In my studies of what it takes to be an [tag]entrepreneur[/tag], I discover that entrepreneurship requires character. You can not just wake up today and start a business. There are some characteristics that you must possess. I have been able to identify some of these. Look through them and see if you truly possess what it takes to own and run a [tag]successful business[/tag].
Guts:
Guts means you must have an entrepreneurial instinct, which is an overwhelming desire to have your own business. You must have the guts and dedication to be completely devoted to your goal. Incidentally, devotion to your goal is much more likely if you have a love for your intended business. Life is too short to start a business that doesn’t give you satisfaction and joy. And, through good times and bad times, you will stick with something you love.
As Solomon said,
“There is nothing better for men (and women!) than they should be happy in their work-so let them enjoy it now.”
Brains:
While appropriate educational credentials are important, entrepreneurial “brains” means more than scholastic achievements. To become a successful entrepreneur, you must have a working knowledge about the business you plan to start before you start it. Common sense combined with appropriate experience is the necessary brainpower. Prudence, follow through and attention to detail are very important.
Capital:
I should have addressed this issue first. You will need seed money of your own plus sufficient cash to maintain a positive cash flow for at least the first year. Many businesses can be started on a very small scale with a [tag]small investment[/tag]. Then, as the business grows and you gain experience, cash flow from your business can be used for growth. In some cases you don’t need starting capital to hire other people because you might start by doing everything yourself. The “do it yourself” start is a good way to learn everything about your business and also makes you better qualified to delegate work to others later on. You can control your risk by placing a limit on how much you invest in your business.
If you think you have all these in place, then, start something in line the kind of business you want to start now. You do not have to start it full time. Start something now even while you are still working at your present employment. Some people started their businesses this way and some other will still do. What are you waiting for? START NOW…
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3 Responses
Nice write up really straight to the point. But i really am still wondering why people put so much emphasis on “GUTS”. A fly has guts for heavens sake.
Hm… Prosper, one thing I have found out is that you need GUT to move on in the face of challenges. Challenges will come and events will even make you believe that things might not be as planned. But your decision to stick it through despite all challenges will see you through these challenges.
Emma,this is good stuff, i strongly believe that if people would sit down and count the cost before setting,we would have less business failures and more successful business as life and ecomic savers.
nice one emma