Entrepreneur tips - What Makes An Entrepreneur

What makes an Entrepreneur successful? Why is it that some people start their own business and blossom while so many struggle to survive and others even go down?

WILLPOWER

Your willpower is the key to taking that first bold step of starting a business enterprise, and obviously you cannot succeed except you start. This determination and self-confidence also helps you to overcome obstacles and challenges you encounter in the process. Like Edward Barnes and so many other famous entrepreneurs your belief in your ability to succeed can propel you to achieving your dream. What makes an entrepreneur? Willpower does...

VISION

What makes an entrepreneur? Great entrepreneurs are farsighted, they look beyond today. Your ability to anticipate future events and developments and hence position your business to benefit from such changes is a key to success. Bill Gates anticipated the explosive growth in personal computer market in the 70s and positioned Microsoft to develop the software on which the personal computers run on.

INNOVATION

You have to be creative and proactive. Carve a niche market for yourself; don’t be ‘Jack of all trades and master of none.’ Most business areas you may want to enter, already have many players, some of whom are already big and established that it will be very hard for you to compete favorably as a new entrant. One essential ingredient to success in this situation is to focus on a subset of the market with a specific market need and design/offer services or products that meet these needs.

DREAM

A dream backed by determination is like a stone rolling down a steep hill that cannot be stopped by any obstacle. It doesn't cost you to dream big. If you can’t dream it, you can hardly achieve it. What makes an entrepreneur?

TARGET

Set a target for yourself of what you want to achieve within specific timeframes, the target should be well defined and documented. A business without well defined goals and milestones is like soccer without a goal post, there won’t be sufficient drive and there won’t be any means of measuring your achievements.

PLANNING

You need definite plan of action; plan your work and work your plan, it can be tedious and boring but it is very important and beneficial to your business. If you fail to plan, you plan to fail. Your business plan should include details on how you intend to achieve your business goal. Have a mission statement to capture your strategy.

FOCUS AND RESILIENCE

Failure is not the end of the road, it’s only a check point, at such points you need to reassess your strategies, make necessary amends and forge ahead. Winners don’t quit; and quitters don’t win. Stay focused on your objective, and learn from every mistake or failure, the only thing between you and success is time