Adam Smith (1776) defined entrepreneur as “an individual, who forms an organisation for commercial purpose -who is a capitalist.”
To Adam Smith, “the entrepreneur is a proprietory capitalist, a supplier of capital and at the same time, works as a manager intervening between the labour and capital.”
Adam Smith treated the entrepreneur as an employer, master, merchant and undertaker but explicitly he identified him as a capitalist.
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1. Definitions of Entrepreneur 2. Evolution of Entrepreneurs 3. Functions 4. Characteristics 5. Importance
6. Stimulants 7. Knowledge and Skills 8. Entrepreneurial Mobility. 9. Entrepreneur and Economic Growth 10. Role of Entrepreneur in Economic Development
11. Reasons for Becoming an Entrepreneur 12. Reasons not to Become an Entrepreneur. 13. Support Systems for an Entrepreneur 14. Recharge Yourselves for New Entrepreneurial Guts
15. Entrepreneurs’ Association 16.Bad Reasons to Become an Entrepreneur 17. Lack of Entrepreneurship 18. Challenges 19. How to be a Better Entrepreneur.
Who is an Entrepreneur? –Definition, Functions, Characteristics and Challenges
Who is an Entrepreneur – Definitions of Entrepreneur
Let us discuss here a few definitions of the term ‘entrepreneur’ given by some eminent economists.
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Richard Cantillon (in 1725), who was a French banker, applied the term ‘entrepreneur’ to mean a person who bears uncertainty and risk. He defined “an entrepreneur as an agent who buys factors of production at certain prices in order to combine them into a product with a view to selling it at uncertain prices in future.” He was the first to introduce the term ‘entrepreneur’ and his unique risk-bearing function in economic activities in the early 18th century.
He took an example of a farmer who pays contractual incomes which are certain to the landlord and labourers and sells at prices that are uncertain. He further states that so do merchants also who make certain payments in expectation of uncertain receipts. Thus, the entrepreneurs are risk-bearing agents of production. However, an entrepreneur is different from a person who supplies capital and who receives interest on his capital.
Adam Smith (1776) defined entrepreneur as “an individual, who forms an organisation for commercial purpose -who is a capitalist.” To Adam Smith, “the entrepreneur is a proprietory capitalist, a supplier of capital and at the same time, works as a manager intervening between the labour and capital.” Adam Smith treated the entrepreneur as an employer, master, merchant and undertaker but explicitly he identified him as a capitalist.
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J. B. Say (Jean Baptiste Say) (1803), another economist, holding the same opinion as that of Richard Cantillon, was the first to assign the entrepreneur a position in the economic process. According to him, “An entrepreneur is the economic agent who unites all means of production, the land of one, the labour of another and the capital of yet another and thus produces a product. By selling the product in the market, he pays rent of land, wages to labour, interest on capital and what remains is his profit.” J.B. Say thus emphasized the functions of the entrepreneur as co-ordination, organisation and supervision.
Francis Walker (1876) defined “an entrepreneur as a person who receives profits from managerial capabilities.” He distinguished the entrepreneur from the person supplying capital and receiving interest thereon.
Joseph Schumpeter (1934) assigned for the first time in 1934 a crucial role of innovator to the entrepreneur. According to Schumpeter, entrepreneurship is essentially a creative activity. The entrepreneur is the innovator who introduces something new into the economy.
The innovation may be (i) a new method of production, which is not yet tried in the branch of manufacture concerned, (ii) introduction of a new product in the market, (iii) opening up of a new market hitherto unexploited, (iv) discovery of a new source of supply of raw material or (v) carrying out of a new form of organisation of any industry by creating monopoly position or breaking up of such monopoly.
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Schumpeter distinguished clearly between an inventor and an innovator. An inventor is one who merely discovers new things whereas an innovator actually utilises such inventions and discoveries in order to make new combinations, since innovation is an act of introducing something new.
Peter Drucker (1964) defines thus – “An entrepreneur is one who always searches for change, responds to it and exploits it as an opportunity. Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service.”
E. E. Haggen (1970) – “An entrepreneur is an economic man who tries to maximise his profits by innovation. Innovations involve problem solving and the entrepreneur gets satisfaction from using his capabilities in attacking problems.”
Like Schumpeter and Drucker, E.E. Haggen also supports the notion of innovation.
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In the words of Rober D. Hisrich, “The person who is going to establish a successful new business venture must also be a visionary leader a person who dreams great dreams.”
According F. H. Knight, “Entrepreneur is the economic functionary who undertakes such responsibility which cannot be insured or salaried.”
Knight described entrepreneurs to be a specialised group of persons who bear uncertainty. According to him, the entrepreneur must have three qualities i.e., ability, willingness and power to extend guarantees.
According to International Labour Organisation (1982), “Entrepreneurs are people who have the ability to see and evaluate business opportunities, together with the necessary resources to take advantage of them and to initiate appropriate action to ensure success.”
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From the various definitions given above, it is clear that an entrepreneur is a person who bears risk, unites various factors of production and carries out innovations. Therefore we may define an entrepreneur as an individual or a group of individuals who tries to create something new, organises production and undertakes risks involved in the establishment and operation of a business enterprise.
Who is an Entrepreneur – Evolution
The word ‘entrepreneur’ has an interesting long history of definitions. It has been derived from the French word ‘entrepreneur’ which means ‘to undertake’. In the middle ages, the period of 1,000 A.D. to 1,400 A.D i.e. 11th century to 15th century, the word ‘entrepreneur’ was used to mean an actor and a person in charge of large scale production projects. Thereafter, in the early 16th century, the term ‘entrepreneur’ was applied to those who were engaged in the leading military expeditions.
Then in the early 17th century, this term was applied to person engaged in civil engineering activities such as construction and fortification. In the 18th century, the term ‘entrepreneur’ was applied to business initially by the French economist, Cantillon, to designate a dealer who purchases the means of production for combining them into marketable products.
It is in this century that the entrepreneur was distinguished from the capital-provider. Because, during this century, many inventions took place, but the inventors like Whitney and Edison had no capital of their own to finance their inventions. Both Whitney and Edison were capital-users i.e. entrepreneurs but they were not capital-providers i.e. they were not venture capitalists.
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In the late 19th and early 20th centuries, entrepreneurs were frequently not distinguished from managers and they were viewed mostly from an economic perspective.
In the middle of the 20th century, the concept of an entrepreneur as an innovator was established. It was Joseph Schumpeter (in 1934) who, for the first time in 1934, assigned a crucial role of “innovator” to the entrepreneur. He was decidedly the first economist thinker to have assigned the entrepreneur a key role in the process of economic development. According to him, the entrepreneur is the innovator who introduces something new in the economy. The concept of innovation and newness is an integral part of entrepreneurship.
Who is an Entrepreneur – Functions
The functions of an entrepreneur can be broadly classified into the following:
1. Assessing market opportunities
2. Ideation and coming with an idea
3. Arriving at the right idea to opportunity map
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4. Designing the business model
5. Writing the business plan
6. Marshalling the required resources
7. Creating the enterprise (the legal entity)
8. Making the sale
9. Managing the operations
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10. Growing the business
Who is an Entrepreneur – Characteristics
Following are some of the common characteristics of an entrepreneur:
1. Entrepreneurs are people who have the ability to take risks.
2. They are self-driven with high energy levels and are self-motivated.
3. They have a great amount of self-confidence and self- esteem.
4. They have great survival instincts and adaptability.
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5. Entrepreneurs are great at networking.
6. They have a positive attitude towards failure.
7. Entrepreneurs are driven by strong desire.
8. Entrepreneurs work under constraints but never accept constraints.
9. Entrepreneurs are typically multi-skilled and multi- faceted.
10. Entrepreneurs are very optimistic.
Who is an Entrepreneur – Importance of an Entrepreneur
Entrepreneur is one of the most important inputs in the economic development of a country or of regions within the country. Entrepreneurial competence makes all the difference in the rate of economic growth. In India, state and private entrepreneurship co-exist.
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The small-scale industrial sector and business are left completely too private entrepreneurs. It is, therefore, in this context that an increasingly important role has been assigned to the identification and promotion of entrepreneurs for this sector.
The need for a broad-based entrepreneurial class in India arises from the need to speed up the process of activating the factors of production, leading to a higher rate of economic growth, dispersal of economic activities, development of backward and tribal areas, creation of employment opportunities, improvement in the standard of living of the weaker sections of the society and involvement of all sections of the society in the process of growth.
Several factors go into the making of an entrepreneur. Individuals who initiate, establish, maintain and expand new enterprises constitute the entrepreneurial class. The socio-political and economic conditions, the availability of industrial technology and know-how, state of art and culture of business and trading, existence of markets for products and services and the incentives and facilities available for starting an industry or business, all have a bearing on the growth of entrepreneurship.
A conducive environment is created through the policies and interest of the government in economic and industrial development.
It is now well recognised that entrepreneurs can be developed through appropriately designed entrepreneurship development programmes. These programmes broadly envisage a three-tiered approach, developing achievement motivation and sharpening of entrepreneurial traits and behaviour, project planning and development and guidance on industrial opportunities, incentives and facilities and rules and regulations, and developing managerial and operational capabilities.
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Various techniques and approaches have been developed and adopted to achieve these objectives, keeping in view the target- groups and/or target areas. The structuring of the programmes and training methodology also necessitate consideration of the specific target-groups and target areas. Methodology for selection of the prospective entrepreneurs as well as support services after training have a significant impact on the success of the entrepreneurs’ development programmes.
Who is an Entrepreneur – Stimulants to Entrepreneurship
A variety of social, economic, political and cultural factors are stimulating entrepreneurial activity and thus generating more robust economic development.
These stimulants are as follows:
1. An increasing focus on capital formation. Availability of capital is a stimulant to an entrepreneur to start a new firm and/or give birth to a new idea.
2. The ability to transform scientific and technical developments through new institutional development is a second factor.
3. A third stimulant is supportive government programmes.
4. Availability of required training and input is ranked fourth.
5. A collaborative relationship between business and research and their direct attempts to transfer technology to the market place may provide stimulus to a number of entrepreneurs who seek the opportunity to commercialise their ideas and
6. Finally, an endeavour to create an environment conducive to innovation will provide a much-needed stimulant to entrepreneurial activities.
The innovation centre provides technological evaluation, entrepreneurial assessment and other related levels of assistance to entrepreneurs.
Who is an Entrepreneur – Knowledge and Essential Skills
There are some essential skills an entrepreneur must have:
1. An entrepreneur is one who is a great learner – An entrepreneur constantly looks for opportunities to learn from every interaction. His mistakes teach him more lessons than his successes. Every interaction with an external body – however big or small, gives him the chance to learn something.
2. Widening the breadth of knowledge – While entrepreneurs may become specialists in certain trades, they require keeping themselves updated on a wide range of topics. They need to stay updated on the latest happenings in the market. They should also like to have knowledge on a variety of subjects.
3. Economics and psychology – Economics is much needed for an entrepreneur, because it is important to understand the economics of doing a business in the real world.
The second skill that an entrepreneur needs to pick up is the area of psychology. The life of an entrepreneur revolves a lot around people. Hence understanding of people is a much needed skill of the entrepreneur. Understanding of psychology will help the entrepreneur to constantly adapt himself to the people he is interacting with.
Who is an Entrepreneur – Entrepreneurial Mobility
Entrepreneurial mobility indicates the ability of a person to seek and relocate to an ecosystem that will best support his entrepreneurial aspirations.
Some of the factors that could enable an entrepreneurial mind to become mobile to find a right ecosystem are described below:
1. Education – A universally accepted or a highly respected educational qualification can become the trump card for a person to move across to the right ecosystem. Getting a degree in a subject from a university enables a person to become recognized and knowledgeable in that subject across various places. When one does not have experience on their profile to prove their expertise in the field of business, the educational qualification becomes their strongest ally.
2. Social Network – Social networks play a great role in influencing mobility and identifying the right place in the ecosystem to settle. If one belongs to a strong social network (not societal) like an organization that has its presence across locations – no place is completely strange. There is always someone or some place from where building of the dream can start.
3. Governmental/Local body support – The other aspect to consider when an entrepreneur decides to move into an ecosystem to start the venture is the support extended by government and local bodies. There are special economic zones and development plans that are region specific. Such concessions / grants etc., go a long way in allowing an entrepreneurial venture to sprout. Depending on the idea behind the venture, the entrepreneur may need to validate and consider the best ecosystem that will enable the growth.
Who is an Entrepreneur – Entrepreneur and Economic Growth
Economic development of any region is an outcome of purposeful human activity. A man assumes various roles in the development process, namely, as organiser of human capital, natural material resources, worker and consumer. He stands at the center of the whole process of economic development.
According to Schumpeter, economic development consists of “employing resources in a different way”, in making a new combination of the means of production. The entrepreneur locates ideas and puts them into effect in the process of economic development.
According to Baumol, an entrepreneur is a Shumpeterian innovator and something more than a leader. The entrepreneur, according to him, occupies a crucial place in the process of economic development.
Schumpeter further says that economic growth depends on the rate of applied technical progress (i.e., innovation) and rate of technical process in the economic field which in turn depends on the supply of entrepreneurs in society. Thus the entrepreneur becomes the agent of change in society.
In the Schumpeterian model, entrepreneur is an innovator and the supply of ‘innovative entrepreneurs’ depends on the necessary social and economic overheads. These economic and social overheads are very poor in backward regions which causes a shortage in supply of entrepreneurs.
In this connection, we can refer to David McClelland who explained the development of entrepreneurship in terms of human motivation to achieve or need for achievement. McClelland’s hypothesis is that a society with a generally high level of achievement will produce more energetic entrepreneurs, who, in turn, accelerate the princess of economic development.
In the Indian context, entrepreneurship has yet another dimension. An entrepreneur may not necessarily be an ‘innovator’ but an ‘imitator’ who would copy the organisation, technology, or products of innovators from other developed regions. His role as imitator is likely to be guided and controlled by the various constraints and conditions peculiar to this area of operation and the factors under which he conducts his minimal modest industrial activity.
Other social scientists, notably Max Weber, have talked of the importance of entrepreneurship and expressed the view that creative and entrepreneurial energies are generated by the adoption of exogenously supplied beliefs which in turn produce intense efforts in occupational pursuits and accumulation of productive assets leading to the manufacture of goods and services.
According to him, entrepreneurs are a product of the particular Social conditions in which they live and it is the society which shapes the personality of individual entrepreneurs.
John Kunkel believes that the behavioural pattern of individuals is important for development and such a pattern can be influenced by external stimuli so as to alter it in the manner we want it. In other words, if we want more people in society to behave as entrepreneurs, we can bring about such behaviour on their part by appropriate alterations in the social environment so as to influence them to take to entrepreneurial pursuits.
Like Weber, Cochran and Young underscore the importance of society in shaping the entrepreneurial personality and consider that ingredients in the emergence of entrepreneurs are cultural values, role expectations, social tensions and inter-group relations in society.
Entrepreneurs are an important source of economic development. It is, therefore, suggested that there must be a motivational training programme to develop entrepreneurs and measures must to be taken to modify the environment to stimulate entrepreneurial behaviour among individuals.
There are thinkers who believe that “Schumpeterian entrepreneurs are needed in underdeveloped countries for rapid economic development.” Industries to promote rural industrial private enterprise, specifically to create a new class of indigenous industrialists throughout the countryside.
Small-scale industries play a useful role in regional development and industrial dispersal. Indeed, one of the pivotal problem confronting many countries in the world today in the task of social modernisation is how to disperse sources of economic activities so that development should become general, rather than concentrated in larger cities and capital.
In a country that sanctions free enterprise, the movement of economic activities cannot easily be directed as the government would want it to be. Instead, we witness the tendency of capital to centralise itself in already developed areas.
Who is an Entrepreneur – Role of Entrepreneur in Economic Development
Entrepreneur plays a significant role in economic development of a country, Economic development greatly depends upon entrepreneurial and industrial development. In western countries, entrepreneurs have contributed a great deal in making their country developed.
According to Harbison, entrepreneurs are prime movers of innovation and Sayigh describes entrepreneurship as a dynamic force. Indeed, entrepreneur is the person who perceives business opportunity and converts it into a viable business plan culminating into a business venture ultimately.
The entrepreneur, therefore, not only launches a venture but also contributes to the objectives of employment creation, output growth, technological upgradation, and improvement in the quality of production, export promotion, import substitution and supply of goods at a reasonable price to the customers.
Therefore, growth of entrepreneurship and development of entrepreneurial culture in underdeveloped and developing countries are imperatively needed not only for employment generation but also for infusing entrepreneurial culture in the society which is not so far exposed to it.
Entrepreneurship may also help in skill formation and technological upgradation in developing countries. Efforts made by a group of entrepreneurs in motivating the youths to change their attitude for self-employment, thus, lead to further creation of wealth through enterprise creation.
Trends in Economic Development:
There are twelve major trends affecting the direction of economic development:
1. Technology as a resource
2. Competition in domestic and international markets
3. The role of invention
4. Government as stimulator
5. Entrepreneurial and Intrapreneurial development
6. Innovative capital formation
7. Active financial sector
8. Innovative entrepreneurship
9. Progressive management
10. Quality as a goal
11. Supremacy of the customer
12. Collaborative relationships.
Technology is more than a thing, stratagem or even a process. It is a self-generating resource that is not consumed in the process of use. Consequently, it is an important form of economic wealth.
Competition is forcing a reassessment of our individual and collective responses to the marketplace. Fierce domestic and international competition for scientific, technological, and economic pre-eminence forcing communities and regions to leverage all their resources — human, technological and financial — to compete effectively for vibrant and diversified economies.
The countries are experiencing an unprecedented burst of invention. Myriad technological advances are occurring with incredible speed and frequency. The ability to commercialize these inventions will have direct and immediate economic consequences.
The governments are trying to find positive non-interventionist approaches to encouraging entrepreneurship and technological diversification. They seek to create jobs, provide benefits to the small business sector, and forward technology. The creation of an environment that promotes entrepreneurial activity has become a more important focal point in the government’s policy on development.
People with raw energy and a proclivity for risk-taking built and sustained the countries. They are continuing to build it today — in new ways and with new approaches. These entrepreneurs and intrapreneurs are breaking tradition and providing a dynamic source of creative and innovative enterprises.
Innovative capital formation is providing the catalyst for the entrepreneurial process. Mechanisms for providing seed capital and venture capital as well as an expanding venture capital industry are helping to build new ventures. If the entrepreneurial process is to succeed, it is essential to continue to support and expand the formation of capital and its innovative utilisation in new business development.
Finally, creative collaborative relationships being formed between business, government, and academic are forging opening new opportunities for commercialisation and thus accelerating the technology transfer process.
Who is an Entrepreneur – Reasons for Becoming an Entrepreneur
1. Being your Own Boss:
You make all the key decisions. You choose who you sell to, who you buy from, who you work with. Including how much you work and how much you spend on promotion, production and overhead. Desiring to be your own boss is a great motivation to start an enterprise.
This is particularly if you are a self-reliant and independent person. To you, life is a risk and a business is no different. Thus ‘calling your own shots’ is very important and being an entrepreneur allows this. Of course, if your business is successful, you would earn uncommonly more money than most.
2. Decide what to Delegate:
A common pitfall for new entrepreneurs is the tendency to try to do everything themselves. In some cases this is necessary due to budget constraints or other reasons. But in time as business grows the owner will increasingly see the need to delegate some of the work to others.
At this stage you will get to decide which tasks are not the best use of your time and would be better handed over to someone else. A small retailer might contract with a bookkeeper to take over the day-to- day financial duties, while a writer might hire someone to handle the keyword research portion of writing for online sites.
3. Because it’s Very Creative:
Most of the people want to be in business because they love creativity and they want to show this with their business. The process of starting a business, building and nurturing it is very creative. You can do any experiment with your business. You can present the products or services in your own way. It requires constant ideation and forces you to keep the creative juices flowing. People with such a creativity and efforts always try to do business where they can show their talent. More so, when things are going good and there is a tendency to rest on one’s glory.
4. Income Potential:
One of the top reasons to be an entrepreneur is that you are not saddles into a yearly salary. You are free to work hard and earn more money. In many cases there is no limit to the amount of money you can earn. You can earn according to your performance and the efforts that you put into the business. The drawback of the job is you can earn only fixed salary irrespective of your performance.
5. Diversification:
You don’t have to put all of your marbles in one jar. You can start multiple streams of income, eliminate ideas that do not work and create residual income that makes your money while you sleep. You can play with many ideas. You have a complete freedom to work on more than one idea that you think is feasible for your business.
6. Excitement and Fun:
Doing something that you love makes work feel like play. If you can work at something that you enjoy you’ll never dread working hard and waking up every day. Your excitement will move you and your business forward. Excitement is one of the important factors to start the business. There’s excitement in thinking of new ways to make money.
7. Confidence:
If you are confident then only you should start the business. With fear business cannot be run. It is all about decision making. You should be very much confident while taking decisions about your business. These decisions will decide the future of your business. Showing yourself and others that you can make a living on your own merit can build great self-esteem. Being an entrepreneur will help you become better leader.
8. Satisfaction:
There’s something to be said for helping out other people. Your product or service will benefit or improve the life of another person which will be very satisfying. Accomplishing your goals and actually having a successful business brings its own satisfaction.
9. Security:
There won’t be much security in the beginning but in the long run you will control your own fate. There are no layoffs, no downsizing and no wondering if your job is on the line. A successful entrepreneur will not only bring security to himself but can also bring security to the family and children that might one day take over the business.
10. Want of Freedom:
For some, true freedom is defined as being “able to do what you want, when, with whomsoever, wherever and however you want”. Others described it as ‘being able to wake up when you finished sleeping!”. The, most common road taken to such freedoms as described above is by becoming an entrepreneur.
There are generally major benefits of being an entrepreneur. They mostly explain why anyone would want to face the risk and frustration of owning a business. Starting a new business involves investing in substantial resources, chief of which is money.
The initial learning curve is steep, many things can go wrong and a new business owner has to learn things fast to avoid failure. So what are the benefits of becoming an entrepreneur, to make all the frustrations and risks worth taking? Often, the best reason is being able to explore your true passion. (As opposed to dragging yourself every day to a dead-end job) It may seem silly but sometimes this motivation alone would motivate a person to persist against great odds, when others give up, in the pursuit of his goals.
11. Opportunity for Greater Financial Success:
Entrepreneurs have been shown to amass even personal fortunes through the development of their companies. Certainly this is not all as many entrepreneurs stay small and remain just independent business people. When you work for someone else, you are contributing to their financial future all of the time and to your own financial future to the extent that they decide. People want to open their business so that they can put all their efforts for their business and can have greater success to access finance.
12. For the Creation of Wealth:
Oh yes! There’s no denying the fact that the creation of wealth is one of the primary goals of any enterprise and most entrepreneurs dream of material wealth and possessions. But there’s more to it than just money. Creation of wealth is not just cash in the bank or assets, but also goodwill, reputation, camaraderie, experience and most importantly intellectual capital.
13. Sense of Accomplishment:
Another great reason for becoming an entrepreneur is the sense of accomplishment you will feel. This will also give you the power to take decisions that will propel you towards greater wealth. Owning a business can make you begin to feel good about what you do and will give you something to look forward to on a daily basis.
Though your days may be longer because you are the boss, you can end each one knowing you have taken the necessary steps to insure wealth. You can also grow your business at a pace that can be much faster than waiting for raises and promotions in other job situations.
14. For a Higher Purpose:
It’s not just about the money. The business should have a purpose other than making money out of it. The number of successful entrepreneurs dream was not to make money but they had some other purpose for it.
Various purposes of the successful entrepreneurs:
i. Want to help society.
ii. Want to create wealth for nation.
iii. Want to generate employment.
iv. Want innovation and creativity etc.
Likewise you must also have some solid purpose for your business. It’s about wanting to do something very different from the mainstream. They have grandiose dreams of being able to inspire a lot of other would-be entrepreneurs out there to take the leap of faith and begin their own ventures.
Directly or indirectly they have always wanted to promote entrepreneurship within India, because that’s what pumps up the economy – the pursuit of the creation of wealth. It creates opportunities for financial empowerment of all sectors of society and it helps create a shared goal and shared vision of what a country should strive to achieve.
15. Opportunity to Build Equity:
When you own your own business, you also own the means of production, which can develop into substantial value. This equity represents assets that can be sold to someone else or passed on to your heirs. Entrepreneurship creates the opportunity for philanthropy. Other contributions that entrepreneurs make result from their creating value. New, innovative ideas have been known to change society. Take for example the personal computer or telephone. To have the opportunity to change peoples’ lives through your work is personally rewarding and motivation for some entrepreneurs.
16. For the Independence:
The independence to do what I wanted to do; and to do it in a way where my principles and values would not be compromised; where my potential would not be capped by the potential of a boss. Entrepreneurs want complete authority; they have their own plan to do. They cannot work under any superior authority and therefore they want to open their own business.
17. I’ve always Wanted to do this:
Most of the people for some strange reason, ever since have always wanted to build their own business. The question for them always was “when” and not “if”. Somehow, other than a brief dalliance with the idea of becoming a fighter pilot, they’ve never really floundered on what they want to do for a living. It’s always been business.
18. Because I am Crazy:
That hardly needs much explanation, but a certain amount of eccentricity is almost essential to a successful business. Some want to open the business because they anyhow want to open the business. They want their own business, responsibility and authority.
19. The Opportunity to have Control over your Life and Job:
It is not just the ability to say what hours you will work but it also involves every step in the operation of a business. This might include environmental sensitivity, social responsibility and benefiting your own community in certain ways. When you are the boss, all decisions from design concept to job creation, sales, business operations and customer relationship management ultimately circle back to the boss and his or her philosophy and motivations.
Many people have made decision to become an entrepreneur so they could take control of every aspect of their lives. This is very important in the stressful world of today. Stress is a great motivator because it prompts people to break away from those factors that are so greatly affecting them and make important decisions that will benefit them in the future. Though owning a business does come with its own set of stresses, it does take you out of the everyday situations that can become the source of anxiety.
Ego satisfaction! Business entrepreneurs have great opportunities to be visible in their community. Membership in chambers of commerce, business awards, community boards and other corporate boards of directors serve the personal esteem and satisfaction motivations of some entrepreneurs.
20. For a Good Lifestyle:
This would allow you to live a lifestyle associated with material wealth and success. Successful people are admired for their lifestyles; this reason, by itself, gives enough incentives for anyone to become an entrepreneur. The successful entrepreneurs have a very great lifestyle. They enjoy their life.
.Should you make a lot of money and know how to turn them into solid assets, then your life of never having to worry about money i.e., financial freedom is achieved. Once you achieve your financial freedom then you automatically change your life style. Now, your assets would work for you; making you all the money you need. This reason alone would drive most men to take the risk of starting a new business.
21. For the Sheer Challenge of it:
Most of the people want to open the business because they love challenges. They love to face the challenges and to overcome the challenges. They want to see themselves in such a critical situation. They have an ability and knowledge to solve the problems. They are the confident people.
22. Because I’m Inspired:
Whether it is Akio Morita or Warren Buffet or Richard Branson, self-made capitalists have always been a tremendous inspiration. The success of big entrepreneurs has attracted many new ones to become entrepreneur. They want to be like that. They also want to do business and want to get success in their business. They have a dream to become a successful entrepreneur.
Who is an Entrepreneur – 6 Reasons for not Becoming an Entrepreneur
1. You do not want to Compromise with Your Relaxation:
If you want to start your own business then you should be ready to work at any time of the day and night. But if you are not at all ready to compromise with your relaxation then definitely you are in the wrong train. You cannot expect job like situation when you are in your business. You cannot work within limited time. So if you want to spend your time with limits then it is not a good idea to open the business.
2. You’re not Disciplined:
Being an entrepreneur requires discipline since there is no one but you to set your work schedule or deadlines. This is one of the benefits of being an entrepreneur; you can do things when you feel like it, but is also one of the downsides. Think how many times you don’t feel like going to work but do anyway or you would lose your job. Because you are your own boss so from here itself your responsibilities increase, if you will shape the situation according to you but not according to business need then you will be in loss.
3. You Give up Easily:
Most difficult about being an entrepreneur and one of the things that came up repeatedly is to not give up and just keep going. Giving up too early likely contributed to the high failure rates, that entrepreneurs gave up before something great happened because it can be incredibly frustrating sometimes. If you are the type to give up easily, it is almost guaranteed that your business will fail since you will give up when it gets tough and it definitely will get tough, so be honest with yourself as this is a critical key to being an entrepreneur.
4. Not Interested in Research and Details:
Even if you have great idea but if you dislike research to get information then definitely your business is not good for you. If you will think that my idea is good and I have to just start with my business and you will try to avoid business research then it will not work.
You have to do a business research to know:
i. Is there a market for your products and/or services?
ii. Who will be your target market?
iii. What are their demographics?
iv. How will you reach them?
v. Have you set up manufacturing, inventory, delivery and tracking platforms?
vi. Who’s verifying and validating your bookkeeping?
vii. What type of business structure will/have you set up? Sole proprietorship? Partnership? LLC? Corporation?
viii. Do you have a lawyer, a patent or a mentor?
ix. Do you have a budget?
x. Do you have a business plan?
The issues above are just a minor sampling of the details that must be addressed. Is it doable? Yes, definitely and it will encourage you to, but only after you throw away your rose-colored glasses, look reality in the face, dive into the research and become acquainted with the possible ramifications.
5. You have a “Good” Idea:
Having a “good” idea does not stir up the fires of passion. Your idea must be great. Your idea must be demanding. It must create within you a passion to defend it against the onslaught of detractors who will be standing in line to tell you why your idea won’t work.
i. “Someone else is already doing if,
ii. “It’s been tried before and didn’t work”,
iii. “What if you fail?”
iv. “What makes you think you can make a living doing that?”
v. “If your idea is so good then why isn’t someone else doing it?”
You’ll hear all the protests and derogatory remarks. Are you passionate enough to defend your “great” idea? If you’re not, then don’t waste your time and money. Keep your day job.
6. You like the Idea of being your Own Boss:
When you start out, you get to be the boss and –
i. The secretary
ii. The assistant
iii. The delivery man
iv. The promotion guy/gal
v. The salesman
vi. The office manager
vii. The doorkeeper
So if you have any idea for your business and want to implement it then you should be ready to do all tasks for example, you may be the water boy, the salesman, office boy. If you will hesitate or dislike these tasks then definitely you are not suitable for opening the business. You are the man. You are the go-to guy. The buck stops with you. You make the decisions – all the decisions. There will be no rest for the weary because it all rests on your shoulders. If you can’t stand the pressure, then don’t put yourself in that position.
Who is an Entrepreneur – Support Systems for an Entrepreneur
It has been seen that the new entrepreneurs who have got support of someone in their business have become more successful than others. The entrepreneur does not need to worry much as the new entrepreneur without any support worry.
An entrepreneur with support of others solves the problems more quickly and easily, though both types of entrepreneurs put their efforts for the success of business. But some entrepreneurs who get support, the chances of their business success increases. It is not necessary that the new entrepreneur who will get support will definitely get success in the business and it is also not necessary that the entrepreneur who will not get the support will fail in the business.
But an entrepreneur who gets support the probability of success increases. Now it is to the new entrepreneurs how they convert the support system into success. For example, in the real life two entrepreneurs have started their career with the same level but one gets the support of shop from their supporter and other did not get.
The one who has got the support of free shop from their supporter has gained success easily than the other entrepreneur because the other entrepreneur was facing the problem of getting shop for their business but the first one has solved the problem because of their supporter.
Having a supporter and not having the supporter impact on the performance of the entrepreneurs. Indian entrepreneurs rely on friends and family for help in starting the business, with the quality of help from friends, former co-workers and university mates in the startup and management stages being rated the best.
Assistance in terms of manpower was mainly from former co-workers. Help in marketing and access to markets was mainly from friends, former co-workers and university mates. Finance was obtained from relatives and friends but not from former co-workers.
Success Attributions:
Entrepreneurs judge their success not only on the basis of business parameters like revenues, profits, growth and business reputation and monetary rewards, but also on personal factors like satisfaction and goal-achievement.
Most entrepreneurs feel their success was tied to creating something new and durable (‘create a world-class company based on intellectual property’) and to leaving a legacy (‘leaving an indelible mark on the sands of time’). They believe in innovation. They think innovation will grow the business. A few view successes as being able to prove themselves and several emphasized the importance of the contribution of their business to the nation.
The entrepreneurs have attributed their success mainly to hard work and focus or drive. They think that because of hard work only they have successfully grown their business. Other factors were technical knowledge/experience and access to resources. The entrepreneurs who have more technical knowledge easily use that knowledge for their business purpose. They increase the chances of their business success.
Some entrepreneurs feel that success that has come in the business because of emotional or mental strength; resilience (‘I can’t be kept too down for too long’), perfectionism and patience were other frequently mentioned qualities. They think it is the factor that is required for taking the more successful decision. They do not fear under stress and remain calm. They are mentally fit and ready to face any critical situation.
Leadership skills, particularly communication skills and good employee management, were highlighted as contributors to success.
What hampers the entrepreneurial process?
i. Financial struggle — lack of money in the business as well as personally was the most cited negative factor
ii. No government support — however, a few entrepreneurs disagreed, saying that the government has been supportive and has given lots of concessions to the high tech industry
iii. Dearth of sophisticated local investors and angel investors
iv. Lack of a forum for discussing entrepreneurial issues
v. Difficulty in finding top-notch resources (for instance, recruiting from good schools)
vi. Poor infrastructure
vii. Corruption and bureaucracy.
Who is an Entrepreneur – Recharge Yourselves for New Entrepreneurial Guts
The new entrepreneurs have a lack of motivation. They open their business but immediately they want progress in their business. They want huge customers, maximum sales and reputation of the company. When they do not get them, their motivation level decreases, their faith or interest dangle. But in such situation you should stay connected to your drive and let your passion infuse your business with big-picture thinking by scheduling time for your own private “meeting of one.” Setting aside time for this meeting keeps you focused on your current goals and inspires new ideas for taking your business to the next level.
a. Recharge Yourself to the Power of New Ideas:
Most of the entrepreneurs have tired by their average performance of the business. They start thinking that they are not well for the business. Great ideas often come from unexpected sources. You cannot judge that only educated or scholar person can give the idea. One good idea can give a greater boost to your business.
Once you will know that your idea has gained the success your confidence will increase; you will think more positively about your business. Create a list of your past accomplishments and define where each achievement originated. Did it develop from a customer suggestion, a visit to a new store or something you read in a magazine? Keep your mind open to new possibilities by adding these specific development channels to your strategic plan.
b. Create Unique Ability to Improve Your Customers’ Lives:
Build on your success by focusing on your customers’ needs and desires. Customers are the cornerstone of the business. If you will make them happy then definitely you will gain success. Try to explore every activity of your customers. What customers want? When they feel happy or satisfied with respect to your products or services? Integrate these items into your product improvement process. If you don’t currently have a mechanism for obtaining customer feedback, devise a plan to glean this information from your most loyal clients. This input is the most valuable data your business can receive, bar none.
c. Come Up with New Tastes and Flavours:
Entrepreneurs become susceptible to competitive forces when they forget to tailor their offerings to specific customer requirements. The entrepreneurs should not serve only those products to the customers that are in the market. They should give something new to their customers. They should provide something unique to their customers. Customers want uniqueness, they want some change and if you are providing their like products or services, then definitely you have won their hearts.
Based on the information you collect, ask yourself, “How can a customer request be transformed into a product variation or a completely new product?” Linking customer suggestions to your endeavors keeps your business personal and helps you sustain your competitive edge. Keep your entrepreneurial energy and motivation high by ensuring the new project is something you will enjoy implementing.
d. Experiment with Business Execution Strategy:
Executing your decisions is imperative to your success. Use your new offering as an opportunity to test fresh implementation methods. For instance, if you always launch products through retail stores, investigate how to sell them online. Developing innovative distribution channels can be as profitable for your company as offering additions to your product line. Instead of customers coming to your shop, you move to the customers’ door.
Provide their needy products or services to their door only. Doing experiment with your business can give you new idea of doing business. Any idea may become very popular and can give benefit to you. Commit to regularly investigating new product developments and distribution possibilities. Conducting an annual meeting of one provides an excellent opportunity to stay energized about growing your business.
Who is an Entrepreneur – Entrepreneurs’ Association
Motivation has a direct impact on productivity and performance. It decides the way of entrepreneurs in the business. In which direction the entrepreneurs will move is decided by the motivation of those entrepreneurs. Although most entrepreneurs are passionate about what they are doing, they can sometimes succumb to the evil clutches of laziness and boredom just like any other human beings. They do not want to move forward with the business.
Entrepreneurs’ association helps to generate motivation?
There are a lot of reasons why entrepreneurs should associate among each other to help in self-motivation.
The following are reasons why association will help to motivate entrepreneurs:
a. Motivation by Others’ Performance:
The entrepreneurs should do the analysis of others’ performance. It will help the entrepreneurs to motivate for the business. They should take the example of others how they have progressed in their business? How they have achieved the targets? You do not compete with the others instead you should take all the positive points of the other entrepreneurs. Likewise you should also take the example of the others how they have failed in their business? What they have done to overcome the failure? How they faced the challenges? This will motivate you and give you the direction.
b. Be in Contact with Each Other:
There are many entrepreneurs who are in the same business. You should always be in contact with those entrepreneurs. Try to discuss the issues of your business with the others share your knowledge and gain others’ knowledge for your business purpose. The Entrepreneurs are rare and if you are one, it has been really hard to find like-minded people unless you are studying an entrepreneurship course or working with entrepreneurs frequently.
Doing something alone is boring. Make a relationship with other entrepreneurs. Get insight about what they are doing, compare your performance with their performance. Without the right support, you tend to give up easily. Thus, if you want to get to your entrepreneurship goals, start association.
c. Sharing Resources:
Just like anyone, we don’t have every resources or skills necessary to run a successful venture. Often times, it is lack of resources, be it funds, knowledge, experience or advice that are pulling back entrepreneurs from starting out.
Again, association with fellow entrepreneurs helps to patch these holes. For example, you can share your knowledge with the help of internet also where there is community who share their knowledge about business and give feedback to you also. It is the best source of getting important tips for your business.
d. How to network with other entrepreneurs?
With the reasons above, the next thing that should come into your mind is how you are going to connect with people who share the same entrepreneurial thoughts as you. What are some of the ways that you prefer to connect with other small business owners and entrepreneurs? Do you think networking with like-minded people can motivate you in getting things done as well as achieving your business goals?
e. Social Networking Platforms:
Social networking sites like Linkedln, Facebook and Twitter connect people all around the world together. Apart from using these platforms to find new people to connect with, keeping the relationship going can also be done easily with the incorporated functionalities. Twitter is best for this because the 140 characters limitation makes it much easier for you to approach people that you have not spoken with. Keep this in mind though, you are trying to build an association and develop relationships, not to pitch your product or services to someone else.
f. Attending Events and Conferences:
Attending trade events and conferences is a must. Here you will find different entrepreneurs, you can interact with them. You can share your knowledge and likewise you can gain others, knowledge also. You can connect with more local small business owners and entrepreneurs. When it comes to networking, nothing beats a face-to-face interaction. Direct talk with the other entrepreneurs gives birth to new thoughts and new solutions.
You will be much comfortable dealing with a person that you had met with him face-to-face. You should shortlist and start attending events and conferences that are relevant to you and your business. Apart from trade events and conferences, local Chamber of Commerce meetings are also popular in some places for small business owners to meet up.
Who is an Entrepreneur – Bad Reasons to Become an Entrepreneur
1. Risk of Failure:
The problem in investing capital into a new business is that if the business fails, you will lose all that money. If you had to take out a bank loan or a second mortgage, in order to come by the money that you required, then you will have to find a way to pay that money back without having a job or a business to assist you. But what can be even more damaging is the sense that you failed, you weren’t good enough, your idea was poorly received by peers. Before you set off on your journey as an entrepreneur you should seriously consider whether you are mentally flexible enough to cope with the possibility of failure.
2. When you Actually Need a Job:
Don’t do business, if at present you do not have anything to do and therefore you want to do business because that will be the bad option for doing business. You cannot consider opening the business so lightly. You need desire and motivation for your business. Opening the business requires investment, efforts, resources etc., all assets will be of no use if without any mindset you are trying to open the business. The best time to consider entrepreneurship is when you are employed and drawn to doing something else. Then you can truly answer the question of whether you are committed enough to provide steep outlays of time and money to give your business the care it needs.
3. When you Want to Work Less:
It is wrong perception that if you are a boss or business owner then you have to work less, rather you have to work more for your business. Opening a business because you want to work less is a bad option. Running a business is not an easy job. If you want to run a business because you want to work less then there will be more chances that your business will fail. At least initially you need to work hard for growing your business and surviving in the tough competitive market.
You can think about the leisure time when first you will establish your business, you will have your customers and you will settle the problems of your business. If you want to work less then do not start business, otherwise your business will suffer.
4. Because you Hate your Boss:
When you are frustrating with your boss and you dislike him and therefore want to open a new business, where you can work without any stress. But before taking this decision you need to think on whether are you ready to open the business? Are you able to handle the burden of your business? Are you ready to take such a big responsibility?
So many challenges are there for opening a business. You must have all the information of opening the business. You will face the challenges and you must have a gut to face it and overcome it. Now you no longer have someone else to blame for your own shortcomings. You can’t thrive in your business unless you’ve mastered people and processes. If you are so oppressed by your boss or your workplace, consider another job before you consider building a business.
5. When you Want to become Wealthy:
Just for becoming a rich person is not a good reason of opening a business. So many successful entrepreneurs in the world did not have their prime motive to become wealthy rather they wanted to do something new and unique. They wanted to achieve something in their life and wanted to do something for the welfare of society.
The important thing is that if you have a reason for your business then you will definitely succeed in your business. But if you have only one desire to open the business that is to become rich then, your desire is not completely good. You must keep the desire of becoming rich to secondary level but not on the prime level.
Think about the why. Why you want to be in business. A lot of people who made a lot of money building businesses have felt this way. A lot of businesses bombed in the Web that was built on less than passion. The need to make money doing what you love leads to innovation. The need to get rich leads to stupid decisions.
6. When you Want to become Renowned:
People want to do business because they want to be famous. They want that people should know them. The others should respect them, should give value to them. They are impressed by the success stories of the entrepreneurs and what they think by becoming entrepreneur they can also become famous. But the reality is different the entrepreneurs have become rich because of their work, they did not get into the business because they wanted to do the business but they opened the business because they wanted to do something for the society, for people or they had seen the opportunities and after that they have to work hard to turn the opportunities into the reality and because of that they have earned the fame.
People have recognized them for their work for their talent and uniqueness. If you want to earn the fame then it is not easy. You must be ready to accept any challenge. You must know about business. You must have purpose to do a business. Becoming famous should not be your goal but it should act as the secondary goal. Your primary goal must be to do some unique thing for the society.
If getting attention is your reason for starting a business, take note – There are much easier ways of becoming famous.
Who is an Entrepreneur – Lack of Entrepreneurship
Lack of entrepreneurship inhibits the process of industrialisation in the newly-developed countries. Although there is no such thing as a zero level of entrepreneurship, it is well recognised that entrepreneurs can be developed through appropriately-designed Entrepreneurship Development Programmes (EDP).
These programmes broadly consist of three distinct stages – firstly, that of developing achievement motivation, and sharpening entrepreneurial trait and behaviour; second, that of project planning and development; and at the third stage, guidance is provided on industrial opportunities, incentives and facilities, rules and regulations and the development of managerial and operational capabilities.
With the growth of technical manpower, it is necessary to organise entrepreneurship development programmes on a wider canvas to attract potential entrepreneurs to small business. While doing so, the characteristics of an entrepreneur have to be kept in the view.
Broadly, they are as follows:
1. Development in any walk of life has always depended on individual qualities of entrepreneurship. A study of human history shows ample evidence of the role of individuals in the process of development.
2. Industrial development in almost all countries has always started with individual enterprises.
3. Even huge multinational and national corporations have mostly received their inspiration from one or a few individuals.
4. In the case of small industries, the project is usually centred on a single individual.
5. Small enterprises are mostly initiated, managed and developed by one or a few individuals.
6. Qualities of entrepreneurship constitute one of the major resources in the promotion of an enterprise.
7. An entrepreneur is someone who ventures out; prefers change as a means of growth; and is prepared to take calculated risks.
8. While taking a risk, the entrepreneur is aware of the possibilities of success as well as the consequences of failure.
9. He analyses the pros and cons carefully before making decisions.
10. He is involved in the planning activities, both before and after the decision to start the enterprise.
11. He is motivated by an urge to make a success of the project.
12. He proceeds to accept the situation as a challenge.
13. He equips himself with all the necessary tools.
14. He is persistent and is full of perseverance for making a success of himself.
15. Entrepreneurship is a product of interaction among a number of factors. Some of these factors are in the individual (psychological) and the rest are in the social, cultural and economic milieu.
In brief the ingredients for a successful entrepreneur are:
1. He is confident in facing challenges and is eager to achieve.
2. He identifies the product.
3. He plans for a venture.
4. He selects the technology commensurate with the means available and tuned to the social and economic environment.
5. He is eager to improve quality.
6. He is able to manage men and material.
7. He finds markets.
8. He is innovative.
9. He is progressive.
10. He always strives to climb up.
11. He always imbibes new technology for improvement.
12. He always strives for modernisation, diversification.
13. He is well-informed.
14. He strives to meet the changing needs of the customer or hold customer as king.
In India, a large number of institutions and organisations are engaged in the development of entrepreneurship, resulting in the speedy growth of industrial ventures.
The example of India is fascinating. During its First Five Year Plan, technical education was given importance. Industrial training institutes for low-level semi-skilled workers, polytechnics and prototype development and training centres for skilled workers and supervisors, engineering colleges for managers and institutes of technology for the higher managerial group were established all over the country. This resulted in India becoming the third largest technical power.
Who is an Entrepreneur – 8 Main Challenges of Entrepreneurs
The major challenges of entrepreneurs are given below:
Challenge # 1. Courage to Start your Own Business:
Starting the own venture is not an easy task. To need a lot of courage and strength to quit your job and start the own business. One needs to be determined and confident towards his/her goals. You need to convince yourself that there is a need of such product in the market and you are the best person to build it.
Having the courage to leave everything else behind to pursue something you are passionate about is what people lack the most. Particularly, if the business plan is something most people do not believe in. It’s much easier to follow the definite plan than to venture out into something new.
Challenge # 2. Raising Capital:
Money is another biggest challenge faced by an entrepreneur. Now you have to decide when, how and from whom you are going to raise the required capital. At times, people need to bootstrap their start-up for a longer period of time. Finance is the life blood of business. It can either make a business or break it. Undercapitalization and over-capitalization are very harmful to the business.
Managing the finance of his business is a big challenge for an Indian entrepreneur. He must manage both fixed and working capital properly. He must borrow money from the right source. He must manage his cash flow properly. He must invest his excess funds correctly. He must create sufficient reserves and surplus.
Challenge # 3. Hiring Right Talent:
After you have decided to start your own venture, you need a team. Behind every successful business is a dream team – be it finding a right co-founder or the founding start-up team. Getting someone who believes in your idea/venture as much as you, to make it work is always difficult, but yet the most crucial.
The workforce has a remarkable change. The stat indicates the male domination is going down as days passes by. A new era of highly qualified educated Indian women have entered to work in any companies besides the culture and barriers faced in the society.
Women in India are now as professional managers, efficient employees, more hardworking than men today in the companies. This presence of women in the society has brought new challenges in the Indian entrepreneurs. Now the challenges are that the entrepreneurs should provide the environment in the women can work.
Challenge # 4. Adapting to Modern Technology:
Science and technology have developed in a vast arena. It not only improves the quality but also producing good and best services with the reduction in the cost of production The reduction in cost increased the process of production. High-Quality commodities, low cost of productions, faster production and make highly competitive environment.
The Indian entrepreneurs need mandatorily in need for to keep pace with the emerging technologies as much as possible and to the new technology. Old machines are replaced. This is the challenge for the Indian entrepreneurs to train the employee very well to make the handle the modern technology in an efficient manner.
Challenge # 5. Social Challenges:
Family challenges are always at the top because that is what matter the most but at times social challenges also very important. It is happening in terms where you will have lot of challenges to be faced because the improvement in the business will be a quite delay than being an employee but the future growth is very large which patients is very important. On looking the people when entrepreneurs lose the confidence inside him/her then it will be a failure which should be taken care of.
Challenge # 6. Technological Challenges:
Indian education system lags too much from the job industry as a whole but then it lags even more when it comes to online entrepreneurship. This does makes entrepreneurs life that much more difficult on technology front.
Challenge # 7. Teaming Challenges:
Indians are more inclined towards job I big companies than towards a partnership or even working in small startups. You can have the hardest time finding the right team of people to get yourself moving this problem. To find the right balance of people to work is very difficult.
Challenge # 8. Motivation and Dedication:
Indian women/men come across several barriers before coming for a working environment. It is not only India but all the continents, countries, states, cities. The thing that is more needed for the growth of the organization is that the employees should be treated in a good manner that they work with dedication.
The thing to make them do the work with a piece of dedication it is done by appropriate actions taken by the entrepreneur. The entrepreneur should make a more number of activities which motivates them and which makes them self-dedicate themself to get into the business.
Who is an Entrepreneur – How to be a Better Entrepreneur?
1. Don’t let emotions cloud your decisions.
2. Accept criticism, no matter who gives it to you.
3. Never stop networking.
4. Learn from your own mistakes.
5. Learn from other people’s mistakes.
6. Around every corner lies an opportunity for you to sell something.
7. Try not to mix your family life with your business life.
8. No matter how successful you are, you shouldn’t stop learning.
9. Hiring employees won’t solve most of your problems.
10. Having a good business partner will be a key factor in your success.
11. Don’t be afraid of the unknown.
12. It is easier to save money than it is to make it.
13. You don’t always have to innovate; there is nothing wrong with copying.
14. Have a marketing plan.
15. Don’t underestimate your competition; you can’t always know what they are doing.
16. If you don’t have a business mentor, you better get one.
17. It doesn’t matter what you want, it only matters what your customers want.
18. When others are fearful, you should be greedy. And when they are greedy you should be fearful.
19. The best chances you have of becoming rich are through your willingness of working hard.
20. Even the most idiotic business idea can make money.
21. An easy way to make more money is to Upsell to your current customer base.
22. Base your business decisions around metrics.
23. Raising venture capital is harder than being struck by lightning.
24. Learn to be a team player.
25. Learn to manage both your personal and business money.
26. Live in a location filled with entrepreneurs.
27. If you don’t take any risks, there will not be any rewards.
28. Don’t let anything stand in your way.
29. Sometimes you have to wait for good deals to come to you.
30. The smartest route isn’t always the easiest route.
31. With networking, it isn’t about whom you know, it is about whom your network knows.
32. You’ll learn more from starting your own business, than going to business school.
33. Having a personal blog doesn’t only help build your personal brand, but it helps your business as well.
34. Your competitors don’t have to be your enemies, you can learn a lot from them.
35. You can grow your business by working for free.