A Successful Entrepreneur Pestle Analysis

INTRODUCTION

Quote – “Start-ups pursue opportunity with resources that don’t match the task; although they may have one or two critical ones such as a product idea or access to an experimental customer, they lack all the resources required to win.” – Cohan Peters

Analysis: Opportunities are there for everyone. It is important who identifies it at the earliest and exploits it to not only create value for the society but also develop a sense of satisfaction for themselves. It is assumed or believed that the entrepreneurs have the agility to withstand the risk that is associated with starting a new business. Most of the times the entrepreneurs don’t have the resources that they actually need to implement their idea. So these identification of

From this research, it has been made clear that a large number of entrepreneurs affirmed personal initiative as one of the major key to success. It has also illustrated that entrepreneurs with high personal initiative will further enhance their management, improve business operation skills, and embark in a continuous learning and development attitude.

CHARACTERISTICS OF A SUCCESSFUL ENTREPRENEUR

1. Know your personal brand: Successful entrepreneurs know themselves well and can perceive others accurately. They have a high degree of self-awareness and the ability to engage in self- reflection that allows them to accurately recognize their strengths and weaknesses and to be open to the prospect of positive change.

2. Take on challenges: There is an inherent risk involved in venture creation. Entrepreneurs make hard decisions, often without complete knowledge of the factors that could affect their businesses. They must deal with the challenges of scarce resources, high uncertainty, and

Not keeping proper records and paperwork: In order to stay out of the hot seat maintaining proper employee documentation is key. Prior to the employees’ first day, confirm that they have thoroughly reviewed the employee handbook and signed documentation stating that they understand all company policies and procedures. Federal and state forms, such as I-9, W-4 and E-Verify, as well as a formal job application and insurance benefits information, should all be provided and recorded properly. Finally, should there be any changes to an employee’s status or should he or she exhibit problems with performance, work with your management team to ensure that each instance is properly documented and kept on