Wednesday, December 1, 2010

What is an Entrepreneur?

Not everyone wants to be an entrepreneur and run their own business. Being an entrepreneur requires specific characteristic and skills that are often achieved through education, hard work, and planning.

 Characteristics:
- Risk Taker (Businesses take risks. Minimize with research, planning and practice)
- Perceptive (View problems as opportunities/challenges)
- Curious (They take initiative and pursue the unknown)
- Imaginative (Creative)
- Persistent (Press on, receive criticism)
- Goal-Setting (Seek to accomplish dreams in the future)
- Hardworking (Not deterred by overwhelming/disheartening circumstances)
- Self-Confident (Believe in yourself)
- Flexible (Adapt to changing circumstances)
- Independent (Desire for control and ability to make decisions)

Skills:
- Research skill (Identify what to know, and how to learn it)
- Gather Information (books, databases, Internet, Periodicals, Consultants, Professionals)
- Using Information (Sort data by relevance)
- Management Skills (Organizing, Directing, Controlling)
- Planning (Financial, Production, and Marketing strategies)
- Organizing (Time-Management)
- Directing (Motivate staff, Encourage initiative and self-direction)
- Controlling (Develop budgets, keep accurate records)
- Marketability (How will it sell? Who are potential customers? How long will it last)
- Profitability (Must ensure that revenue exceeds all costs. Expected revenue and expenses)

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