"The true entrepreneur is a doer, not a dreamer" - Bunshell
Wanna be an entrepreneur?
Now a days everyone wants to be an entrepreneur. Most economists today agree that entrepreneurship is a necessary ingredient for stimulating economic growth and employment opportunities in all societies. In the developing world, successful small businesses are the primary engines of job creation, income growth, and poverty reduction.
In the 20th century, economist Joseph Schumpeter (1883-1950) focused on how the entrepreneur’s drive for innovation and improvement creates upheaval and change. Schumpeter viewed entrepreneurship as a force of “creative destruction.” The entrepreneur carries out “new combinations,” thereby helping render old industries obsolete. Established ways of doing business are destroyed by the creation of new and better ways to do them.
Apart from these things one great challenge for us that how become a good entrepreneur.Some technique or we can say some methods can made a good entrepreneur. Successful entrepreneurs come in various ages, income levels, gender, and race. They differ in education and experience. But research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and “smarts.”
- CREATIVITY is the spark that drives the development of new products or services or ways to do business. It is the push for innovation and improvement. It is continuous learning, questioning, and thinking 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 endeavor off the ground. Planning and ideas must be joined by hard work to succeed. Dedication makes it happen.
- DETERMNATION is the extremely strong desire to achieve success. It includes persistence and the ability to bounce back after rough times. It persuades the entrepreneur to make the 10th phone call, after nine have yielded nothing. For the true entrepreneur, money is not the motivation. Success is the motivator; money is the reward
- FLEXIBILITY is the ability to move quickly in response to changing market needs. It is being true to a dream while also being mindful of market realities. A story is told about an entrepreneur who started a fancy shop selling only French pastries. But customers wanted to buy muffins as well
>> WHY AN ENTREPRENEUR ?
- Entrepreneurs are their own bosses. They make the decisions. They choose whom to do business with and what work they will do. They decide what hours to work, as well as what to pay and whether to take vacations
- It provides the ability to be involved in the total operation of the business, from concept to design and creation, from sales to business operations and customer response.
- Entrepreneurship offers a greater possibility of achieving significant financial rewards than working for someone else
- Entrepreneurship creates an opportunity for a person to make a contribution. Most new entrepreneurs help the local economy. A few—through their innovations—contribute to society as a whole. One example is entrepreneur Steve Jobs, who co-founded Apple in 1976, and the subsequent revolution in desktop computers.
How a person raise the capital to get started?
Motivation: The incentive forstart a business is money. However,money is almost always tight in the startup and early phase of a new business.
Strategy: strategy for distinguishing the product or service. Price is important, but most economists agree that it is extremely risky to compete on price alone. Large firms that produce huge quantities have the advantage in lowering costs.
Realistic Vision: Entrepreneurs often underestimate start-up costs and overestimate sales revenues in their business plans. Some analysts advise adding 50 percent to final cost estimates and reducing sales projections. Only then can the entrepreneur examine cash flow projections and decide if he or she is ready to launch a new business.
>>> Go It Alone or Team up ??
- We should do work with the Team always because Team members share decision-making and management responsibilities. They can also give each other emotional support, which can help reduce individual stress.
- Team interactions often generate creativity. Members of a team can bounce ideas off each other and “brainstorm” solutions to problems.
- Most teams eventually experience serious conflict. This may involve management plans, operational procedures, or future goals. It may stem from an unequal commitment of time or a personality clash. Sometimes such conflicts can be resolved; in others, a conflict can even lead to selling the company or, worse, to its failure.
- Other important benefits of teaming come from combining monetary resources and expertise. In the best situations, team members have complementary skills. One may be experienced in engineering, for example, and the other may be an expert in promotion
>>> CREATING A BUSINESS PLAN
- A business plan can help an entrepreneur to reallocate the resources appropriately, handle unexpected problems, and make good business decisions.
A well-organized plan is an essential part of any loan application. It should specify how the business would repay any borrowed money. The entrepreneur also should take into account all startup expenses and potential risks so as not to appear naive
- To convince oneself that the new venture is worthwhile before making a significant financial and personal commitment
- To explain the business to other companies with which it would be useful to create an alliance or contract.
- To attract investors and get financing.
- To explain the business to other companies with which it would be useful to create an alliance or contract.
If any one is facing problem in making the business plan so their so many other options for him. Writing a business plan may seem overwhelming. However, there are ways to make the process more manageable. First, there are many computer software packages for producing a standard business plan. Numerous books on entrepreneurship have detailed instructions, and many universities sponsor programs for new businesses.
KEEP CALM and HIRE YOURSELF.
