Entrepreneurship and Starting a Small Business
- Some of the traits of a successful entrepreneur are :
- Passion
Successful entrepreneurs are always passionate with their business and are willing to put hard work and long hours on their business, and they know what drives them to achieve their goals.
- Tenacity
Successful entrepreneurs would not give up easily and stays strong even things are rough. They are also willing to learn from their mistake and are able to adapt to new situtations.
- Confidence
Successful entrepreneurs will have confidence with their business so they must believe their ideas and goals can be achieved. The ones that are successful are the ones that have confidence and they keep going although there are some setbacks.
2. The difference are that Entrepreneur is a person that assumes the risk of putting together all the land, labor, capital and knowledge to start and run a business, they hire people to help them grow, they rarely delegate or outsource. Micropreneur is however, a person who starts and manages a very small business and they focus on staying small rather than growing.
3. Intrapreneur is an individual who uses entrepreneurial skills to create and develop a new project in the company they are currently working at. As already said, Entrepreneur is someone who designs and launch new businesses and take on the majority of the risks associated with developing a business. While, Intrapreneurs can be anyone from an intern to a vice president that comes up with innovation for their company using their entrepreneurial skills, and this also eliminates all the risk that comes with running their own business as an entrepreneur.
4. Business plan is a guide for a business that will highlight the goals and details on the plan to achieve does goals. Business plans usually includes:
- An executive summary
- A company overview
- Information about the products/services of the company
- Marketing plan of the company
- A list of major company milestones
- A bit of information of every single members of the management team and their role in the company
- Details of the company’s financial plan
5. Usually for start-up businesses they get their capitals from venture capitalists, angel investors, or banks to source their funding when starting up which is also called startup capital. Many of the entrepreneurs tho prefer venture capital because investors do not expect to be repaid until or unless the company becomes more profitable.
6. It is important to know the customer first because it is the key success to any business endeavor. Successful entrepreneurs understand what their customers want and the most effective way to make their product/service available. The knowlege of knowing each customer is also important, it requires more than just their names, ages, and incomes, but, also knowing customer’s hobbies, tastes, and interests along with what they like to watch, listen, and read can be an profitable advantage for the business.
Work Cited:
Nickels, W. G., McHugh, J. M., & McHugh, S. M. (2005). Understanding business. Boston: McGraw-Hill/Irwin.