The Person You Will Be In The Future Is Based On Everything You Do Today.

The Various Amazing Unmentioned Entrepreneurial Success, Failure And Benefits

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Entrepreneurship is an evolved thing. With the advancement of technology it has undergone metamorphosis change and emerged as a
critical input for socio-economic development. Various writer have developed various theories on entrepreneurship and popularized the concept among the common people.


The theories propounded by them can be categorized under Sociological theories, Economic theories, Cultural theories, Psychological theories and so on. But the good news is that no Matter the theory and what aspects of life they reflect to, you do not actually need them to become a successful entrepreneur. Let's go on a ride on the success, 
failure and benefits of entrepreneurship.


ENTREPRENEURIAL SUCCESS


A person who decides to start his or her own business faces a long, winding road that is tumultuous on occasion and blocked by obstacles. While some people may have the motivation and desire for business ownership, they may not have taken the time properly investigate and research their abilities and business ideas. As a result, while thousands of new business are started each year, many more either fail to discontinue, and others transfer ownership or control.


If the business fails - and it could - it may not only wreak havoc with your personal savings and other assets, but it could give your ego a tremendous blow. What does it take to be a successful entrepreneur? This is a question that every business owner wants to know, with many trying to understand if there's some magic formula to achieving success.


There is no "ideal" entrepreneurial personality - successful entrepreneurs can be analytical or intuitive, risk-averse or thrill seeking, or gregarious and taciturn. However, experts suggest that successful small business entrepreneurs, whether male or female, share some common characteristics.



  • THEY DREAM BIG
Successful entrepreneurs have the ability to envision a new reality and the will to bring it to fruition. They have crazy big dreams! even though to some these dreams may not be realistic or practical. But it is the big dreamers who really succeed. They are possibilities thinker who believe there are possibilities and are not limited by commonly held boundaries. They look beyond to ask the "what ifs" questions. They look for answers and solutions and aren't daunted by challenges. In fact, they relish challenges.



  • THEY HAVE A PASSION FOR POSITIVE CHANGE
The entrepreneurs who make it big know that they have a unique contribution to make a society. They start a business, not just to change their own lives, but also to make a difference in the world and make it a better place. They want their products or services to succeed not only in terms of profits but also to bring positive change in the communities they live in by solving existing problems or filling existing gaps. They are motivated by their desire to improve circumstances at the broader level.



  • THEY HAVE A CLEAR VISION OF WHAT THEY WANT TO ACHIEVE
Successful entrepreneurs have the vision for the future - what they want to achieve, what opportunities they need, and how they can accomplish it. Their vision gives them purpose and helps maintain their focus on what they want the business to achieve. It also helps them overcome the many humps and challenges they meet along the way.



  • THEY ENGAGE IN CALCULATED RISK TAKING

Contrary to common wisdom, entrepreneurs are not risk addicts. Instead, they take reasonable risks. While taking risks is a part of the entrepreneurship process, those who succeed weigh the options, see what else is out there, and careful about the types of risk they are willing to take for themselves and those that might rely on them.



  • THEY ARE SELF DIRECTED AND SELF-MOTIVATED
Entrepreneurs have a strong faith in their ideas, their capabilities and in themselves. After all, to succeed, they constantly need to ask themselves the hard questions and then come up with the ways to answer them. They have "intestinal fortitude" or that "fire in the belly". They love to be their own boss, carving their own paths along the way.



  • THEY ARE RESULTS-DRIVEN
Successful entrepreneurs are passionate about results. They want their actions to have a direct impact on result. They want the job done. They also have the ability to conceptualize the whole of a business; not just it's individual parts, but how they relate to each other. They are individuals who always come up with ideas.
 

  • THEY HAVE A STRONG DESIRE TO BE INDEPENDENT
Entrepreneurs love to be in charge and be their own boss. They want to be in control. They carve their own path, relying on their own talents, instincts and skills. They don't take orders from anyone and do not need validation from superiors judging them whether they are worthy of a promotion or capable of handling more responsibilities. They move and make decisions on their own, without waiting for someone to push them. While being in charge can be daunting at times, the rewards of seeking the results of all the hard work are tremendous.



  • THEY KNOW HOW TO SELL. BUSINESS IS ALL ABOUT SELLING

Whether selling their idea to an investor, negotiating with a ban for a loan, talking to a supplier, or directly selling to customer, entrepreneurs know how to sell. The business is bound to fail if the entrepreneur does not know how to sell. If they do not have sales skills, they are smart enough to partner with someone who excels at it.



  • THEY HAVE A POWERFUL DRIVE TO ACCUMULATE WEALTH

Entrepreneurs appreciate what money could bring to their lives - and embrace it. They know that financial success can afford them with opportunity, freedom, and well being. They view starting their own businesses as an opportunity to earn more than they could ever from working for others. Win, lose or draw, entrepreneurs want to be master of their own financial destiny.



  • THEY EMBRACE FEAR

Successful entrepreneurship strongly believe in themselves. In fact, many of them are supremely confident individuals. However, their strong belief in themselves doesn't necessarily mean that they don't experience self-doubt. They do! They experience fear, but instead of running away from their fears, they embrace what they fear the most and just plod on.



  • THEY EXHIBIT TOLERANCE TOWARDS AMBIGUITY

Even though there is no assurance that a business will succeed, entrepreneurs are not daunted by this uncertainly and instead continue to pursue the idea of starting a business.



  • THEY SEE OPPORTUNITIES WHERE OTHERS DO NOT

Those who succeed in business have finely honed business skills based on their environment, education, experience and innate intuitive abilities. What sets them apart is their inherent sense of what is "right" for a business. They have the ability to spot opportunities for growth, with loads of courage to pursue these opportunities. They love the challenge of pitting their resources and skills against the environment.



  • THEY ARE NOT AFRAID TO MAKE MISTAKES

Successful entrepreneurs are not afraid of making mistakes because they see it as an opportunity to learn and improve. They don't focus on blame and retribution and instead work on finding solutions to verify solutions to rectify the mistake and prevent it from happening again.



  • THEY SEEK OUT HELP WHEN THEY NEED

Successful entrepreneurs realize that they don't know everything. They will pull in resources and seek the advice of experts to help them achieve their goals. They know that they key to getting things done is to to find the right people who can do the job. They understand their strengths and weaknesses - and find people who can complement them in areas they need the most.



  • THEY HAVE THE WILLINGNESS AND CAPACITY TO PERSEVERE

Entrepreneurs possesses a high level of energy, sustainable over long hours to make the business successful. They welcome the responsibility that goes to owning a business. They are tenacious, always finding a way to display persistence or able to dig deep within oneself to find it. When things don't go their way, they are able to handle thousands of rejections along the journey.



  • GOOD INTERPERSONAL SKILLS

They recognize that much of their success will depend on how well they deal with people. While success in entrepreneurship takes rugged individualism, it's a "team sport" at it's core.



  • DISCIPLINE

Successful entrepreneurs possess huge doses of discipline. Discipline is important to stay focused on their objectives and vision. The process of building an idea into a business entails working on a lot of details - some of which the entrepreneur may not want to deal with - but it is discipline that makes the entrepreneur work on completing every task. As an entrepreneur, it is easy to go off strategy, including the allure of not working (for home-based entrepreneurs, that mean sleeping or watching TV instead of working), and discipline keeps them on the right track.

  • THEY KEEP THEIR FOCUS
Successful entrepreneurs understand that focus is a key ingredient to the success of their business. They know the importance of identifying and concentrating on making the unique aspects of their business as superb as possible. They are clear on what their business stands for, and stick to it. They don't have to grab all opportunities that come their way or try to do too much quickly. They keep their eyes on the prize and spend their resources, time and energy in focusing on the attainment of their goals - running and developing a successful, profitable and viable business. Every day, their focus is how to further enhance their business.



  • THEY ARE FLEXIBLE

Successful entrepreneurs are always on their toes, ready to make the shift if needed. They know that as the business grow, the needs of their business changes and they will require help in developing and executing their vision. Their managerial skills become critical, and their understanding of the market and competition becomes crucial. They know that sleeping on the job is the worst mistake an entrepreneur can make, and they always strategize and prepare for change.



  • THEY LOVE WHAT THEY DO

Successful entrepreneurs are passionate with what they do. They love what they do, and their works feels more like fun, play and inspiration. The more they are having fun and loving what they do, financial rewards comes easier. They are energized by the activities and challenges of their business. Even if they fail often, their passion keeps them going until they get it right.


Before committing yourself to the extraordinary investment of time, energy and money that starting a business requires, you need to engage in some personal soul-searching. You need to review your pluses and minuses, your strengths and weaknesses to determine if they are a suitable match for the challenge. Remember, the entrepreneur IS the business - its originator, its motivating force, and its energy. Without the needed ingredients, the business can fail as quickly as it started.




ENTREPRENEURIAL FAILURE


Entrepreneurial failure is not the result of a single person's effort. There is always a team involved. The team is made up of other investors, working partners, employees, vendors and clients. All play are important in the success of the enterprise. Although other people are involved, there is a tendency to believe that they play far less important roles and are easily replaced. At the end of the day, success or failure of the enterprise will be largely attributed to the entrepreneur.


Limited resources, high levels of uncertainty and inexperienced management, have often led some new ventures to suffer from a very high rate of mortality-much higher than that of large, well-established firms. The following reasons may be likened for failure of a new venture.



  • INADEQUATE EXPERIENCED MANAGEMENT

This is one of the main problems faced by new enterprises in that the management team is usually very new to this role. The entrepreneur and his/her top management usually have no prior record of being in charge of the fortunes of a whole company. Even in some rare cases, when the management has some individuals who have led a company in the past, they are now faced with a new situation where the company itself has no previous track record.



  • FEW TRAINED OR EXPERIENCED MANPOWER

Shortage of skilled and experienced manpower is faced by new ventures which represent a riskier job opportunity. Most people refer to work with well established organization employing hundreds of employees and having a stable track record. New ventures also are reluctant to use manpower for and to invest in training. Lack of experienced and skills man power can lead to a general drop in productivity and quality of output. The absence of quality manpower is particularly felt during a crisis.



  • POOR FINANCIAL MANAGEMENT

Operational issues keep an entrepreneur busy and as a result, financial management is likely to get neglected. Often, the entrepreneur may find the technicalities of accounting and finance intimidating and avoid looking deep into it. Common errors in financial management can be bad receivables management, unproductive investments and poor budgeting decisions.

  • RAPID GROWTH

Sudden unplanned growth is not always a desirable situation. Higher growth will mean greater stress on production facilities, manpower and marketing channels. Sometimes, these will not be designed to carter to the rise in volumes and might need further capital investments. It will lead to a stage of continuous firefighting and ultimately, many things may not keep pace with growth. Most commonly the organization may run out of money.



  • INADEQUATE BUSINESS LINKAGES

Existing working relationships with vendors, customers and others is a huge advantage to established businesses. A new venture will have to forge new relationships and work hard at strengthening them before coming to an equal footing with the entrenched players. Such business linkages help in smooth conduct of business and are invaluable at times of distress.



  • WEAK MARKETING EFFORTS

Even in this era of free-flowing information, the quality of information available to large corporations is far superior to that available to new small entrepreneurial ventures. There is a cost to information and small ventures may not be able to invest so much in getting the height quality information. For example, before entering a new market, the new ventures may send some salesperson to interview some customers, shopkeepers and wholesalers. On the other hand, the large corporation may engage the service of a market-research firm and carry out a thorough investigation of the potential and the problems of the new market.



  • INCORRECT PRICING

An entrepreneur does not pull the pricing out of thin air, but it may not be very rigorously though-out either. The price is most likely close to that of the competition and takes care of costs leaving a modest or seemingly generous margin. There are many sophisticated pricing policies a new venture can adopt; taking an account it cost structure, nature of demand and extent of competition. The entrepreneur can introduce new innovative pricing system too.



  • IMPROPER INVENTORY CONTROL

Improper inventory control can lead to myriad problems. Production can be halted due to insufficient inventory, whereas excess inventory can lead to wastages and damages. In case of perishable goods, high inventory can lead to expiration of stock. In high-tech industries or industries influenced by fads goods become obsolete very soon. Inflated valuation of inventory can give a very wrong picture of the financial position of the firm.



  • SHORT-TERM OUTLOOK

A number of small new ventures face huge problems on a regular basis. In the early days of a firm, these problems can threaten the very existence of the venture. In such circumstances, the management and employees of the venture focus on surviving the immediate crisis and the long-term vision and strategy of the firm are soon forgotten. If this continues for long, the danger is that long-term plans are discarded as impractical or irrelevant. Ultimately, the firm acquires a shape very different from what was originally envisaged by the entrepreneur.




BENEFITS OF ENTREPRENEURSHIP

Why do people become self-employed? Some people do it to bring to life their visions and ideas. Others do it for the potentially higher income. Still others do it because they know they are meant to be an entrepreneur. You have your own reason for starting a business. But whatever tht reason may be, entrepreneurship can give you these 10 benefits:

  • THE FREEDOM TO PURSUE YOUR VISION

You can have your own view of the world, and entrepreneurship is the only venue where you pursue that view and see the fruition of your vision. Self-employment allows you to do your own thing, and pursue those areas that you feel passionate about.



  • THE CONTROL AND FLEXIBILITY YOU HAVE OVER YOUR OWN TIME

As your own boss, you work when you want to work; and stop if you want to stop. You can tailor your work according to your lifestyle and accommodate various tasks. You can work in however way you please - in your pajamas, with the TV loudly blaring - without getting a memo from the personnel department. Self-employment means freedom from rules.



  • THE OPPORTUNITY TO LEARN AND GAIN KNOWLEDGE

The entrepreneur often wears many hats - the strategic planner, the marketer, the customer service rep, and the sales rep, even the bookkeeper. There are a million ways you probably didn't know before you started the business that you are now forced to learn - and gaining of these knowledge enriches you as a person.



  • THE HIGH AND LOWS OF SELF-EMPLOYMENT

Entrepreneurs face tremendous challenges and experience incredible joys when these challenges are overcame. If you crave excitement, become an entrepreneur. One moment, the local newspaper is featuring you; and the next, you are losing your biggest customer. There's never a dull moment in self-employment.



  • THE SENSE OF PRIDE AND FULFILLMENT IN ACCOMPLISHING THINGS

As an entrepreneur, you make things happen. You create a vision, lay out the plans to bring the plan to fruition and pursue the steps needed to make the business a success. Doing all these things can give you an incredible feeling of pride and joy - seeing your website used by people, finding your products in the department store, getting compliments from customers on how your business has helped them, and being written about by the media. In many respects, your business is your baby, and nurturing it and seeing it grow can give any parent a sense of fulfillment.



  • THE CONFIDENCE YOU GAIN IN KNOWING THAT YOU CAN DO IT

Entrepreneurship is tough. There will be moments where you will question yourself, or your decisions into going into the business. Sometimes, you'd even think that you couldn't do it when the obstacles seem insurmountable. But once you succeed and overcome the challenges, you gain a renewed confidence and respect for yourself that you can do it.

  • POTENTIAL EARNINGS EXCEED A SALARIED EMPLOYEE

As an employee, no matter how hard you work, the financial remuneration you receive is limited to your salary and an occasional bonus. As a self-employed person, you can earn so much more if you hit the right business idea and execute the business well. The potential financial windfall is so much higher as an entrepreneur rather than a corporate person.



  • BUSINESS OWNER REAPS THE FULL REWARDS

You are the business, anything the business gains is yours. If you are an employee in the corporate world, your bosses may even claim your success as theirs! If you are working for others, you are only a cog in the whole machine.



  • EACH DAY IS A NEW CHALLENGE

You never get bored as an entrepreneur: every day brings a new challenge, new tasks and new discoveries. You set your pace and you can go fast if you choose or slow down if feel like it.



  • THE CHANCE TO SHARE YOUR LEARNING

At the end of the day, you can have the chance to teach and share with others the things you've learned as an entrepreneur. Sharing what you learned can be your way of giving back to the community - it can take the form of monitoring other would-be entrepreneurs, writing a book so others may see how you did it, or even talking about your experiences. There is so much pleasure in giving, and entrepreneurship gives you a life full of rich experiences.



CONCLUSION

It does not take much to be an entrepreneur, not just a hungry entrepreneur but a successful one. All you need in your holster is determination and perseverance. Remember that you will not just blow! It takes time and with the necessary steps, your national newspapers will surely pay to feature you.




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