An entrepreneur is a person who organises and manages an enterprise or business with considerable initiative and risk. More and more people are including a mix of salaried employment with project-based contract work to become entrepreneurs.
An in-depth comprehension of an area is required for a business to be successful, so if it something that is being done as a regular day job, a base for the knowledge, skill and passion required is already established.
- Work on identifying opportunities based on real customer needs.
- Understand the specific market – this involves research and networking. The aim is to build up contacts in the relevant area of business as these could prove to be very useful for support and opportunities in the future.
- Identify and engage the first customers and use their feedback to optimise the business model.
- Effective social skills are needed for communication with customers, and staff at all levels, for a business to succeed.
- Persistence is crucial if an entrepreneur is going to succeed; they need a heartfelt belief that they can do it.
- Exercise resilience. This involves an ability to keep going when things get tough and to be able to bounce back from challenging and difficult situations. Visit Robert Bonnier’s website at http://www.robertbonnier.co.uk for some inspirational tips.
- Successful entrepreneurs are risk takers and effective decision makers. They can weigh up the pros and cons of a situation and take action based on expert consultation – and their gut instinct.
- The company website, branding and logo are crucial to get a message across to customers. Skilled copywriting will be required to sell the product or service, as well as an understanding of how to rank well in search engine results. Build knowledge, conduct research, and consult the experts.
Business skills and knowledge
To get the business off the ground, knowledge will be required of how to raise capital. The internet can help to assess a good business idea and build a customer base. There is a special set of skills and attributes required that would stand a potential entrepreneur in good stead. A major one is knowledge of how to run a business; an understanding of finances, profit and loss, profit margins, cash flow and funding, an ability to optimise efficiency and find ways to grow revenue. Successful managers need initiative, to be able to recognise opportunities and be problem solvers. Practical skills include critical thinking, effective business planning and organising, setting goals, and delegating.
Not all of the skills listed are essential, but the more of them a person has, the more likely they are to succeed. If they can recognise their shortcomings, they can take steps to rectify them or seek advice and help from experts. Personal characteristics include optimism, the ability to inspire other people, the motivation to lead, as well as self-motivation, adaptability and creativity.
Online business ventures and start-ups have changed the world and will continue to do so; digital entrepreneurship is the fastest growing area of entrepreneurship. A key piece of advice is to research and learn from successful entrepreneurs who have succeeded in a similar area.
One of the Editors for Tech on the Go, I love covering mobile tech and social media. I also manage the reviews we cover so all the writers stay on my good side!