to price fluctuations because customers value the quality that makes the product unique. Photo by One Way Stock
As an entrepreneur in order to achieve success and hike up your balance it takes more persistence than hard work, but working towards this list as a goal for starting your company will definitely make a difference.