Things That Make The Entrepreneur
Table of Contents
Things That Make The Entrepreneur – Start from successful entrepreneur stories, how to be a successful entrepreneur with no money, how to become a successful entrepreneur, characteristics of successful entrepreneurs, 10 characteristics of an entrepreneur, characteristics of entrepreneurship, most important characteristics of an entrepreneur, skills of an entrepreneur.
Things That Make The Entrepreneur
As you can see,this blog gives you complete and full top business information. It turns what you call ordinary news to top business information. That is what others don’t see. Because of our training we see business in whatever news that is trending. And that is what we want you to be doing after reading this article.
This article will answer questions like what are the characteristics of an entrepreneur or who is an entrepreneur and what are the qualities of an entrepreneur. Just read on.
Many of you watch films made by others from morning to night, read books authored by others, use materials manufactured by others and in fact read news items of one thing or the other that is going on in one government circle or the other, but will not ask yourself What am I gaining from this? How can I turn these ideas into money? Or how can I add value to what I am using or transform what I read or hear into products/services for sale. The way you reason along with all the questions I have posed so far in this article is what makes the entrepreneur.
In fact,what makes the entrepreneur are ideas, Value addition and Innovation. When you ask yourself ‘ what am I gaining from what I read or the films I watch or the material I use etc?’ You are about getting good ideas that you can turn into business. The idea would be that you need to do something to enhance the value of such thing. It may be that you will now decide to package or add colour to such material. This way you are adding value to the good/service. When you decide to produce a similar and better good/service, that is innovation. Innovation and value addition is what has continued to keep the world going.
The truth is that, there is nothing new under the sun; what anybody can do is to add value to what others have done or innovate it to generate what looks like a different item. Can you tell me the difference between Milo and Bournvita teas. Or the difference between Lipton tea and Top Tea. The difference is value addition and innovation, and that is what make the entrepreneur. I really want to make you an entrepreneur with these Free Business Tutorials.
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Things That Make The Entrepreneur
Following my illustrations above you will understand that many Entrepreneurs are not created, they make themselves. There are other things that will make you an entrepreneur. To be an entrepreneur you must take the following steps:
Build Creative Ideas.
Think! think! Focus on an existing giant company and copy its existing ideas and make small improvements upon them. In that case you are making the difference tween Top Tea and Lipton Tea. How may types of Coffee brands do you think are in existence? Start like that. Watch how Your best ideas come. Perhaps while driving, eating or sleeping. Recognise when this happens and note it down in a piece of paper. Gather these ideas and sieve them in due time.
Things That Make The Entrepreneur
Take Risk
If you are risk averse, you will waste a lot of time in making decisions.Procrastination is associated with inability to take quick actions. Procrastination is a destiny killer. Trust yourself. Self confidence is a driver. It will make you take risks. You have to take financial and emotional risks in particular. If you cannot afford the risk, financially or emotionally, then you might make decisions that will not be successful.
Things That Make The Entrepreneur
Start well
Register and incorporate your business. Make feasibility studies of your business as regards,industry,market,competition, technology etc. Get a business plan that will incorporate all these. An Accountant Will register your business with minimal cost in few days and will regularise your tax start-up processes like getting your TIN and VAT registration.
Take Up Opportunities that are rare:
Opportunities are rare and can also leave very quickly. The ability to respond to new business opportunities can be the difference between a successful entrepreneur and a failed business. To be responsive, an entrepreneur must be ready at all times to take up the advantages of upcoming possibilities.
This means that where others see problems what you see is solution. Opportunity to solve the problem, and by that make money. If you don’t solve problems you are not an entrepreneur. Entrepreneurs seize opportunities to solve other peoples problem. In fact this is the business every business man does.
Be a Manager:
You must take the lead in the management of your ideas (investments), production, workforce, assets and liabilities. Good management will make your ideas and functions very fruitful and profitable. Lead by example. Set the pace in every thing in your office. Always be early and regular in your office.
Build Productive Contacts/Connections.
Contacts matter in business. Your contact will include those of your suppliers and customers, regulatory bodies, staff etc. that will enhance your business activities.
Maximise the use of internet and social media platforms also.
Connections as per my opinion is more than contacts. Contact is a sub-set of connections. Connections include who you know as to personal relationship that could promote your business. For example, if your senior brother is the governor of your state, he will certainly be a good connection for your business. For the fact that this is not socially right, it is not to be encourage. So build contacts that will help you do your business legally.
READ ALSO: BITUMEN PRODUCTION IN NIGERIA
Protect Your Business:
This could take the form of insurance and or registered property rights. Confidentiality would also help. Every business has one form of secrete or the other that keeps it on. Protect your business.
Be Law Abiding:
Do peaceful business; respect patent rights, your business regulators, be a patriotic corporate citizen – pay your tax and get other certificates that will qualify you to do business in Nigeria. Don’t breach tax laws. Do only legal businesses – this will keep you out of trouble.
CFMC Ltd coaches young entrepreneurs on legal regulations of their business environment, starting from the form of business that is good for him, to company incorporation and choosing better object clauses that will give good grounds for business operations. Doing business outside the scope of your business object could amount to legal infraction. CFMC Ltd will articulate the scope of your intended business and design a suitable object clauses for it.
Get a Coach :
A business couch will serve as your mentor. It will help you know what to do and what not to do right from the onset. Professional Accountants, and Tax practitioners will save you huge costs. You can also outsource part of your administrative functions that you can not handle with your existing crop of staff.
Things That Make The Entrepreneur
Avoid These Traits of Weaknesses:
Please take care of the followings;
- Many ideas – these could run you down
- Neglect of details – learn to be detailed in what you do,
- Good at starting business, but bad at running them – get a coach
- Highly optimistic.- balance matters. Reason….Reason. Not all that glitters is gold.
- Family influence – always separate your family from your business. Let business be business.
- Autocratic management – if you are not a good manager, hire one.
- Lack of trend – watch the trend of your activities including your turnover and expenses. Check your profit margin. A good accounting system which CFMC Ltd will set for you will do all these for you.
Who is an Entrepreneur:
Someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced is an entrepreneur. An entrepreneur supplies risk capital as a risk taker, and monitors and controls the business activities. The entrepreneur is usually a sole proprietor, a partner, or the one who owns the majority of shares in an incorporated venture.
Traditionally, an entrepreneur has been defined as “a person who starts, organizes and manages any enterprise, especially a business, usually with considerable initiative and risk”. “Rather than working as an employee, an entrepreneur runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes. He tends to be good at perceiving new business opportunities and they often exhibit positive biases in their perception and a pro-risk-taking attitude that makes him more likely to exploit the opportunity.
What are The Characteristics of an Entrepreneur With Examples:
According to economist Joseph Alois Schumpeter (1883-1950), entrepreneurs are not necessarily motivated by profit but regard it as a standard for measuring achievement or success.
Bill Gates, founder of Microsoft is an entrepreneur. There are probably not many people that have not been touched by one of his products, such as Microsoft Windows, Microsoft Office and Internet Explorer.
Steve Jobs, co-founder of Apple computers, which produces Macs, iPods and iPhones, as well as Apple TV is also one. Others include; Mark Zuckerberg, the founder of Facebook. Pierre Omidyar, founder of eBay, Arianna Huffington, founder of the Huffington Post, a well-known online news site,
And Caterina Fake, co-founder of Flickr, which hosts images and videos on the Internet.
Things That Make The Entrepreneur
GET A BUSINESS COACH: CONTACT A CONSULTANT
For you to do better, get a business coach today. The business coach will help you plan your business. It will let you know a lot of things that you do not know yet. Those are the things that make the Entrepreneur.
Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.
