Are You An Entrepreneur?
With all the buzz about everybody being an entrepreneur these days wouldn't it be nice if you could really find out if you have what it takes?
Sure it would.
The following profile was adopted over a period of several years of research from successful entrepreneurs worldwide to assist would-be entrepreneurs determine if they have the traits to undertake a new venture.
Can we describe what an entrepreneur is? Simply, an entrepreneur is one who undertakes something new or remakes something old and eventually succeeds. Entrepreneurs may fail, and often they do, before they get it right. But there are no entrepreneurs who are failures. Entrepreneurs only look upon a failure as a stepping stone. One door closes, another opens.
Do YOU have the entrepreneurial mystic?
This assessment is the result of analyzing the character traits of successful entrepreneurs. It measures entrepreneurial readiness whether one considers s/he is an entrepreneur. Much study and research by academics around the world has gone into attempting to determine who is, or can be, an entrepreneur. Unfortunately, not one reliable predictive model has successfully been developed, nor is it likely one will beyond identifying the traits and trying to measure up to them.
This all seems pointless however even if one has the traits because it does not guarantee any measured individual will become an entrepreneur. Just having the traits does not guarantee SUCCESS and yet success is required to earn the title of Entrepreneur. If, for example, an individual assessed has all the apparent attributes of a so-called entrepreneur but fails in the new venture they undertake, the mantel of the true entrepreneur can never be worn because the word "Entrepreneur" is embodied in the word "Success". (www.CEFE.org)
Rate each of the following eleven characteristics as you believe it relates to you using the following scale.
+2 = I am very strong in this characteristic
TRAITS: CIRCLE ONE CHOICE in EACH TRAIT
Total your score for the eleven characteristics. Add the pluses and subtract the minuses. Your score will fall between ?22 to +22.
A high positive score demonstrates you have the characteristics needed to succeed as an entrepreneur while a low or negative score demonstrates the opposite. Your current job, experience, and motivation have much influence. Fairly passive or low scores can move to fairly positive or high scores with just the loss of a job. Displaced persons are among the most successful of entrepreneurs regardless of prior traits. They earn the title, if for no other reason, than they have nowhere else to turn.
One thing we do know is that regardless of what your score is, without a passion to succeed at all cost, the title of entrepreneur and the notoriety that goes with it, will forever elude your grasp.
Fred DiUlus is CEO & Founder of Global Academy Online, a premier provider of private label online curriculum to colleges, universities, and education organizations. He is also the author of "Guerilla Entrepreneurship: The Original", a classic entrepreneur's guide to success and the Free eBook, the "Best & Worst Online College Degree Programs".
Lessons Learned from Successful Entrepreneurs
Entrepreneurs are a special breed of high achievers. They create things, get things started: businesses, clubs, churches, associations, even nations. Their motivations vary. Not all want to be rich. Not all want to produce a Fortune 500 company. Some are motivated by pleasure or civic pride or the desire for fame. Mary Madden, president of Information America, told me she and Burton Goldstein started their company because it gave them freedom and flexibility.
100% of Nothing
What would it be worth to you to receive a steady stream of new customers with little or no effort on your part? Would you be willing to pay 10% of the revenue they generate? 20%? 50%? Or do you believe that you can't afford to pay anything?
The Boss is DEAD!
Some of us are born into families with "it", some of us are just driven over the edge to "it", and some of us crave "it", but just haven't figured out how to attain "it." That "it" is an Entrepreneurial Spirit that is a powerful force that can be the key to your success, and yes?sometimes even failure.
Think - Dont React
How you think, your relationship with yourself is what decides how well you communicate with your customers and relate to your team.
The Use of Common Stock in Venture Capital Transactions
When raising capital for a business venture, a company can either raise debt capital, equity capital or a combination of the two. Debt capital is money loaned to the company at an agreed interest rate for a fixed time period. Conversely, equity capital is money invested by owners (shareholders) for use in business operations that need not be repaid. Combinations include convertible securities which may be debt that can be converted into equity at some point in the future.
The Fear Factor
I recently conducted a lil' survey asking my colleagues what were their biggest fears when thinking about starting a business or running their business. The following are the top three fears that resulted from my survey and some ways to combat them.
Territory Limitations Policies for Franchised Companies
All franchised companies must have Territory Limitations to maintain the peace within their systems. Often the unspoken ethics of territory limitations are blurred with mobile, home based or online franchise companies. Territory limitations in fixed site franchises are fairly cut and dry. There is your store, no other stores will be placed in the surrounding area delineated on this map within your franchise agreement. Generally things run pretty smoothly in this case. However as co-branding methods, partnerships and online sales increase as consumer demand for the brand increases we often see the franchised companies embattled in encroachment lawsuits in an already litigious industry.
Documenting Partnerships in Your Business Plan
Forging partnerships to improve market penetration has become commonplace, particularly for "new economy" businesses. And, most companies proudly mention their many partnerships in their business plans.
Are You Ready To Be Your Own Boss?
You have this burning desire you want to be on your own. The temptation is so great that you want to quit your job. Enough is enough. You're sick of working for other people for a ridiculous pay.
Starting Your Business: 3 Tips for Bootstrapping Your Way to the Top
Bootstrapping a business startup does not necessarily mean that you are unable to find traditional sources of capital. It may mean that you are clever, or that you know a bargain when you see it, or that you are the type of person who derives a certain satisfaction from crafting something using your own hands and vision, from scratch. If this is the way you feel, a franchise is probably not for you. A venture capitalist, if you could even find a member of that rare species when you are just starting out, is also likely to want some or too much control, and your vision might be thrown out of the window in that scenario as well.
Executive Suites - A Way To Save Cash
Cash is one of the most important resources to a new business. One of the best ways to conserve cash for a startup business that is in need of office space is to rent an executive suite rather than to rent traditional office space. Most people don't even know this little secret. In fact, most people don't even know what an executive suite is.
Be an Entrepreneur
The Department of Labor predicts that the #1 employer in 2010 will be "self." A recent Internet poll of 25-44 year olds revealed that 90% of them hoped to own their own business. A survey conducted by Ernst & Young found that 75% of influential Americans believe that entrepreneurship will be the defining trend of the 21st century. Some of the factors that have attributed to the rise of the modern day entrepreneurial spirit are access to technology, a global economy, and corporate stagnation.
Leadership Attributes for Business Success
Business success is essentially the result of successful leadership. Contrary to the popular myth, leaders are not just born. Leadership skills can be learnt and developed. A business is a distinct reflection of the leader, who may be the owner or manager. A business is never successful despite the leader, it is always successful or otherwise because of the leader.
Herb Filled Pillows Make Over a Million Dollars
Lauren Rosenstadt was a single mom working at a herbcompany in Bethesda, Maryland. A herb (pronounced "erb") isa plant that has medicinal, savory, or aromic qualities. Oneday while at lunch with a friend whose daughter sufferedfrom insomnia, Lauren thought, "If I could fill a pillowwith herbs, that would be soothing and help my friend'sdaughter sleep."
What Part of Handwriting on the Wall Dont You Understand - They Dont Hire People Over 50
In a recent talk to the Detroit Economic Club, President Bush told of a powerful statement made to John Bailey by his wife, "Just what part of the writing on the wall don't your understand - companies don't want people over 50!" The White House staff had become aware of an amazing story of entrepreneurial success stemming from John's wife's words.
From Bank Clerk to Entreprenuer
What seems like a century ago, I left school and joined a well-known High Street Bank. In those days working as a bank clerk was a well-established route for many school leavers and perceived to be a proper job with prospects. It wasn't long before I became disillusioned with the world of banking and sought a change of job. In complete contrast to my previous job, I became a clerk in the local hospital dealing with the injured and infirm, but it was a role that I found strangely interesting and rewarding. In today's parlance, it is known as job satisfaction.
Franchises - Success and You
Many people believe owning a franchise will make them rich, financially secure, and provide the life of their dreams. True, franchises have an extremely high success rate, and a very high satisfaction rate among their owners. But is that success guaranteed when you purchase a franchise? NO!
Ten Traits of Successful Entrepreneurs
Successful entrepreneurs have many traits in common. Here are ten of those traits that I consider to be very important.
Which Niche To Conquer?
I'm sure that you've heard about how many start up companies fail when they first begin, and the reason that most (if not all) of their failures is because they don't create a good fountain to build on.
Find Me the Expert on This!
Many people who set up as consultants never make more than a minimal living. They get some clients who like them, but are so dependent on these few businesses that the resignation of a key contact can destroy their business for months ahead.
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