Last updated on November 27th, 2017 at 11:10 pm -
What is an entrepreneur? The true definition of an entrepreneur is broad. On paper, the entrepreneurial spirit lies within the character, skill and creativity of the individual in creating and running a new idea in form of a startup business in order to gainfully benefit. However, what defines an entrepreneur should be the inherent capacity and character to build an idea from the ground up into a business and turn it into profits. As an entrepreneur, having a resilient spirit and ability to manage your venture should be imperative to your practices. Nonetheless, it is equally requisite to undertake thorough feasibility tests to gauge the profitability of your venture.
What is an Entrepreneur? An Entrepreneur is a Good Planner
The entrepreneurial culture, be it a small businesses or non-profit organizations, involves being innovative and combining these ideas to take a risk. After identifying your business venture, entrepreneurship dictates that you establish a source of finance or capital to invest or risk-take. The deployment of necessary resources from labor to land will be crucial to actualizing that idea and changing it into a flourishing business. These steps dictate a certain level of mastery in planning and organization. For young entrepreneurs, it is essential to practice planning, be it formal through writing or internally memorized. Plans order your activities, structure your engagements when starting your business venture and contribute positively to your development to being a successful business owner. If you are looking for a partner who will assist with financing, you can contact LenCred. LenCred offers revenue based loans to new and existing entrepreneurs.
What is an Entrepreneur? A Real Entrepreneur is a Good Manager
Financial management in any starting business is normally handled by the business owner. As a young entrepreneur, having good financial management skills and a bit in procurement is essential to getting through the initial stages. Good management skills will inform you on when and why you should hire. Such practical lessons will give you the knowledge to better run your business. Being on top of your finances is not only prudent but it is the lifeline of any business. Successful business owners attained their goals by being able to practice the right financial management practices when they were young entrepreneurs. With the little experience you gain while starting off, be keen with your cash flows. Account for the incoming cash flows (revenues) and peg them against your expenses. Scrutinize your inventory and evaluate where you are spending more, economize on your bills and be abreast with the current practices that are inherent with your business in order to maximize on your profits.
What is an Entrepreneur? A Good Entrepreneur is a Good Judge
Self-employment or risk-taking is a decision-making turf. The true definition of an entrepreneur lies in the manner in which he or she makes decisions. Good decision-making should stem from being a good manager and in most cases define whether the planned targets will be attained or not. A good decision-maker should have an open mind, consider all possible outcomes, weigh the options and finally stick to the chosen path. Having an open mind is important to your business environment. Your business environment is constantly changing and as an entrepreneur, you need to be alert and abreast with the ever-emerging trends, ideas and technologies which could have the potential of rocketing your business venture to success. You need to be able to grasp these opportunities and consider the possible outcomes of incorporating or investing in them. This character should be embraced and practiced by young entrepreneurs focused on turning their ideas into blue chip companies.
The Definition of a Good Entrepreneur is Competitive
The business world can be unforgiving judging by the disruptive innovations seen in software and tech-based companies. As an entrepreneur in an ever-changing sector like software, application and utilities development for computer-based gadgets, it is imperative and sustainable to always remain competitive. Creativity and innovation will rely on your abilities as a creator and the inherent work ethic to stay competitive. To grow as an entrepreneur, you should believe that you are the best producer or deliverer of a particular service. This charisma is important because it will give you the confidence needed in creating the greatest product or service that can turn your business venture to an industry leader. To achieve this, you also have to put in work and stay true to your venture. This necessitates working extra hard while handling a ton of roles in your venture to reap profits. A case in point is a home-based startup, having the finances to hire a marketing agent, a procurement officer, support staff, and accountant and still profit in the early stage can be hard. To get through this, as a young entrepreneur, you need to invest your time, come up with a strategy to handle these workflows and slowly as you grow, hire when it is sustainable.
What Defines an Entrepreneur is Their Passion
Being passionate about your business venture and the desire to see it flourish is what will dictate whether you become successful or not. Needless to say, the other reason why young entrepreneurs fail is due to lack of passion and determination in what they started off when hard times set in. Entrepreneurship can be quite demanding in the short-run but lucrative in the long-run. To succeed in entrepreneurship, you need to be committed to the course. Invest in the vision and desires of your venture while starving the distractions to attaining this success. Having a determined and focused approach to running your venture is fundamental. Therefore, it is imperative that you invest in a business venture that you love and can dedicate your time and labor without pay. This is because, starting off can be tough, the gains may be minimal and the distractions like getting another job seem viable. Therefore, only by investing in your passion and being determined to see through the success of your venture, will you succeed.
What is an Entrepreneur? A Good Entrepreneur has Great Interpersonal Skills
Many startups begin as sole proprietorship ventures, meaning that an entrepreneur will in most times do all the work. However, to take your business venture to the next level you need to have a great team around you. This involves hiring employees who share the same vision and work ethic. A good entrepreneur should also be good with the clientele. Be available to your customers, interact with them and understand their needs. These interpersonal skills are not only good for branding of your company but also indispensable to securing return business and long-term engagements that will boost your growth. You also need to have good relations with your suppliers, contractors, business associates and authorities because they form and shape the external factors in your business environment.
What is an Entrepreneur? A Smart Investor
A good entrepreneur should research the viability of a venture being profitable then skillfully run their business. However, to succeed in your investment, it is imperative to harness and inculcate these characteristics and qualities that should define entrepreneurial success.