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Guest post by: Dr Don Yates Sr PhD Become an Author

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We started this Preparing Yourself to Do Business Online series with a discussion of the need for your preparation to do business which included your personal development plan. In this article, we examine what is an entrepreneur? What are their Traits, challenges, opportunities and motivations?

What Is An Entrepreneur?

This term applies to someone who establishes a new entity to offer a new or existing product or service into a new or existing market, whether for a profit or not-for-profit venture. Business entrepreneurs often have strong beliefs about a market opportunity and are willing to accept a high level of personal, professional or financial risk to pursue that opportunity. A Risk Bearer, an Organizer, an Innovator, a Leader

So what does all that mean? Let us continue, find yourself in the following, sort out those areas where you need help. We believe that entrepreneurship can be learned.

In-Born Traits of an Entrepreneur

• Entrepreneurs have a Desire to Achieve: The push to conquer problems, and give birth to a successful venture.
• Hard Work: Are mostly workaholics.
• A Nurturing Quality: Willing to take charge of, and watch over a venture until it can stand-alone
• Acceptance of Responsibility: Are morally, legally, and mentally accountable for their ventures.
• Reward Orientation: Desire to achieve, work hard and take responsibility, but also want to be rewarded handsomely for their efforts; rewards can be in forms other than money, such as recognition and respect.
• Optimism: Live by the philosophy that this is the best of times, and that anything is possible.
• Orientation to Excellence: Often desire to achieve something outstanding of which they can be proud
• Organization: Are good at bringing together the components (including people) of a venture.
• Profit Orientation: Want to make a profit; but the profit serves primarily as a meter to gauge their success and achievement. John G Burch Business Horizons, 1986

Here we are nearly 20 years later. What would you add or delete. Few of us possess all, but we can learn.

A Successful Entrepreneur Is One That

• Is motivated and who is able to motivate those around him or her
• Is able to manage time effectively
• Has the ability to leverage off strengths and overcome weaknesses
• Manages resources well
• Considers health as well as wealth
• Is flexible and able to adapt well to change
• Is willing to learn from others, Reads, Reads and Reads

What are some of the Challenges of an Entrepreneur?

• Uncertainty of Income
• Cash Flow Management
• Risk Of Losing Your Entire Investment
• Long Hours And Hard Work
• Lower Quality Of Life Until The Business Gets Established
• High Levels Of Stress, In-laws (Now Or Future)
• Complete Responsibility
• Are You Easily Discouraged?
• Do you feel personally stressed and feel threatened under pressure
• Constantly stake personal reputation and tend to give guarantees.
• Be hard yet more flexible and more streetwise than a corporate executive.
• Be good at multitasking – able to do everything.
• Intermittent, unpredictable income
• Self-Discipline, Patience, Listening, reading
• Personal technological competence, internet
• The buck stops with you!
• Think of new ideas and deliver them to the market and make a profit.
• Provide leadership to his team against established competition with minimal resources.
• Raise finance without a track record, collateral or internal experts.
• Pay staff first; you get paid when it is prudent to do so.
• Be prepared to lose everything if things go wrong

Entrepreneurship Opportunities



Are You Entrepreneurial?

• Independence Seeking
• Wealth Seeking
• Opportunity Seeking
• Innovative
• Venture Seeking
• Risk Accepting
• Intuitive

Are You Non-Entrepreneurial?

• Laborers
• Bureaucrats
• Lenders
• Professionals
• Managers

You probably found yourself on this list, I did, but we can learn.

Access Yourself

• Assess Your Own Capabilities, Resources And Characteristics.
• This will help you concentrate on your strengths as well as identify the additional tools, resources and skills you'll need - from financing to market planning to bookkeeping.
• What Do You Want?
• Do You Have The Right Skills, Temperament and Work Style?

Have You Thought About what is involved?

Are You Comfortable With Having All The Decisions Rest With You - From Employees, To Suppliers, Production, Sales, And Management?

Investigate – Why Are You Here?

• If you had a choice, what would you rather be doing?
• What concerns do you have?
• What is attractive to you?
• What is your idea or marketplace opportunity?
• What characteristics of an entrepreneur are important to you?
• What skills and experiences do you have that will help you become successful?
• What entrepreneurial skills and experiences do you lack at this point in time?
• How many months can you live without income?

Would you still be here if you won $1,000,000? Probably not if your intent was just to make money

Motivations

• I want to be my own boss
• I have identified a new business idea or opportunity
• I feel I can achieve more in my life through entrepreneurship
• I believe my job opportunities are limited due to my age, skills and experience
• I want a career that will align better with my personal values

So hopefully, you got some ideas for your plan, areas that you need to work on.

In the next article we will examine your leadership skills, attitude, commitment, procrastination and others. Should be interesting for you

Thanks for reading

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