What factors I do / don't posses that make / do not make me a Business Entrepreneur (not more than 3 pages). You can do a self assessment available from the internet. Do a thorough self analysis.
By: S070006
Upon doing some research on the Internet, I find that there are numerous factors of becoming a successful Business Entrepreneurs. Among all the factors, I narrowed it down with the following
1. Think success – to attain success, you need to have a dream. A dream of becoming a successful business person focusing on what you're good at or what you are capable of running. Somehow this is something I possess as an individual since I don't foresee myself as being an employee all throughout my career life. The biggest challenge about this is that, how many people are on the same line of business and are already successful. Do I have what it takes to be better than the competition? Once that has been establish, next thing to keep in mind is, do I have the capital to fund this? These are the following things which I believe is most critical when venturing into a business. The rest actually follows.
Considering what I have already achieve in my career, I don't consider myself to have this factors since I don't have any experience in running my own business. Probably it would be good to start small with less capital requirement for me to measure my strength in building my own business.
2. Be passionate with what you do – this is something I can definitely say I have within me. Being passionate at work gives me some advantages when running my own business. Being the person that goes into details can lead me to success especially when you realize that you are now investing your own funds to support your own business. To be successful in business means you love what you do. If you love doing your own business, eventually success will follow.
3. Focus on your strengths – Assessing myself, I can assess I am good at what I do. Professionally I have extensive experience in operating a business in relation to support. But looking at the overall business perspective, operation is only part of running a business. We need to also have financial perspective as far as profitability. Without this strength, it would be difficult to manage your own business. Of course, I don't expect myself to do everything since I would have help from other people who can provide such services. But being knowledgeable on it something non-negotiable and must not rely 100% with your staff. How would I be able to direct my business successfully if I don't understand its financials. It will be catastrophic. Thus I would consider myself to be good at what I do best and that is operating a business but running it end to end, this need more mentoring and experience.
4. Never consider the possibility of failure – I can say I fail this area already. Having neither experience nor exposure on running my own business, I definitely don't have this trait. I would require a consultant and get some advises on what are the things I need to have and have not when managing a business.
Attitude is one of the most important aspect when managing a business. Having doubts already before starting, will already be considered failure. I believe I need to have a positive attitude towards my new adventure before really deciding to put up my own business. Once I have it, everything will fall into place and balls will start rolling
5. Plan Accordingly – I definitely have this trait. I'm a firm believer that without planning, everything will result into chaos. Putting up a business without planning is a bad investment and for me, I don't invest on something I am not sure that there's a degree chance of becoming a successful business.
6. Work Hard – Another trait that I have. I have been with numerous companies already and I consider myself working with diverse businesses as my strength. I have worked with Global clients as well has local. Definitely, handling expectation of customers is something not new to me already. So definitely I can use this trait to my advantage.
7. Constant Looks for Ways to Network – I consider this factor to be that best trait of a Sales person which I am not. I've seen how Sales people would talk their way in just to penetrate the interest of the customer. I see this trait as talent and something not easily learned. Since I work under Operations Management, my network is limited and is somehow dependent on how the business grows.
8. Willingness to Learn – most definitely, I have considered this as one of my strength. As I have mentioned, I've work with multiple organization already and all are unique when operating their business. Not everything I've learn were used when managing the business and it takes me a while before I can 100% operate the business on my own. With proper training and turnover, I can manage business successfully.
9. Persevere and have faith – I guess not all people has this. Some quit at the start and some work it out until people get to handle the business. Its all about having faith on yourself. If you're strong enough to stay and learn how to run things, eventually everything will run smoothly. But we can't blame others for quitting. Some are really not fit for the role and it would be more devastating if such person is forced to do something you're not good at. At first before having faith, you must know yourself and assess whether you have what it takes, if you don't, there's really no point on going on further.
10. Discipline yourself – this lies from within. Those that don't have discipline can put business into jeopardy. It can put you out of business at worst. Thus instilling discipline is a choose and everyone has a choose to have it or not.
Overall, I find the following factors useful to gauge my overall competence of becoming a business entrepreneur. From all of these factors, I consider myself half way of becoming a businessman. I still would need more learning and exposure. And before anything else, I need to know my competition so I can gauge myself whether or not I have a fighting chance of making it out.
Great. 4.0
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