Entrepreneurship and starting a small business

Traits of a successful entrepreneur

Having creativity, creativity can create innovation which is the important part for entrepreneurs in entrepreneurship.

Passion, can be a booster or motivation for people to do something tirelessly. If entrepreneurs have passion in what they do, they will work hard simply because it’s their passion.

Motivation, motive or goals. Motivation can be in a form of goals. Entrepreneurs must have goals or accession to be able to success.

Risk taking, willing to take calculated risks, and comfortable with ambiguity.

Self confidence, if they don’t have confidence in what they do then who will believe that their business is good. Investors tend to see this characteristic.

Product and Service Knowledge, entrepreneurs need to understand what they offer to the market to be able to fill the market itself.

Entrepreneurial Team and a Micropreneur?

Entrepreneurial team is a group of experienced people from different areas of business who join together to form a managerial team with skills needed to develop, make, and market a new product.

Micropreneur is entrepreneurs who’s willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle.

Entrepreneur & Intrapreneur?

Entrepreneurs is people who start and run their own business.

Intrapreneur is creative people who work as entrepreneurs within corporations.

Business Plan?

Business plan is a written document that describes in detail how a business defines its objectives and how it is to go about achieving its goals. A business plan consist of marketing, financial, and operational standpoint.

Where can we get our first capital as we just starting up?

We can get our first capital from venture capitalists, angel investors, or traditional banks.

Many entrepreneurs prefer venture capital because its investors do not expect to be repaid until and unless the company becomes profitable.

Why is it important to know our customers first before we develop a new business?

Because by analyzing and knowing our target customers, we can increase customer retention, improve customer service, better at managing marketing efforts, track what the customers really need, predict sales trends, and also we can find new customers in case the previous target customers is not suitable for the business.

References :

William G. Nickels, James M. McHugh, and Susan M. McHugh. 2016.Understanding Business, eleventh Edition. Mc Graw Hill.