A guest blog by Ericka Bergeson
To become an entrepreneur is not something you should do without thinking it through very carefully. It takes financial commitment, a sound business idea, and time to spend on your new venture to make it a success.
An entrepreneur is someone who takes risks, and uses their initiative to make money, by being an owner or manager of a business.
What qualities do you need to be an entrepreneur?
Ambition – You need to be ambitious to be successful in business. To start on your own and be your own boss is a big step to take, and it is ambition that is your driving force. You need to know your business inside and out, to be able to compete with competitors, and be prepared for all outcomes.
Business Plan Preparation – The idea of writing a business plan can bring dismay to any would-be business owner. But the day will almost certainly come when you have to face up to it. Writing down what you intend to do is an important stage of beginning your business journey, although many people find it difficult or uncomfortable especially when all you want to do is get on and sell your product or services.
Most people’s immediate thought is that they only need to write a business plan if they are looking to raise money for their business. Although this is one of the major reasons why a plan should be written, you should do one even if this is not your main aim.
Your business plan will be your thoughts out of your head and on to paper to you a continual reminder of what you hope your business will become. It will also be your roadmap to refer to.
In order to getfinancial support for your business, you need to have a plan of action, to show that you are worthy of their financial backing. You are facing someone with little or no idea of the type of business you want to start, so have to sell yourself to them. You need to know your cash flow limits, and what expenditure you will have throughout a year. There is business insurance, wages and cost of stock or materials to name a few. Savings you might have will not last forever, so you will need to prove your money handling skills to your backer, before they will get involved.
Authoritative Skills – It is no good running a business if you are quiet and too shy to take charge and make decisions. Not all decision making is easy, and you will at some point have to show your authority to someone. It may be a lazy employee, or a supplier who is not delivering on time. You have to show them who is boss, and that you will not be a push over. Be organised and know what you want, making definite decisions about things, so there is no confusion.
Curiosity – Most entrepreneurs share the trait of being curious. This is how they get to be successful, because they are constantly searching for answers to the questions they might have. They like to know how and why things happen the way they do, not just accept them for what they are. They like to learn new things all the time, and have a thirst for knowledge. If this is you, you are halfway there!
Creativity – If you are artistic and naturally creative, it helps when you need to come up with ideas for your business. You will have a good skill to use in business, wanting to make changes to improve the business. It will also help you with your marketing strategy, to have creative innovative ideas to move your business along.
Communication Skills – In any walk of life, it helps if you have good communication skills, but more so when you are the boss of a business. You need to be able to give clear, concise instructions, and make sure that everyone understands your commands. It is having the ability to make sure that your business runs like clockwork, by communicating at all levels in a way that cannot be misunderstood. Good communication skills gives you confidence, and the demeanour that people listen to.
Vision – A good entrepreneur has good vision. They have the ability to see things down the line, that other people are unable to. They can see the end result that they are aiming and striving for. This is an ability and skill that can mean the difference between success or failure. You always need to have goals to aim for, and improve on, otherwise how will you progress with your business?
Tenacity – True entrepreneurs will never give up their quest to get their business up and running, or leading a team of employees to success. They do not like the word, “No” and will never want to quit. If you have this trait, learn to use it well, and you too will be successful.
If you want to start your own business, but lack some of the above qualities, you could always look at a franchise deal. There are various business opportunities with this option, including that of a driving instructor/driving school franchise. A national driving school, Drive Dynamics, have franchise deals that support you as a driving instructor, and guarantee you pupils. This can be a great bonus when starting out on your own. Initially, you will be assisted by the parent company, which gives you the opportunity to build up your business and be your own boss. An entrepreneur in progress!
About the Author: Ericka Bergeson is a business coach for people who own small to medium sized businesses. When she is not working, she loves to blog about a variety of topics, but mainly business.
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