Making the Decision to Go into Business
A good deal is known about what it takes to be a successful entrepreneur. For the most part, it seems that the one overriding factor is a tremendous need to achieve. In short, attitude seems to have almost everything to do with success in business, while factors, such as intelligence, education, physical appearance, and a pleasing personality, are much less important. Characteristics of typical successful entrepreneurs include: - An overpowering need to achieve, as opposed to a need to be liked, or to exercise power; the form in which different individuals measure their achievements varies widely, ranging from amassing wealth to building a larger organization to creating a better mousetrap than anyone else;
- The trait of following through on a commitment, not quitting half-way through when the going gets tough: in short, perseverance;
- A positive mental attitude or the ability to remain optimistic in new and unfamiliar situations, which essentially grows out of being self-confident about one’s abilities;
- Objectivity — the ability to accurately weigh and assess risks associated with a particular course of action, as well as being realistic about one’s own abilities and limitations;
- A respectful attitude toward money, but a tendency to look upon money as a means for accomplishing things, or a way of keeping score in the game of business, rather that as a thing to be sought as an end in itself;
- The tendency to anticipate developments and to make things happen rather than constantly reacting to problems as they arise;
- Resourcefulness— the ability to solve unique problems in unique ways and to be able to handle things that come up for which the entrepreneur has no previous experience to rely on as a guide;
- Good personal relations skills— the characteristics of being cheerful and cooperative, and usually getting along well with, without necessarily being close to, employees and associates;
- Well-developed communication skills, both in oral and written presentations; and
- Well-rounded technical knowledge with emphasis on the knowledge about the physical process of producing goods and services.
How do your personal characteristics stack up against the profile of the typical successful entrepreneur? If that profile doesn’t sound very much like you, maybe you had better give some long, hard thought as to whether you are ready to make it as a business owner. Running a business is not like working for someone else. No one is there to tell you what to do when something goes wrong. You are responsible for everything. Are you capable of handling that kind of total responsibility? Are you a self-starter, capable of planning, organizing, and carrying out projects on your own? If not, you may find that starting and running a successful business is not for you. Running a business demands a great deal in the way of initiative, hard work, self-discipline, and resourcefulness. On the other hand, solving the problems that arise from day to day and making it all work out can be a source of immense satisfaction, as well as be financially rewarding. Below is a useful questionnaire that may help you get a better idea of your suitability for playing the role of entrepreneur in the real world.
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