Do You Understand Everything Involved in Becoming an Entrepreneur?
The widely accepted definition of entrepreneurship is the start of a new organization or take over of an old one in response to new business opportunities. Entrepreneurial ventures usually strive to gain millions in the first 3-5 years and expand internationally. Most ventures are focused, inclined towards innovation, and add novel ideas to the marketplace.
However, becoming a successful entrepreneur takes more than just having a new innovation and enough capital. Statistics conclude on average, entrepreneurial startups suffered 50% rate of failure in the first 4 years, and about 90% percent ended up having to close down within an approximate 10 years.
Becoming an entrepreneur is therefore not an easy path. First you must define the scope of your new business. Are you going to work remotely or do you prefer a traditional corporate model? Are you a start from the ground up or just reinventing the wheel? What is our innovation’s place in the market?
So much more than brains and bravery are needed to become a successful
The first goal of a successful entrepreneur is to define their product. One unique trait that all entrepreneurs share is to turn a seemingly mundane idea into a profitable business opportunity. Resources, either financial or human capital, are useful, but the personal traits of an entrepreneur are what will push them above all of their peers.
What are these personal traits? Entrepreneurs come in different shapes and sizes, but peer a little into their business models and the same traits and characteristics emerge. A study by Saras D. Sarasvathy of the University of Virginia’s business school shows that successful entrepreneurs, those with usually more than 2 successful ventures, all followed a similar approach.
The approach, as outlined in Forbes magazine, may also work for you:
- Entrepreneurs have passion and persistence for their venture. If you don’t have desire for success, you won’t give anything your best efforts.
- Successful entrepreneurs take small steps toward their goal at the outset. Starting a new business is risky. Moving too far too fast can spell disaster. While a successful entrepreneur does take risk, risk needs to be measured in the beginning so as not to get overwhelmed as the business grows.
- After taking a small step, successful entrepreneurs stop and evaluate. Maybe they learn their initial goal is still a good one. Or perhaps the market indicates the need to go in another direction. While entrepreneurs are usually defined by their unique ability to look into common everyday things and figure a different way to do it, not all of the new ideas are ideal for founding a business. Learning and understanding which one to choose will determine an entrepreneur’s future success rate.
- Once they’ve reflected and learned, effective entrepreneurs take another small step and go through the cycle once again. As an entrepreneur, you should be familiar with mistakes and learning to forgive but not forget them. These precious experiences together with persistence and passion to learn will be the next step in deciding your future success in your selected industry.
Very best wishes for your every success,
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