Entrepreneurship Part 1

The pointers below is simply an overview of steps towards setting up a new small enterprise, product or service

As an increasing number of companies make staff redundant, the climate here is ripe for aspiring entrepreneurs to "take the plunge" and start their own business with their redundancy package.  In this current climate we need to begin thinking "outside the box".  We need to move outside our "comfort zone".  We can no longer wait to "find that job for life".  We must take control of our own destiny right here and now and put all of our talents and our wealth of past experiences to work.

Entrepreneurship is a process of creating a business, undertaken by people who are ready to risk their energy, time, money and commitment to this product or service.  The product or service may or may not be new or unique, but value will be created by using your valued skills and resources.

 Entrepreneurial Traits

The entrepreneur is the key person to the successful development of any business.  He/she is the person who perceives the market opportunity and then has the motivation, drive and ability to mobilise him/herself to meet the requirements.  Although it is difficult to describe a typical entrepreneur, there are many common characteristics or traits to be seen:-

• Self-confident all-rounder. - The person who can make/deliver the product/service, market it and manage all the work aspects connected with the enterprise.
• The ability to bounce back - The person who can cope with "let downs" and disappointments from potential clients and still have the confidence to try again and again.
• Innovative skills - Not an "inventor" in the traditional sense but one who is able to carve out a new niche in the market place, often invisible to others.
• Results-oriented - To make the business successful there is the requirement for drive that only comes from setting goals and targets and getting pleasure from achieving them.  Goals put you in the driver's seat.  Goals help keep you in the direction of your focus on the enterprise.
• Professional risk-taker. To succeed means taking measured risks.  Often the successful entrepreneur exhibits a step-by-step approach to risk-taking, at each stage exposing him/herself to only a limited, measured amount of personal risk and moving from one stage to the next.
• Total Commitment - Hard work, energy and single-mindedness are essential elements in the entrepreneurial profile.