― George Bernard Shaw
Entrepreneur _5Ws & 1H
Entrepreneur Mind – Know the 5Ws & 1H
Many have tried to define what “Entrepreneur” meant.
I like the one put up by Ronald May.
“An Entrepreneur is someone who commercializes his or her innovation.”
For other definitions, please click http://en.wikipedia.org/wiki/Entrepreneurship
Who can be an entrepreneur?
The person can be anybody. History has shown that a successful entrepreneur could come from any educational, cultural or social background. He or she could be tall, short or in all shape and size in appearance. The person can start off the business with very little money. All these mentioned factors do not significantly determine whether the person can become a successful one.
The important attributes of an entrepreneur are knowing one’s strengths, weaknesses, opportunities and threats (SWOT) in the Business interested in. Your business enterprise is about you, who you are, what you want, what you do well and how you are different.
You just appoint yourself to be the initiator and implementer of your innovations into the market place. The level of your success relies on your effort and the need of your customers. The greater the demand for your products and services, the more, the potential financial rewards you will receive.
Notes:- According to the Global Entrepreneurship Monitor, “by the time all working men in the United States reach their retirement years, half of them probably have a period of self-employment of one or more years; one in four may have engaged in self-employment for six or more years. These are also happening in other countries around the world.
What is entrepreneurship?
To quote Kent et al (1982), “entrepreneurship, broadly defined, is the act of organizing, managing, and assuming the risks of a business enterprise.
1. It evolves discovery of opportunities, taking and managing risk in your venture/s
2. Makes decisions in the face of uncertainty in a world with imperfect information.
Notes: – Entrepreneurial activities differ substantially depending on the type of organization and creativity involved. Entrepreneurship ranges in scale from solo projects, and even just part-time projects, to major undertakings that create many job opportunities.
Know what you like or what you are good at? Ideally, you are good at something you like to do. Building a business requires investment of time and hard work, so it is best if you love what you do.
When is the right time to do?
When you know what your want and are mentally prepared to take the plunge. By then, you should have completed your research of which niche market you should be in and know the business profit and growth potentials. Another area is financing of your business venture. You need to have enough capital to start and run your business until the profit generated could finance the business operation. If a loan is required from Bank or other financial institution, you should make contact with them early, to get financing approval, to jumpstart your new venture.
There are endless opportunities that present themselves to the successful and the ready. So, are the appeals for help and aid. A positive self image and can-do attitude will make this pursuit more exciting and enjoyable.
Where could I get these inspirations and opportunities?
You could get your inspirations of business ideas and opportunities from communicating with people you have met at work, at social gathering, at leisure or in social networking setting in the cyber-spare. Other avenues are listening to inspiring speakers or reading book on topics that you are interested in. Even an event or happening highlighted in the Public Media like TV, Radio or cable networks could trigger an inspiring thought in you. You could even learn something unique by quieting your mind and being observance of the environment you are in. The opportunity for getting new business ideas is infinite. The only limitations are the beliefs you cherished in your own mind and whether you are observing enough, to pick it up.
Why you want to be an entrepreneur
Start by understanding what success means to you. Do you want to?
- Turn your hobby into a second income?
- Have the flexibility to work from home?
- Create a business that leaves behind a legacy?
Whatever the reason, it must be your own. You must own it in order for you to succeed in your journey as an entrepreneur.
Research on start-up entrepreneurs had sited 6 factors as reasons for them to take the plunge:-
(Extract from Local Entrepreneurship in Singapore Book, ISBN 981 00 15534 page 127 to 129)
Family environment -The family can positively influence the start-up decision in two ways. First instance, the person acquires experience in the family business, and then branches out on his own in the same line of business. In another instance, the family provides an environment conducive to a career in business, even though an individual may ultimately embark upon a different business altogether.
Long cherished ambition – Being one’s own boss and having one’s own company may be the long-cherished ambition of some.
Previous job -A previous job can influence the decision in two, not necessarily exclusive, ways. The person becomes dissatisfied with his present job, finds it unfulfilling for some reason, and leaves to start his own business. On the other hand, a previous job can provide the experience needed, to start one of his/her own.
Perception of business potential – All those who started up on their own must have made their calculations of the market potential, regardless of other motives.
A hobby, a love, becomes a profession – The love of a hobby turns to be a profession or a sustaining business enterprise.
The ‘by accident’ factor – A number of entrepreneurs mentioned that they went into business simply ‘by chance’, i.e. their businesses were not the result of a premeditated, intentional move, but simply a natural consequence of events.
Business environment – In some case, the decision to start their own business was very much by the business oriented environment they are in, be it during their studying, working or living days.
It is important to know the WHY before you take the entrepreneur route. The journey is normally not plain sailing, full of challenges, heartaches and setbacks, especially during the start-up stage. You need this extra fuel in your mind to soldier on and to achieve your pot of gold.
How can you do it?
There is no shortcut to successful entrepreneurship. You need to have the know-how, the experiences and the learning gained from the school of hard knocks.
Learn from the business people who have gone the path before you and reading articles on entrepreneur books, magazines or blogs in the internet. Pay attention to the things you could duplicate in your new venture and things to avoid, to prevent making similar mistakes as done by your predecessors.
Ideally, you should look out for mentors that you could turn to, for advice and assistance when things don’t go according to plan.
In summary, if you want to be entrepreneur, be brave and have the self confidence, belief and never give-up attitude. Good luck.
Key Steps to Successful Small Business Start-Up
1) Getting Started. Examining Your Personal Objectives, Business Niche Ideas, Skillsets, SWOTs.
2) Finding & Building a Profitable Business Niche. How-to techniques.
3) Setting Up Efficient & Effective Business Management & Control System. Most startup owners always fail in this count, due to lack of knowledge and time. a dilemma in keeping up-to-date financial and transaction records faithfully, maintain healthy cash flow and building up a profitable business.
4) What You Should Do. To ensure a smooth, profitable and sustainable start-up business.
5) What Other People Help You Need. Outside help you need to achieve your goals. Seek up and get support on this as soon as possible.
6) and much more
If you want any additional information on the Business Start-Up kit, please contact our company at phone no +65 96431052 or
email us at firstname.lastname@example.org.
We will be delighted to be of service to you.
Reuben H C Ong (a.k.a Reubeno)