Today’s world is not one that encourages anyone to sit with arms folded. Even with the prevalence of white collar jobs, it is expedient to acquire entrepreneurial skills, which can be used as a means of generating extra income. Records of the world’s most successful men and women today do not reveal people who sat in one place from dawn to the dusk, for some monthly wages, but those who took up the challenge to start up worthwhile ventures not fearing risks or the lack of finance. These are the real entrepreneurs. And you can be one of them!
Entrepreneurship is the process of identifying, developing and bringing a vision to life. The vision may be innovative idea, an opportunity, or simply a better way to do something. An entrepreneur is also viewed as an innovator. He introduces new ideas, new products, new techniques, opens up new markets, etc. The entrepreneur this perceives business opportunities and takes advantages of the scarce resources to use them. It is he alone who bears the non-insurance risk in the enterprise and directs the human and material resources towards his business objective. Skill acquisition on the other hand in getting all the necessary training and experience needed to carry out a trade or business successfully.
To become successful as an entrepreneur, you must be:
You must have an agile mind. An entrepreneur thinks fast and reasons intelligently. This enables him to assess business opportunities after identifying a need and then moves quickly to satisfy it.
Most successful entrepreneurs are business-conscious people. Their eyes and ears are mostly focused on hearing about or seeing a business opportunity and they easily notice one when it appears.
You also need to exhibits extreme courage to cope with all the risks of operating your own business. Low patronage, harsh economic environment risk of losing one’s total investment and dwindling fortunes of the business hardly discourage successful entrepreneurs.
A successful entrepreneur must possess the energy and enthusiasm to turn his business ideas into reality. He works tirelessly to lift his business out of a state of declining profit or margin of distress to a margin of safety. He injects new ideas, creates new business environment, adds new product lines and turns around the fortunes of his business for the better.
Like the virtuous woman who was so enterprising that she entered many businesses, an entrepreneur has the ability to venture into new business areas. He may start from the scratch or buy an existing business for its sake or because it’s in vogue. As a result he evaluates his progress from time to time and takes appropriate steps.
- Focus on profit
His eyes are fixed on profit he can make and his goal in any venture into which he centures is what he can gain from it. He is not a kind of person who is doing business for its sake or because it’s in vogue. As a result he evaluates his progress from time to time and takes appropriates steps.
As a prospective entrepreneur, you must have appetite for hard work. Your aim of owning your own business should be so that you can open or close the business anytime you so wish. Most successful entrepreneurs work long hours and hardly give up. The ability to work hard usually contributes greatly to their success story.
To be successful as an entrepreneur, you must have a good sense of judgement. Doing business involves decision making i.e., choosing between alternatives. Successful entrepreneur think carefully and make sensible decisions.
- Knowledgeable of markets
Successful entrepreneur usually have a good idea of who the customer or target market will be before implementing decisions related to the marketing mix variables (products, price, distribution and promotion).
- Full of Leadership Skills
Even if you don’t consider yourself a born leader, since you have to manage your business you will need to develop certain leadership skills – (attend seminars, read good books, etc.) This is because you have to establish direction initiate actions, communicate, inspire and motivate your employees towards achieving organizational goals.
- Ready to take risk
Entrepreneurs have preference for moderate task. They hardly seek wild risk. An entrepreneur tries as much as possible to reduce risk by removing as many obstacles to the successful launch of his venture. He plans and takes calculated risks based on knowledge of the market, available resources and a predetermined measure of the potential for success.
- Passionate about success
You need to have in you the drive toward personal success. You must have abundant confidence in your ability to succeed.
- Able to organise
Successful entrepreneurs have the skill to organise. They allocate resources, assign tasks and establish procedures for accomplishing goals. By combining people and jobs effectively, entrepreneurs are able to transform their business ideas into reality.
Seek to develop these traits as they don’t come overnight in a package; some are acquired in the process of your day-to-day running of your business.