What It Takes To Be An Entrepreneur

What it takes to be an Entrepreneur

Definition
entrepreneur
A risk-taker who has the skills and initiative to establish a business.

Let’s look at a few entrepreneurs

Dinu Patriciu Bill Gates Michael Dell Fred Smith

5 skills you MUST HAVE to be a successful Entrepreneur
Sales and marketing skills .
Financial know-how.
Self-motivation skills.
Time management skills.
Administration skills.

It is important that you have a majority if not ALL these skills…WHY? In the beginning it will probably ONLY BE YOU who starts your project

Sales and marketing skills .
Once you have an idea and a vision
You have to promote it – only you know WHY this is a great ______
In order to be successful - other people must join with you either as customers or help you achieve your goal
What is the best way to promote your idea? Internet, TV, word of mouth*, flyers, NETWORKING*. Other business’s
If you don’t have these skills you will have to hire it

Financial know-how.
You are in business to make money - Therefore, the most important skill you must have is the ability to handle money well.
The important thing is to always focus on the bottom line.
Always ask yourself: “How much will this contribute to my bottom line?”
If you don’t have these skills you will have to hire it

Self-motivation skills
To succeed in business, you must be a self-starter with a clear desired goal in mind
Only you are the Boss
It takes extra drive and commitment to make sure that you are taking the necessary steps to make your dream of a successful business a reality.
If you don’t have this skill you CANNOT hire it – YOU WILL FAIL!

Time management skills.
You only have so many hours in a day to devote to making your dream a reality – DON’T WASTE THEM
You can never do all that has to be done – Especially in the beginning when it is only you
You must PRIORITIZE
If you don’t have this skill you CANNOT hire it – YOU WILL FAIL!

Administration skills.
You need to do all the work in terms of billing, printing invoices, collecting payments, and managing your receivables.
You need to be RELENTLESS at follow up …. Many times that alone makes the difference
You must PRIORITIZE
If you don’t have this skill you CAN hire it

The more skills you have to hire The harder it will be to be profitable fast The slower the journey to success

ONE MORE THING! You have to have a skill, service or product that someone wants enough to pay you their hard earned money

What made these guys successful?

Dinu Patriciu Bill Gates Michael Dell Fred Smith

Most of them did NOT do something new….
They found a better way to do it …which saved the consumer something
TIME & less skill– Windows OS
TIME - Federal Express
Money – Michael Dell
Networking – Patriciu is chairman and CEO with Rompetrol petroleum group, and his fortune is estimated at $ 2.5 Bn.

Find someone’s PAIN
A product is about reducing someone’s pain…and is priced accordingly
A service is finding something that other people can’t do well…but you do
Find enough of these people and you have a business
Big opp – Government changes a law

Let’s do a little brainstorming Let’s identify a pain and could we solve it with a business You tell me

Being an Entrepreneur in the Workplace
So…you are going to work for someone and NOT be an entrepreneur?
What kind of an employee would your boss rather have?
One who is innovative, pushes the company to new levels, creates excitement and new ideas
Or one who just does only what is expected of him and no more?

The Critical piece
You can have all of these things: an idea, an opportunity a vision, a plan, 5 skills
But if you don’t have this last piece you will ultimately FAIL
The last piece is…..

Integrity Customers have to trust you and eventually your company Employees have to trust you and eventually your company Suppliers have to trust you and eventually your company

Conclusion
Find someone's pain and then solve it with your idea
Have a vision
Develop your plan
Make sure you have the 5 skills needed
There IS NO LUCK to being successful

Conclusion
Luck is…
Where opportunity meets hard work
Integrity allows your idea/company to grow and keeps the company going

Romanian Resources
http://www.internationalentrepreneurship.com/european+entrepreneurship/romania_entrepreneur.asp?countryid=77&contid=4

What It Takes To Be An Entrepreneur

by guestf83c89 on Oct 15, 2009

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