Being an Entrepreneur

Being an EntrepreneurAn entrepreneur can be defined as someone who is in control of his or her own destiny and who makes things of economic consequence happen.

To be an entrepreneur you have to have a particular kind of mindset. That is, you have to have; 1) a strong desire, 2) perseverance, 3) initiative, 4) persuasive skills. 5) a winning attitude and 6) a bottom line mentality.

To begin with you should write down your concept as to what you economically want to do as precisely as you can in only one paragraph. But in doing this you have to watch out for the various traps that exist in developing a concept. They are; 1) it won’t work, 2) you can’t make any money on it, 3) there is no market for it, and 4) there can be unpredictable customer behaviour. But also remember this; that the customer has to pay at least 5 times the direct cost of a product.

Now there are three types of Business entries that you should consider. They are; 1) starting from scratch whereby you should be prepared to take 5 to 8 years to start a business, 2) buying an existing business whereby the risks are less by saving time (1 year) for the business to be operational, buying cheaper assets, and by assuming cheaper financing, and/or 3) in buying a franchise whereby the risk would only be about 30%. Also you could be an Entrepreneur within a company as well.

The ideal business actually should have; 1) no investment, 2) an identifiable market, 3) a low cost supply, 4) minimum government regulations, 5) good price-cost ratio, 6) frequent buyers, 7) favourable tax treatment, 8) a good distributing system, 9) news value, 10) technical fashion obsolescence, 11) perishability and, 12) weather proofness

Three types of business plans should be written once your concept of a business starts to materialize. They are; 1) The Feasibility Plan, 2) The Operational Plan and, 3) The Financial Plan. Financing for the business could be accomplished by; 1) cash from customers, 2) sub-contracting, 3) your own money, 4) borrowing (from as few as possible) or 5) by leasing.

The Management team, if you decide to assemble one, should include; 1) the creator, 2) the driving force, 3) the marketer (the marketing strategy should be to find the competitive edge either in quality, price, or service) and, 4) a financial expert. Then you should give each of them part of the rock and teach them to listen to others.

An Entrepreneur, who became a millionaire, suggested on television that the key to his success came from reading just one book: And that was the Book of Proverbs from the Bible.

This article gives information on how one could look at the possibility on how one might become an Entrepreneur.