For identifying the business opportunities the entrepreneurs should access the information that is available and think of a plan to capitalize on that opportunity. For an business idea which is new to the market higher level of creativity is not required but for an idea which is almost existing in the industry a higher level of creativity is necessary to showcase the product in a different way when comparing the competitors or existing players. Individual creativity is not the only skill necessary for innovative business idea because lack of information may lead to invent things that are already available. To commercialize on an idea funds are more important but no venture capitalist or investor would be interested if he doesn’t get benefitted and we have to show
That is the most important aspect of what an entrepreneur should strive to be (Covin, 2002). An entrepreneur needs to think big rather than containing a group within a box and maintaining order, which is what a manager should strive to do. Leadership is actually more closely intersected with entrepreneurship according to Claudia C. Cogliser. Many legal scholars and scientists have realized that in order for an entrepreneurship to be successful, he or she needs to be confident. Confidence is more developed in leaders than managers.
Their personality is assertive and strong. An entrepreneur should always be on the lookout for new innovations and ideas in order to emerge as a winner, constantly reinvent themselves and thinking of better ways to run a business and improvise on the products and services offered by them. An entrepreneur should have an open mind and eagerness to learn new things and it’s imperative to understand that the only way to keep at the top is to keep on changing and evolving with the time. Motivation level for entrepreneurs should be high, only when a person is motivated can he do justice to his line of work. Accepting rejection or constructive criticism can go a long way in making an entrepreneur successful.
The business environment has become very competitive today. This has made it very difficult for startup ventures to succeed because they face stiff competition from the other well established businesses. Several researches have shown that only 10% of startups have grown to become renowned global brands. The main concern then becomes, what does it take to run a successful startup? There are several skills that you will need to run a startup to ensure it grows successfully.
An entrepreneur may be experienced a lot of failures before experience a success as the failures become a supportive sight to be better in future planning. Everything will not be right at all time, so an entrepreneur should learn positively from the failures and use that as the chances to try something new for upcoming business planning. The owner of Adzie Cafe and Bakery said that an entrepreneur should has strong and positive mentality to maintain in business industry. There might be a lot of challenges out there to maintain and stabilizing a business, but to become a successful entrepreneur, we should be able to take the challenges as the opportunities for us to be a proactive entrepreneur and should not easily give up over that uncertain circumstances that would not guaranteed us any good
Second, people love challenges and they opt for starting a new business as it is very challenging to handle big problems. These people find typical job in a big corporate as boring and not challenging enough. Third, the creativity associated with running your own business is all about being more creative and having the independence to make new discoveries. One needs to have an infinite room to welcome and introduce creativity in a small business. Fourth, Entrepreneur tends to start a business because they don 't want to be pushed around and work for a product/company in which they have no way to shape their destiny.
Entrepreneurs are also action-oriented, and should be able to lead employees but also have influence external groups such as banks, suppliers, government and other groups. They need to build strong lobbying networks to ensure that they can obtain the resources (physical, financial and human) to achieve their objectives and goals. Finally entrepreneurs need to be able to identify opportunities and seize or pass them when and where they present themselves. Referencese : Ellis Connolly, David Norman and Tim West , 2012 , Small Business: An Economic Overview , Australia
Understanding of entrepreneurship in the less developed countries is very important in the background of their growth and development. Entrepreneurship is not uniformly distributed quality throughout these given societies. The psychological attributes are achievement oriented and are prepared to take risks. Youth entrepreneurship is scattered over a wide range of business functions to bring out the effects within the structure of business
Are you always looking at successful business people, and wishing you had their luck, but feel you haven't got it. Then don't think you're the only one because business is not about luck. Sure, every once in a while, someone is in the right place, at the right time, but that alone does not make for long term business success. To be great in your business, you must be sure to keep persistence dance today. A lot of people want to be successful but they do not realize the type of work that is required to do so.
Table of contents Introduction What is Entrepreneurship? Entrepreneurship is one of the most important contributions in the economic development of any country. It is a key driver of our economy. Wealth and employment creation within a country are started by the combination of all businesses – namely small, micro and medium enterprises (SMMEs). By definition entrepreneurship is “a behavior focusing on opportunities, the activity of setting up a business or businesses, taking on financial risks in the hope of profit.” Entrepreneurs are individuals who, rather than work for a certain company as an employee, take the venture to start up a small business with the goal to expand and grow the business.