Saturday, December 8, 2007

Characteristics of a Successful Entrepreneur

Been a while. I'm being inspired to post this blog because Kobby and I are in the planing phase of our new baby business idea. We hope we'll be able let you all know what happens to our business as we move from planing to implementation.

So this post is about finding within yourself whether you are an Entrepreneur. The following is what i came across in my reading.

Guts: Guts means you must have an entrepreneurial instinct, which is an overwhelming desire to have your own business. You must have the guts and dedication to be completely devoted to your goal. Incidentally, devotion to your goal is much more likely if you have a love for your intended business. Life is too short to start a business that doesn't give you satisfaction and joy. And, through good times and bad times, you will stick with something you love.

Brains: While appropriate educational credentials are important, entrepreneurial "brains" means more than scholastic achievements. To become a successful entrepreneur, you must have a working knowledge about the business you plan to start before you start it. Common sense combined with appropriate experience is the necessary brainpower. Prudence, follow through and attention to detail are very important.

Capital: You will need seed money of your own plus sufficient cash to maintain a positive cash flow for at least the first year. In a future session you will learn how to forecast future cash requirements through cash flow control. Many businesses can be started on a very small scale with a small investment. Then, as the business grows and you gain experience, cash flow from your business can be used for growth. In some cases you don't need starting capital to hire other people because you might start by doing everything yourself. The "do it yourself" start is a good way to learn everything about your business and also makes you better qualified to delegate work to others later on. You can control your risk by placing a limit on how much you invest in your business.

These three will get you going. If you are someone you always has an idea to make things better, then try putting one of them on the drawing board.

An advice, read, read all you can and everything you come across.