Entrepreneurship is the level that all individual who dream to create and build their business to become successful. However, in today economy it’s hard to keep company going without losing your shirt. For potential and veteran entrepreneurs who believe that one day their product(s) would be the one to put their business on the map. Here are steps to make sure it happens. Therefore, discussing the best case scenario of Entrepreneurial will give the reader a good view to start on how to follow your dream in building a successful business.
To create a winning company entrepreneur’s need to fully understanding on what it takes to succeed and for investors on what they looking for when they invest in a startup business. There are five elements to prepare an entrepreneur at the starting line; passion, a winning team, big ideas, market insight and a good business plan, which are all build blocks for a solid foundation in new business beginning. In adding characteristics of being a risk taker with an ventures spirit entrepreneurs are also; visual—seeing how to market their business and organize—staying on track by following their business plan.
Let’s begin, discussing the five elements that’s mentioned, which can help entrepreneurs get started; First, is passion; this is a enthusiasm and eagerness feeling that give entrepreneur a overwhelming of excitement that’s(above and beyond the business plan and ideas) this can convinces others in believing your dream just as much as you do. Next, is a winning team; this step that will make or break you, based on the quality of your business management team. In hiring your employee’s credentials shows that you’re ready (or not) for whatever the economy, markets, or the competition throws your way, a strong team is important.
Following next, is big idea; by creating or developing a unique and useful product. Investors want to fund a winning company, best-case scenario; so an entrepreneur need to asks themselves what makes my product different from the competitor’s. With that in mind, it’s recommended highly to patent your product as soon as possible; this will protect anyone from duplicating your prize creation. Forth, is market insight this become the master of your competitive landscape and environment; in showing how your business is certain to do something by enefiting from economic and market trends. Fifth and final element is the business plan; this is a guide on how to start your business. A good business plan helps to keep you on track. Remember a business plan is an entrepreneur’s diary bringing their business to reality. It’s imperative to follow the business plan from the beginning to the end; this will assure that each step that’s taken is on budget and on time for the grand opening. In conclusion, implementing these five elements an entrepreneur can push him or her from a dream to a reality.
An entrepreneurship success is based on being a risk taker, a positive spirit, a strong drive and the willingness to work hard in building a new or existing business of their dreams. Therefore, with the growth of entrepreneurial building businesses today is a positive influence to the economy for people lives, which leads to jobs that is needed. Reference: Kauffman, M. E (2012) Entrepreneurship Summit Executive Summary, Ewing Marion Kauffman Foundation, Retrieved October 22, 2012, website; http://www. kauffman. org/research-and-policy/entrepreneurship-summit-executive-summary. aspx