what to major in to be an entrepreneur
Article Summary:
Defines what information technology takes to become an entrepreneur: defined, history, common issues.
Do you lot have what it takes to become an entrepreneur? - Role 1
Fully ane in x adults in the United states of america today is an entrepreneur. This miracle is past no means restricted to Northward America. The leading country for entrepreneurship is Brazil with ane in eight adults an entrepreneur. Commonwealth of australia is not far behind the U.Due south. with one in twelve. These countries - Brazil, the The states and Commonwealth of australia - atomic number 82 the way. Contrast, for example, Federal republic of germany (one in 25), the United Kingdom (i in 33), Finland and Sweden (one in 50) and Republic of ireland and Japan (less than one in 100). (Source: Global Entrepreneurship Monitor 2000.)
ENTREPRENEURSHIP DEFINED
The Global Entrepreneurship Monitor 1999 defined entrepreneurship as "any try at new concern or new venture creation, such as cocky-employment, a new concern, or the expansion of an existing business, by an individual, a team of individuals, or an established business organisation."
ENTREPRENEURIAL ACTIVITY - AN HISTORICAL PERSPECTIVE
Entrepreneurship is a major contributing factor to the economical well-existence of a land both in terms of economic growth and chore creation. Traditionally, entrepreneurial power tended to focus on the post-obit iv attributes:
THE Modernistic ENTREPRENEUR
Until recently, the above attributes, peculiarly innovation and risk-taking, were the dominant factors that defined the characteristics of those who chose to get entrepreneurs.
At present, nevertheless, with corporate downsizing being a fact of life, many entrepreneurs find themselves thrust into the role past default.
The question for anyone either finding themselves in this position involuntarily or thinking near leaving corporate life for the heady earth of entrepreneurship is whether you lot have what it takes to be successful ... the correct stuff in other words. Some people do, in spades. Others but don't. If you're one of the ones who simply doesn't, either resign yourself to working for someone else or cultivate in yourself the qualities that successful entrepreneurs share. Believe it or not, entrepreneurs are not merely born. Well, some, of course, seem to be natural-born entrepreneurs, but for the remainder of usa, the qualities of entrepreneurship can definitely exist caused by hard work and application.
COMMON ISSUES
The common denominator issues facing all entrepreneurs are planning, finance and implementation.
All entrepreneurs face the challenge of starting a new business, be it through innovation (inventing something new or doing something a different way), finding the right opportunity to get into, or buying a franchise. Whichever road you choose, it will involve serious planning.
Unless you lot accept ready funds at your disposal, getting finance is the next major claiming and cannot exist attempted until your business programme is in identify. You will demand to prepare funding proposals and applications for loans, venture capital, and funds from angel investors.
This is make or break fourth dimension. Many people think just getting started is the hard part - and it is hard. But where many businesses stumble is not in the planning and financing stages but in implementing their business organization program. Why this is then is not certain. There are various hypotheses including the idea that ideas people and implementation people are ii very different breeds and it is highly unusual to find one person who can exercise both. More likely though, is the simple fact that implementation requires such a broad range of skills that no 1 person can mayhap be adept at all of them.
The existent challenge and skill of the entrepreneur, then, is to recognize what y'all do well and so engage employees or subcontractors to do the rest. Of course, if you're running a business organization on a shoestring, this simply may not be possible! And so be brutally honest and objective in assessing your particular strengths and weaknesses BEFORE you cash in your twenty-four hours task and your 401K.
The areas to think nearly in terms of implementation are the same equally those encompassed by a broad definition of management: promotion (marketing and advertising), public relations, sales, employees, communications, legal problems, plant and equipment, run a risk direction, disaster planning, crunch management, insurance, technology, computer systems, taxes, bookkeeping, finance, and the net.
Side by side: Do you accept what it takes to become an entrepreneur - part two
Nearly the Author: Elena Fawkner is editor of A Home-Based Business Online ... practical ideas, resources and strategies for your habitation-based or online business. world wide web.ahbbo.com
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