To or not to be an entrepreneur — that is the question.
With the recent global economic upheavals, perhaps to be entrepreneur in today’s cutthroat world of business really requires an adventurous mindset and a strong heart. Nevertheless, do not allow this seemingly bleak scenario deter you from pursuing your dream of making it big as an entrepreneur. Remember that many succeed despite of, or because of times like this. All you need is better strategies and the willingness to take calculated risks. You can also take advantage of the present phenomenal growth in business and technology to achieve your goals.
If you are seriously considering the pros and cons of putting up a business, you are on the right tract of becoming an entrepreneur. Having an analytical mind is required of successful businessmen,
Other traits you must develop as an entrepreneur are:
Be innovative. Be a cut above the rest in your outlook. The hamburger business is a good example. There are hamburger stores in almost every street corner but notice how some, like McDonalds and Wendy’s, thrive despite the keen competition in this business. It is because of the shade of difference they introduce in an already heavily saturated market. It may be in the flavour, the price, the presentation, or the service they offer to customers. Do not let competition frighten you but make a stimulus to spur you to innovate and do better than the rest.
Take necessary but calculated risks. Although all businesses carry a degree of risk, you can minimize them. Be aware of the ups and downs of the trade and prepare for them. Do your home work, learn as much as you can about the business you are in, attend seminars, join groups of entrepreneurs in the same trade. They can help you to prepare for the risks they themselves experienced.
Stay away from bandwagons of “fad” business. They are mostly short-lived due to so many instant competitors. This situation eventually results to price wars. Unless you have excess money to burn or you can come up with features that justify your price, it is difficult to win these losing wars — They are definitely not for new entrepreneurs.
Be resilient. Be tough but flexible in running your business. Accept changes and modify your style in running your business to keep abreast with the times. Another big reason why some businesses do not prosper is the premature giving up of entrepreneurs. In business, setbacks are difficult to avoid but giving up at the first sign of hardship is often not the solution. Avail of the assistance family and friends may offer. You can also take advantage of some government and non-government agencies’ programs to meet your particular needs. They can help you in terms of financial aids, loans, or trainings.
Have faith in your own capabilities. Inner strength and firm determination to succeed are powerful tools to keep you moving on despite the odds. The personal and financial freedoms resulting from the success of your business as an entrepreneur are prizes worth all your efforts.