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Filed in archive Entrepreneurial Strategy, Entrepreneurship, small business, Strategy by David on March 7, 2008
| 10 Comments
Do You Have What it Takes to be an Entrepreneur?
Having a good idea doesnt make you an entrepreneur. Neither does a business degree. Entrepreneurs come from
a wide range of backgrounds, challenges and influences.
Unfortunately, many businesses are started and then dissolved, not because they didnt have a workable idea, but
because the entrepreneur lacked certain skills. Often times many hardships must be experienced before this
reality can be seen.
Growing up with an entrepreneur as a father we have had countless hours of conversation on the success and
failure of small businesses. Many times we would see individuals who were spectacular at their craft, but brutal
as a business owner. It was common to see big dreams disappear by their lack of understanding of the intricate
details of entrepreneurship.
Just because you can bake the best bread outside of France, doesnt make you ready to start your own business.
As well as being the best graphic designer doesnt qualify you as a sure bet to successful freelancing.
Here is a basic blueprint of the layers of involved in a successful startup. This can beneficial to anyone thinking
about starting his or her own business.
1. A Business Plan
2. Funding
3. Market Research (Who are you customers?)
4. Advertising
5. Marketing
6. Sales
7. Customer Service
8. Accounting
9. Basic Business Laws
Do You Have What it Takes to be an Entrepreneur? http://www.businesspundit.com/do-you-have-what-it-takes-to-be-an-entre...
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While many of these business basics can be outsourced, its vital as entrepreneur to have an understanding of
each component. Especially, as you map out your business plan. Many entrepreneurs fail, because they under
estimate and dont understand how each level fits within their plan of attack.
Entrepreneurs not only have knowledge of business basics, but also inward fortitude to overcome the challenges
that will arise. Here are eight common traits that a small business owner and entrepreneurs possess.
1. Vision
2. Passion
3. Purpose
4. Adaptability
5. Leadership Skills
6. Networking Savvy
7. Determination
8. Positive attitude
As you can see turning your idea into a business involves multiple layers, but if executed with precision it can
generate financial success and personal achievement.
If you are an entrepreneur that has seen your idea mature into a successful business, what would you add to this
list? What skills did you discover that was needed? What inward strength and skill set did you lean upon?
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Comments
Comment by Megan on March 9th, 2008 at 5:02 am
Nice article. Its refreshing to see that people actually post that there are qualities and work to being an
entreprenuer. I see far to many sites over hyping automation. It drives me crazy as any true entreprenuer
knows that there is work involved to creating success.
Thanks for an honest article and veiws refreshing. I will be back for more
Megan
1.
Comment by Milos on March 10th, 2008 at 10:28 am
I think you must have Funding twice in your list, and the connections is missing. Nice post
2.
Comment by jason on March 10th, 2008 at 10:57 pm
Excellent article. very motivating. Thank you for sharing you perspective on the topic.
3.
Comment by Mike on March 16th, 2008 at 12:31 am
Hi David,
Great article! The only thing I would add is putting PERSEVERENCE as numbers 2,4,6 and 8 on your list
of common traits.
Mike
4.
Comment by Nimmy on March 17th, 2008 at 10:54 pm
Nice post!
How about adding knowledge of competition and substitues in the first list and creativity in the second?
5.
Do You Have What it Takes to be an Entrepreneur? http://www.businesspundit.com/do-you-have-what-it-takes-to-be-an-entre...
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Comment by The Ultimate Top Ten List For Small Business | Business Pundit on March 31st, 2008 at
1:23 pm
[...] In an effort to bring you a fabulous Top Ten List, I found that there were quite a few worthy lists out
there already. And so I present to you the mother of all small business top ten lists. These resources
touch on many of the skills and characteristics it takes to be an entrepreneur. [...]
6.
Comment by Ben Jones on April 21st, 2008 at 7:25 am
Excellent postI have actually written several about this topic on my own blog. I would defintiely agree
with Mike though that perserverance must be on the list. I would also add discipline in their
somewhere. Discipline is vital when it comes to managing both your time and your finances. Without it,
you are setting yourself up for failure.
Keep up the good work. Ill be back often!
7.
Comment by Lei on April 30th, 2008 at 1:29 am
Great postyou pretty much outlined all the key elements to start up a successful business
I lost alot of money in the early days because I jumped into the water without testing the temperature.
From 9 elements you listed, I find market research is the most important step.
Before take on a big project, its best to start with a lower end product thats easy and quick to produce.
Release onto the market and see how people are responding. Collect feedback and then move on to the
next stage.
Quite often, there will be alot of adjustment and adaptations before an idea mature into a successful
venture.
8.
Comment by Michelle on September 29th, 2008 at 2:29 pm
Excellent post. I have been in business for 14 years and the one thing I have had a lot of is BELIEF! Also
one of the comments above notes PERSEVERANCE and I would say that is an essential part of the
puzzle. Anyone can learn the skills to be their own boss it just takes a lot of drive and work!
9.
Comment by myinternetbusiness on March 9th, 2009 at 2:28 pm
I agree people need to be made aware that it takes alot of hard work to be an entrepreneur and that
nothing is 100% automated in this business.
10.
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