How to become a successful entrepreneur in today's world

28-May-2009
Source DailyNews
By Diluxshy. Mariyan Eastern University, Sri Lanka

Technology and inventions are on the increase in the modern world. This is not only in the scientific field but also in the commercial field. The business or trade that commenced in the bartering system is now being carried out on internet.

To become an entrepreneur a person should know what is entrepreneurship? What are the benefits and drawbacks of entrepreneurship? And what are the qualities that should be possessed by a person in order to start and operate a business successfully?

Entrepreneurship is the purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain or organize a profit-oriented business unit for the production or distribution of economic goods and services.

Qualities of an entrepreneur

A true entrepreneur must also possess the broad personality contours which help him in developing the initiative and the drive to accomplish great tasks and face challenges squarely.

Essential qualities of entrepreneurs are:

* Success and achievement: Entrepreneurs are self determined to achieve high goals in business.

This achievement motive strengthens them to surmount the obstacles, anxieties, repair misfortunate and desire expedients, to run a successful business.

*Risk bearer: Entrepreneurs accepts risks. They select a moderate risk situation. Rather than gambling or avoiding risk, they understand and manage risk.

* Opportunity explorer: Always the entrepreneur identifies opportunities. He/She seizes opportunity and converts them into realistic achievable goals.

*Perseverance: An entrepreneur makes extreme efforts and works hard till the goal is successfully accomplished. They are deterred by uncertainties, risks and difficulties coming in the way of the achievement of the ultimate goal.

*Facing uncertainty: Achievement oriented people tend to tackle an unfamiliar but interesting situation. They go ahead with solutions for problems even without the guidelines.

*Feedback: An entrepreneur likes to have prompt immediate feedback of their performance.

*Independence: Entrepreneurs like to be their own masters and want to be responsible for their own decisions. An entrepreneur is a job giver and not a job seeker.

*Flexibility: An entrepreneur makes decisions based on the prevailing situations. Successful entrepreneurs do not hesitate in revising their decisions. An entrepreneur is a person with an open mind, not rigid.

*Planner: An entrepreneur frames realistic business plans and follows them rigorously to achieve the objectives within a stipulated time limit.

*Self confidence: An entrepreneur directs his abilities towards the accomplishment of goals with the help of his strengths and weaknesses.

*Motivator: An entrepreneur influences and initiates people and make them think in his way and act accordingly.

*Stress takers: Entrepreneurs as a focal point will make many right decisions which may involve a lot of physical and emotional stress. He/She keeps cool under a lot of tension while decision making.

Advantages of entrepreneurship

Before taking the plunge to starting a new venture the potential entrepreneur should carefully review the advantages and disadvantages of a business, since success is never guaranteed. Entrepreneurs can be recognized by the following signs:

1) Entrepreneurs are their own bosses. Nobody tells an entrepreneur what to do. Entrepreneurs control their own destinies.

2)Entrepreneurs can choose a business that interests them. Entrepreneurs work in fields that interest them. Many combine hobbies and interests with business.

3) Entrepreneurs can be creative. Entrepreneurs are always implementing creative ideas they come up with on their own.

4) Entrepreneurs can make up lots of money. Entrepreneurship involves risk. This means that entrepreneurs can make a lot of money if their business succeeds.
Potential drawbacks to becoming an entrepreneur

Owning a business has many benefits and provides many opportunities. Nevertheless, any one planning to enter the world of entrepreneurship should be aware of the potential drawbacks.

1)Entrepreneurship is risky. All small businesses face the possibility of going out of business or of losing money.

2)Entrepreneurs face uncertain and irregular incomes. Entrepreneurs may make money one month and lose money the next.

3) Entrepreneurs work long hours. Entrepreneurs never really are finished with their jobs. They work long, irregular hours.

They receive no paid days off, and they may have to work evenings and weekends.

4) Entrepreneurs must make all decisions by themselves. Unless they have partners, entrepreneurs must make all decisions alone.

5) Lower quality of life until the business gets established.

The long hours and hard work needed to launch a company can take their toll on one's family and social life. Business owners find that their role as spouse or parent takes a back seat to their role at the company.

You can make a check mark beside each quality that you feel you possess. This way, you can see how you stack up. Even if you don't have all of these qualities/characteristics, don't bother.

Most can be learnt with practice and by developing a winning attitude, especially if you set goals and apply yourself, through strategic planning, to reach those goals in incremental and measurable stages.