An entrepreneur is an individual who undertakes financial risks and carries out new financial ventures. There are more than 110 crore people in India, but we have to think about one thing, out of this 110 crore how many are productive......? out of the total productive population how many are really using the potential....? Strange but fact, due to lack of knowlegde and expert guidance we are not able to develop future entrepreneurs. Here in this article we are trying to give you some inputs on the topic "How to bocome a Successful Entrepreneur ". Only efficient and successful Entrepreneurs can lead the Country to a prosperouse and bright future.
The word entrepreneur derives from the French words "entre" (to enter) and "prendre" (to take), and in a general sense applies to any person starting a new venture or trying a new opportunity. Entrepreneurship is a practice of starting a new business in response to new opportunities. A person who owns a business or enterprise is called an entrepreneur. In other words we can tell that an entrepreneur is a person who organizes and manages a business undertaking and assumes a risk for the sake of profit. Operating a business takes certain skills. Few people may not have all the skills needed to run a business, but they can compensate for their weaknesses by hiring efficient staffs or consultants and by becoming more knowledgeable through education or training.
Qualities of a successful Entrepreneur.
1-Successful entrepreneurs are self motivated, they always encourage themselves at every step they take. They do not want any other motivating things other than their goals which motivate them.
2-Successful entrepreneurs learn by failures. They take every failure as a lesson and stepping stone for success.
3-A successful entrepreneur is a good manager. He knows how to manage his business and how to deal with threats.
4-Successful entrepreneur is a good negotiator and a good communicator.
5-Successful entrepreneur is a leader by nature. He analyses the things well and finds positive solutions.
6-Successful entrepreneurs take calculated risks.
7-Successful entrepreneurs prepared to make personal sacrifices to achieve success.
8-Successful entrepreneurs are innovative in approach. They see things which others fail to recognize.
9-Successful entrepreneurs always target the niche markets and new business opportunities.
10-Successful entrepreneurs are action oriented; they do not spend time in dreaming about success. They make things happen.
11-Successful entrepreneurs are professional in approach towards business
12-Successful entrepreneurs learn from others.
If you are looking to become that next successful entrepreneur, consider what other entrepreneurs have found as they worked through their transformation into a successful business person. Not every entrepreneur has used all of the following ideas, but most will acknowledge their importance in getting to where you would like to be in business.
Set goals
This idea may sound a bit obvious but it is ignored quite often in the excitement of getting a business started. You need to have an idea of where you would like to end-up with your business idea. In this way, you can begin to set intermediate goals that will get you to the end goal. Your intermediate goals may start with a daily task list that ends with the successful completion of a more prominent goal a few weeks down the road. As these intermediate goal successes pile up your ultimate goal is one step closer. Baby steps are the words here.
Know your market
Education is power can be taken to heart in building a business. You are sure to attract and recruit good people along the way, but you still need to have a good idea about how things in the market you are tapping work and why. Take classes, talk to others in the field and fall down a few times on your own so you learn the "hard way."
Look through the clutter for good ideas
One of the skills that you will need to learn is how to sift through all the clutter that you will inevitably run into during your busy days. Some people just have the knacks of sorting through the static, but starting out, keep your baby steps in mind and what is needed to meet them. If the clutter is getting in the way of achieving that baby step ignore it, but keep it in mind for future reference.
Build relationships and tap the pain
If people are not helping you along your path they are potential sales. Understanding why these people want to buy your product or service is critical (how will this product make a persons life easier or better?) What pain drives them to need the product or service you are offering? Developing a pain list is a real priority even before you get going.
Taking a leap of faith
When it comes right down to it, you are going to need a bottle of aspirin. At some point every entrepreneur needs to be able to step off the edge and go-for-it. In some instances this may entail money commitment, in others time commitment. At some point all successful business people make that fatal decision of "all or nothing."
Spend wisely
Making the "all or nothing" leap of faith does not mean that successful business people are foolish with their hard earned capital. Every successful entrepreneur has a different perception of how to go about allocating capital, but all indicate that money is not water. If a large capital expenditure is needed they say that they are prepared to make it, but only after prudent research.
Reinvest in yourself
As business begins to take off most successful business people indicate that putting profits back into the business before paying yourself a kings ransom is the way to go. You want to make sure to pay yourself but make sure you pay the company until a fairly stable financial structure has been formed. After this has been achieved, pay yourself a bit better understanding that expansion of the business will also take capital.
Passion, focus and sticking at it
Belief goes a very long way in starting a new business. If you believe in your ideas others will tend to follow. Passion will sustain you as well, during those dark times when more things then you would like aren't going well. Unless you are extremely lucky, the process of getting a business off the ground is tough so you need to be able to stick with it.
Use smart people
Every single successful person in the world today will tell you that having smart people around you is the only way to go when starting and maintaining a new business. In most cases, these same people will also indicate that the people around them are smarter then they are. Remember also that this idea works all along the manufacturing and management spectrum. A shipping clerk will undoubtedly have a few good ideas that you had never thought of. Hiring wisely and being able to listen to those you are paying is a good idea.
What are the qualities of an entrepreneur?
Passion - entrepreneurs have a strong passion for their idea or concept, so much so that their work is their play. If you don't like what you do, you won't stick it out when challenges come along, as they inevitably will.
Curiosity - entrepreneurs need to understand how things work. They ask a lot of questions. Curiosity therefore triggers innovation.
Hunger - entrepreneurs are sponges. They devour information about their industry and are always current on new and emerging trends and technologies, not only in their specific industry but in closely related industries. Entrepreneurs are ALWAYS looking for new markets, applications, products or twists on an old concept.
Optimism - entrepreneurs think of problems as opportunities for improvements and new ideas.
Forward looking - entrepreneurs are never satisfied with the status quo and are always proactively carving out their future.
Careful about money - entrepreneurs are careful with money and have a firm grasp on what things cost and their value to the business. This allows them to recognize a true bargain when they see one.
Start earning at a young age - entrepreneurs commonly display entrepreneurial leanings as teenagers seeking out entrepreneurial activities such as babysitting, selling craft, running errands..
Competitive - entrepreneurs are naturally competitive and don't let the grass grow under their feet.
Time conscious - entrepreneurs know the value of time and how to make the best use of it.
Risk takers - entrepreneurs are not afraid of taking calculated risks. They typically trust their hunches and act on them.
Professional - entrepreneurs are professional in their approach to work. They operate as they would in a corporate environment and don't allow themselves to be distracted by outside influences.
High energy - entrepreneurs have a plan and a vision and they work it. Entrepreneurs are often health-conscious too, recognizing that the fitter they are, the better their minds work. So entrepreneurs will take time from their schedule to work out and eat well.
Flexible - entrepreneurs are nothing if not responsive to change. Although they appreciate the importance of having a plan and working that plan, they allow themselves room to react and respond to opportunities that may suddenly reveal themselves.
Confident goal-setters - entrepreneurs are confident and set long-term goals, both for themselves personally and their businesses.
Persistent - entrepreneurs never give up. They persist until they succeed. Learn from failure - entrepreneurs learn from their failures and those of others. Failure to an entrepreneur is nothing more than an opportunity waiting to be discovered.
Self responsibility - entrepreneurs take the initiative and personal responsibility for their success or failure (which is always a merely temporary state).
Resource utilization - entrepreneurs utilize ALL of their available resources.
Internal control - entrepreneurs don't believe in luck. They firmly believe that success and failure lies within their personal control or influence.
Now more than ever, with the advance technology available, it is quite possible to run an enterprise on one's laptop. Communication being what it is today, the whole world could be your playing field!