8a. What Is An Entrepreneur?, IUH 2009-12, 2ND Ed, R513A

Author Notes: Reference Copy, links to Original Copy removed due to the Age of the Content. See the top Blog Menu for Copyright Concerns, Some Content Removed.

Entrepreneur
Dr. Don, Founder ICFO

8a. What Is An Entrepreneur?, IUH 2009-12, 2ND Ed, R513A

This applies to someone who establishes a new entity to offer a new or existing product or service into a new or existing market, whether for a profit or not-for-profit venture. Business entrepreneurs often have strong beliefs about a market opportunity and are willing to accept a high level of personal, professional or financial risk to pursue that opportunity. A Risk Bearer, an Organizer, an Innovator, a Leader

IN-BORN TRAITS OF AN ENTREPRENEUR

  • Entrepreneurs have a Desire to Achieve: The push to conquer problems, and give birth to a successful venture.
  • Hard Work: Are mostly workaholics.
  • A Nurturing Quality: Willing to take charge of, and watch over a venture until it can stand-alone. Acceptance of Responsibility: Are morally, legally, and mentally accountable for their ventures.
  • Reward Orientation: Desire to achieve, work hard and take responsibility, but also want to be rewarded handsomely for their efforts; rewards can be in forms other than money, such as recognition and respect.
  • Optimism: Live by the philosophy that this is the best of times, and that anything is possible. Orientation to Excellence: Often desire to achieve something outstanding of which they can be proud
  • Organization: Are good at bringing together the components (including people) of a venture. Profit Orientation: Want to make a profit; but the profit serves primarily as a meter to gauge their success and achievement. John G Burch Business Horizons, 1986

A SUCCESSFUL ENTREPRENEUR IS ONE THAT

  • Is motivated and who is able to motivate those around him / her Is able to manage time effectively
  • Has the ability to leverage off strengths and overcome weaknesses Manages resources well
  • Considers health as well as wealth
  • Is flexible and able to adapt well to change
  • Is willing to learn from others, Reads, Reads and Reads

CHALLENGES OF AN ENTREPRENEUR

  • Uncertainty of Income Cash Flow Management
  • Risk of Losing Your Entire Investment
  • Long Hours and Hard Work
  • Lower Quality Of Life Until the Business Gets Established High Levels of Stress, In-laws (Now or Future)
  • Complete Responsibility Are You Easily Discouraged?
  • Do you feel personally stressed and feel threatened under pressure Constantly stake personal reputation and tend to give guarantees.
  • Be hard yet more flexible and more streetwise than a corporate executive. Be good at multitasking – able to do everything.
  • Intermittent, unpredictable income
  • Self-Discipline, Patience, Listening, reading Personal technological competence, Internet The buck stops with you!
  • Think of new ideas and deliver them to the market and make a profit.
  • Provide leadership to his team against established competition with minimal resources.
  • Raise finance without a track record, collateral or internal experts.
  • Pay staff first; you get paid when it is prudent to do so.
  • Be prepared to lose everything if things go wrong

ENTREPRENEURSHIP OPPORTUNITIES

  • Create your own destiny
  • Do what you enjoy
  • Fulfill your vision,
  • Doing and to have ambition and fun at it Passion
  • Contribute to society
  • To be recognized for your efforts Make a difference
  • Reap unlimited profits Reach your full potential

ARE YOU ENTREPRENEURIAL?

  • Independence Seeking
  • Wealth Seeking Opportunity
  • Seeking Innovative
  • Venture Seeking Risk
  • Accepting Intuitive

ARE YOU NON-ENTREPRENEURIAL?

  • Laborers, Bureaucrats, Lenders, Professionals Managers – Access Yourself

Assess Your Own Capabilities, Resources And Characteristics.

  • This Helps You Concentrate on Your Strengths As well As Identify the Additional Tools, Resources and Skills You’ll Need – From Financing to Market Planning to Bookkeeping.

What Do You Want?

  • Do You Have The Right Skills, Temperament and Work Style?
  • Have You Thought About what is involved?
  • Are You Comfortable With Having All The Decisions Rest With You
  • From Employees, To Suppliers, Production, Sales, And Management?

INVESTIGATE – WHY ARE YOU HERE?

IF YOU HAD A CHOICE, WHAT WOULD YOU RATHER BE DOING?

  • What concerns do you have? What is attractive to you?
  • What is your idea or marketplace opportunity?
  • What characteristics of an entrepreneur are important to you?
  • What skills and experiences do you have that will help you become successful?
  • What entrepreneurial skills and experiences do you lack at this point in time?
  • How many months can you live without income?

WHAT IS/ARE YOUR MOTIVATIONS?

  • I want to be my own boss
  • I have identified a new business idea or opportunity
  • I feel I can achieve more in my life through entrepreneurship
  • I believe my job opportunities are limited due to my age, skills and experience
  • I want a career that will align better with my personal values

HOW MUCH DO YOU KNOW ABOUT LEADERSHIP?

  • Planning Problem Solving Vision Innovation Leadership
  • Emotional Intelligence Delegation Communication
  • Self-Development Relationship Building Commercial Financial skills Personal Energy Ethics
  • Transparency

DO YOU HAVE A PASSION FOR BUSINESS?

  • How do you know if you have this passion?
  • Ask yourself. If you won the first prize in a competition, would you still want to be online and go into this business?
  • When you love your work, it becomes contagious, as everyone around you is infected.

BELIEVE IN YOURSELF AND BOOST YOUR SELF-CONFIDENCE

  • Have trust or faith in a person or thing.
  • Possess a feeling of assurance, especially of self-assurance.
  • The state or quality of being certain: I have every confidence in my idea and my ability to succeed.
  • Do you have a feeling of emotional security resulting from faith in one-self?
  • Confidence is a firm belief in one’s powers, abilities, or capacities
  • “You gain strength, courage and confidence by every experience in which you really stop to look fear in the face” (Eleanor Roosevelt).
  • Self-confidence, trust in one’s own self-sufficiency

Just think: What difference would it make in your life if you had an absolutely unshakable confidence in your ability to achieve anything you really put your mind to? What would you want and wish and hope for? What would you dare to dream if you believed in yourself with such deep conviction that you had no fears of failure whatsoever?

Most people start off with little or low self-confidence, but as a result of their own efforts, they become bold and brave and outgoing. And we’ve discovered that if you do the same things that other self- confident men and women do, you, too, will experience the same feelings and get the same results.

The key is to be true to yourself, to be true to the very best that is in you, and to live your life consistent with your highest values and aspirations. Brian Tracy

COMMITMENT

  • A pledge to do, an obligation
  • Something pledged, especially an engagement by contract involving financial obligation
  • The state of being bound emotionally or intellectually to a course of action or to another person or persons
  • “What one has, one ought to use: and whatever he does he should do with all his might” –Marcus T. Cicero
  • “A person with half volition goes backwards and forwards, but makes no progress on even the smoothest of roads” – Thomas Carlyle

HOW ABOUT ATTITUDE?

  • Your attitude is a frame of mind with which you approach a subject, a problem, a person or any circumstance.
  • It is positive, negative or indifferent.
  • The most important aspect of attitude is that you and you alone are in full control of it , the choice is totally yours,
  • Hence, if you choose to look at things in the positive light, then you will find that many doors will be opened to you because positive outlook presents you with a “can-do” attitude.

DO YOU HAVE A FEAR OF FAILURE?

  • If you are paralyzed by the fear of failure, you will remain inactive. No one wants to fail but when it happens, there is nothing to fear. Courage is not the absence of fear; it is moving forward through fear.
  • Walt Disney formed his first animation company in Kansas City in 1921. Flushed with success, he began to experiment with new storytelling techniques, his costs went up and then the distributor went bankrupt. He was forced to dissolve his company, at one point could not pay his rent, and was surviving by eating dog food. PopCrunch

Henry Ford. Unfortunately, he focused too much on the engineering and not enough on marketing, resulting in poor sales and bankruptcy. He was forced to leave the business in 1902 after investors threatened to withdraw their capital. FreeInfoSociety

It is the Kiasu syndrome, a self-defeating emotion that creates fear that gets in your way – FEAR of losing, One who is afraid to lose out to someone else, often to the point of selfishness; an over-cautious person; afraid of losing out to someone else, and therefore often behaving selfishly and disregarding others; dog in a manger

OVERCOMING YOUR FEARS

  • Use fear as a propellant.
  • The Dalai Lama: “Unless you have a strong feeling of self-confidence based on a strong self, it is difficult to do battle with negative emotions”.
  • It is the role of intelligence with the full awareness that is provided by education, to judge and accordingly utilize the potential for one’s benefit or well-being
  • ” We have nothing to fear, but fear itself”. U.S. President Franklin Delano Roosevelt
  • Your effective decisions are limited by your knowledge and understanding of business

USE YOUR FEAR AS A MOTIVATOR

  • On the positive side, fear can be a Motivating Factor.
  • “In this business, by the time you realize you are in trouble,
  • it is far too late to save yourself, unless you are running scared all the time.” Bill Gates
  • “Courage is doing what you’re afraid to do. There can be no courage unless you’re scared.” — Eddie Rickenbacker
  • If the fear is rational, it serves as a warning alarm about real risks you may be taking.
  • If you pay attention to it, apply some reason to it, and think it through objectively, you can keep yourself from taking foolish risks.
  • You can minimize the unavoidable risks. (Inc)

ARE YOU A PROCRASTINATOR?

  • Procrastination is to put off doing something, especially out of habitual carelessness or laziness, or to postpone or delay needlessly.
  • Some people just never get started. If you want to change your life, then you must take action.
  • No Guts – No Glory
  • Damn the torpedoes, full-speed ahead – Admiral David Glasgow Farragut, First Admiral of the United States Navy
  • The Early Bird Gets the Worm – Meaning: Success comes to those who prepare well and put in effort. John Ray’s a collection of English proverbs 1670, 1678
  • Nothing Succeeds like Success – Meaning: the idea that success breeds further success. Sir Arthur Helps, in Realmah, 1868
  • TIP: You got the idea! The Scammers love to use these same phrases: Take action now, Do it today, Last chance! Only 5 copies are left
  • You are right; even some legitimate marketers may use some of these techniques

ARE YOU READY TO ACCEPT THE RISK?

  • Are you well suited to running a company, what is your business experience? How much are you willing to stake, and what are the potential risks you will face? Will I be dedicated to this venture?
  • How much of my time and myself can I commit?
  • Can I manage the stress on myself and my family and friends at the start-up stage? How can I manage my time effectively?
  • Long hours will test your character in many ways. Can you handle that? Does your venture motivate you enough to make you go for it?
  • What is your MINDSET?

HOW MUCH DO YOU KNOW ABOUT THE FOLLOWING TOPICS?

  • Marketing – Types And Various Methods of Online Marketing, email, Traffic Sites, Lead Providers
  • Pricing – Selling EBooks, Or Reselling Books and Products? Regulations (Laws)
  • Spam Licensing
  • Record Keeping – Track Your Sites, IDs and Passwords Financing
  • Capital/ Other Expenditures – Desk, Computer, High-Speed Internet Provider, Printer, Supplies Technology – Keep Your Computer Running
  • Cash Flow Management – Some Sites Charge A Monthly Fee Competition – Big Boy Affiliate Marketing
  • Taxes Employees Benefits/Perks
  • Suppliers – Affiliate Products, Shipping, Payment, Legitimate Health Community – Online Communities and Groups
  • Social/Ethical Issues – Spam, Social Networking Scams
  • TIP: If you have taken the time to go through the preceding and have been fair and honest with yourself; then take the time to make a Plan of Action for Your Personal Development.
  • Take little steps, but DO take the first one.

STEPS TO A GREAT BUSINESS PLAN

We have discussed your personal Plan of Action for your Personal Development; now we need a Plan of Action for your Business. You can make a business out of your hobby, but you cannot treat your business like a hobby. Failure to plan is said to mean that you plan to fail.” Your banker, JV Partner, or sometimes a supplier usually requests business plans Even if you are not looking for a banker, Joint Venture partner, etc., it is wise to have some idea of a plan, what your product or service is, how you are going to market it, what milestones are your using, what is your budget, financial projections, etc. It should include your strengths and weaknesses, and your plan of action to improve your potential for success.

  • Write out your basic business concept.
  • Gather all the data you can on the feasibility and the specifics of your business concept. Focus and refine your concept based on the data you have compiled.
  • Outline the specifics of your business, using a “what, where, why, how” approach.
  • Put your plan into a compelling form so that it will not only give you insights and focus
  • Plan should become a valuable tool in dealing with business relationships that will be very important to you.
  • Keep it simple English, use graphics and tables

A SIMPLE BUSINESS PLAN [removed]

HOW TO SET UP YOUR BUSINESS PLAN

By setting up YOUR business plan, you are road mapping your way to success. It will help you to develop your business goals and strategies, as well as providing you with a better understanding of the marketplace. It will also highlight any business strengths or weaknesses that you may have, as well as provide you with an opportunity to take a close look at your competitors.

If you want, you can also include financial projections, historical data and growth expectations into your plan. With any good business plan, it should show who the target audience is, and just how the product or service that is to be provided will meet or exceed their needs and expectations.

ORGANIZING: BREAK IT DOWN INTO SECTIONS SUCH AS:

  • Business Summary – The product or service you want to provide.
  • Market Analysis – Research the product or service. Find out what the competitors are doing Product Positioning – How to make it more prominent compared to your competitors.
  • Market Strategy – How are you actually going to market it? Customer Analysis – Look at what the customer wants or needs.
  • Financial Analysis – What you need to invest in order to set up the business and to keep it going while it is just getting started
  • Overall Business Goals – What you hope to achieve in, say, a year’s time. HomeBusiness

The forgoing is another example of various online resources to help you, free. However, if you do not take the time to make and use a plan, at least prepare a schedule of things to do, and allocate the time for each task. Big jobs can be broken into daily tasks.

Thanks for Reading – 8a. What Is An Entrepreneur?, IUH 2009-12, 2ND Ed, R513A

Dr Don, Founder, ICFO

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