Business Start-up Entrepreneurial Predictors
Many of us like to think of ourselves as entrepreneurs. Entrepreneurs are glorified in the press and loved for their independence. The reality about most entrepreneurs and their ventures is far more circumspect. What really is an entrepreneur? What does it take to create a start-up and, more importantly, what is needed for it to be successful? These and many other questions must be answered before you can be considered an entrepreneur who should consider going out and trying to start a business.
The definition of an entrepreneur:
One who organizes, manages, and assumes the risks of a business enterprise.
While this sounds like an ideal lifestyle for many of us, one must realize the realities in terms of personality, skills, and determinants necessary for success.
Starting a Business – Myths
- Before we analyze whether you are an entrepreneur, let’s start with some of the myths that surround starting a business:
- All you need is a good idea to be a successful entrepreneur.
- If you go out on your own, you won’t have to work so hard or such long hours.
- You’ll be able to deduct everything so you don’t have to pay taxes.
- If you work independently, you won’t have to report to a boss.
- Business owners get to do the work they want to do and only what they find interesting.
Realties of Starting a Business
The reality is far different. Starting a business requires hard work, endless hours, and interminable patience. When you start a business, you have no choice but to be a jack of all trades; you cannot just focus on what you know, what you are good at, and/or what you enjoy to do. As an entrepreneur, you need to learn to make mistakes, learn from them and, what many people find so difficult to do, swallow your pride.
Here are just some of the trials and errors a number of famous entrepreneurs had to endure:
- Steve Jobs, the co-founder of the original Apple Computer, got fired from the firm.
- James Dyson, the inventor of the Dyson Vacuum Cleaner, failed with over 5000 attempts of his invention.
- Thomas Edison, one of the greatest inventors of all time, had 10,000 failed trials with his light bulb.
- Richard Branson, the Virgin Airlines founder, failed to succeed with over 400 companies before Virgin Galactic.
- Stephen Spielberg, the famed movie director, went on his own after being rejected from the University of California three times.
- Bill Gates and Mark Zuckerberg both dropped out of college to form their companies.
- The list goes on.
Entrepreneurial Predictors
[pullquote]Passion, commitment and energy can overcome a lot of obstacles.[/pullquote] There are critical factors that help predict entrepreneurial success. The following are general lists to consider when evaluating your entrepreneurial interests and potential. You must understand this is a general list. One can overcome his/her limitations with strong advantages in other areas. A key method to overcome your limitations is to surround yourself with resources that will help you compensate for your weaknesses. As is so often the case, passion, commitment and energy can overcome a lot of obstacles.
When considering an entrepreneurial idea or opportunity you need to answer numerous questions about yourself, your skills, and the intangibles necessary for success. Make sure to answer all of the following questions. Even if you do not answer in the affirmative, make a mental note on how you might be able to change or improve your answer. [pullquote]Entrepreneurial Predictors
- Personal Characteristics
- Skill Requirements
- Compatibility with Predictors of Success[/pullquote]
First, Analyze Your Personal Characteristics
- Are you a self-starter?
- Do you have will power and self-discipline?
- Do you enjoy making decisions?
- Are you a good planner but can adapt to change?
- Do you manage your finances well?
- Are you willing to work 12-14 hour days often 6 to 7 days a week?
Second, Assess Your Skill Requirements
- Do you easily interact with other people?
- Do you know what specific skills you need to be successful in the business you wish to begin? Do you possess those skills?
- Have you ever worked in a supervisory or managerial capacity?
- Do you have any experience in a business similar to the one you want to start?
- Have you had any business training in school?
- Are you able to learn effectively by seeking new ideas and continuing to test, learn, and benefit?
Third, Determine Your Compatibility with Standard Predictors of Success
- Take what you do seriously but enjoy what you do and take some time off
- Plan everything but be flexible to test and change.
- Know your customers and remember it’s all about them.
- Level the playing field with technology.
- Be accessible.
- Build a rock-solid reputation and image.
- Develop your workplace , staff, organization , technology, presentation and image for success
- Set, revise, measure, and modify goals constantly. You will make mistakes.