Factors Paper by Jenlo

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Jennifer L. Liquete                                                                                                   

Factors Paper

Before writing this paper, I knew, in general, that I want to become a successful entrepreneur. As I began writing, I realized that I do not have an in-depth understanding of what makes a successful entrepreneur and if I have these factors. Upon answering several online quizzes to determine if I have what it takes to be a successful entrepreneur, I was able to recognize several important factors which are applicable to me:

Visionary and Inspiring

When I have a goal or a project for myself, I always envision it. Being the perfectionist that I am, I can see where and how I want it to be in the future, down to the littlest details, and communicate it clearly to others.

Combined with my passion, my ability to envision will make me become a successful entrepreneur because I would be able to inspire other people. This is very crucial because these are the people who will help support and build the success of the business.

Passionate, Persevering, Proactive

When I want something and believe in it, I exhaust all options just to get it. I make things happen. I am not easily discouraged by obstacles and I never give up.

To be a successful entrepreneur, one must have the passion and the drive for his or her business. My passion will strengthen me despite the daily challenges I will face. Perseverance and being proactive, on the other hand, will help me get my business to where I want it to be.

Confident

I am confident of who I am and the outputs I give. I never give anything that is less than 100% of my effort.

This is important in being a successful entrepreneur because if I do not believe in myself and the products/ideas/services I will offer, it is unlikely that someone else will. Having the confidence in myself and in my business will make it easier to sell to others. Confidence will also help me be presentable and convincing when marketing my business.

Optimistic and Resilient

I am an optimistic and resilient person. When faced with a problem, I would always think that it can be solved. I would always find myself open and excited in finding new opportunities and situations it can bring. I am rarely discouraged especially when I have already put my mind and heart into something.  

Optimism and resilience are two factors that I possess which can make me a successful entrepreneur because businesses go through a lot of challenges. It is important to have a positive outlook because it will help me get through these challenges and not give up. It will also help me accept and learn from these challenges and strive to become a better entrepreneur.

Risk-Taker

Seeing how I create and handle my investment portfolio, I know that I am a risk-taker. I am willing to put my money into something that I believe would be a good investment even if it has risks.

Being a risk-taker can also make me a successful entrepreneur because business always comes with risks. There are many external factors that can affect the business especially today since the consumers' needs are constantly changing. A business must be at least adaptive to these changes in order to survive. An entrepreneur must take risks to gain competitive advantage for its business. Playing safe will only make it stagnant and can lead to its downfall. Being a risk-taker, I know that I will be able to continuously try new things that I believe would make better changes for the business and keep my consumers happy.

Good Interpersonal Skills

I am fond of meeting new people and expanding my network. I can also honestly say that I can easily build rapport to the people I interact with, mainly because I know how to listen and give my insights.

My good interpersonal skills will also make me become a successful entrepreneur because when I already have my business, I will interact daily with people. Developing good relationships with them and expanding my network will bring more opportunities and lead to the success of the business.

Creative Problem-Solver But Not a Creative Thinker

I am a creative problem-solver because I can approach a problem in different ways and find many alternatives to solve it. I do not restrict myself in coming up with the solutions. However, I am not a creative thinker because I find it difficult to come up with original ideas for a project.

Being a creative problem-solver can make me become a successful entrepreneur because there are times when the radical solutions are the best solutions. It can also lead the way in discovering more opportunities. Not being a creative thinker, on the other hand, can prevent me in becoming a successful entrepreneur because I will either be having a very difficult time in coming up with my own product/service or what I will offer has no originality or only a minimal value-add.

Need to Please All

I have a tendency in trying to please all people. Needing to address all of the concerns of the people will prevent me from becoming a successful entrepreneur because it can misguide me from my objectives and I can lose sight and focus on what I really want my business to be. My business might end up having different and incoherent strategies.

After analyzing these factors, I realized that I have a lot of strengths which can make me become a successful entrepreneur. This encourages me more in entering entrepreneurship but I still have to learn more and develop and improve myself first. Even though I already possess many good factors, it can easily be countered by my weaknesses. 3