09 Oct 10 3 Traits of a Successful Entrepreneur
What makes an entrepreneur tick? Why some becomes successful and other fails? What should I do to be successful in my field? The questions regarding entrepreneurship could be many. Different people ass different questions, but when we look closely every question boils down to this: how can I be successful as an entrepreneur?
It is believed that there are many factors that need to come together to make an entrepreneur tick. There could be many factors, but in my mind, there are only 3 things that you need to put right in order to be successful as an entrepreneur. And for the rest? They will take care of themselves.
Ability to see the need gap
To me, a prime difference between an entrepreneur and small business owner lies in the fact that small business owners follow the pack. He or she sees an opportunity and hop onto that with full gusto. There is nothing wrong in it, but doing what others are doing is not something entrepreneurs are after. They are more concerned about fulfilling the need gap.
A successful entrepreneur has the knack to find the need gap.
Ability and dedication to find the solution
For anyone to be called an entrepreneur, he or she has to have the ability to find the solution for the need gap he or she has recognized. A solution needs to be found, just knowing the problem is not enough.
A successful entrepreneur knows that the solution might not be immediate, but if he works hard, he will be able to find solution to solve the problem (need gap) he has identified.
Passion for the work
A successful entrepreneur is passionate about what he does. It is not a meager feat to identify a problem, that too on an ongoing basis. Identifying the problem may come easy, but finding a solution to it never comes easy. And an entrepreneur has to be fanatically attached to the problem to be able to find the solution, regardless of the odds.
The aforementioned traits may look nothing, but they pose the most insurmountable challenge for an entrepreneur. Those who get ahead of these, succeeds, and those who do not fails.
Tags: 3 Things, Dedication, Entrepreneur And Small Business, Gap, Gusto, Insurmountable Challenge, Knack, Odds, Passion, Small Business Owner, Small Business Owners, Successful Entrepreneur, Tick, What Makes An Entrepreneur
09 Oct 10 3 Traits of a Successful Entrepreneur
What makes an entrepreneur tick? Why some becomes successful and other fails? What should I do to be successful in my field? The questions regarding entrepreneurship could be many. Different people ass different questions, but when we look closely every question boils down to this: how can I be successful as an entrepreneur?
It is believed that there are many factors that need to come together to make an entrepreneur tick. There could be many factors, but in my mind, there are only 3 things that you need to put right in order to be successful as an entrepreneur. And for the rest? They will take care of themselves.
Ability to see the need gap
To me, a prime difference between an entrepreneur and small business owner lies in the fact that small business owners follow the pack. He or she sees an opportunity and hop onto that with full gusto. There is nothing wrong in it, but doing what others are doing is not something entrepreneurs are after. They are more concerned about fulfilling the need gap.
A successful entrepreneur has the knack to find the need gap.
Ability and dedication to find the solution
For anyone to be called an entrepreneur, he or she has to have the ability to find the solution for the need gap he or she has recognized. A solution needs to be found, just knowing the problem is not enough.
A successful entrepreneur knows that the solution might not be immediate, but if he works hard, he will be able to find solution to solve the problem (need gap) he has identified.
Passion for the work
A successful entrepreneur is passionate about what he does. It is not a meager feat to identify a problem, that too on an ongoing basis. Identifying the problem may come easy, but finding a solution to it never comes easy. And an entrepreneur has to be fanatically attached to the problem to be able to find the solution, regardless of the odds.
The aforementioned traits may look nothing, but they pose the most insurmountable challenge for an entrepreneur. Those who get ahead of these, succeeds, and those who do not fails.
Tags: 3 Things, Dedication, Entrepreneur And Small Business, Gap, Gusto, Insurmountable Challenge, Knack, Odds, Passion, Small Business Owner, Small Business Owners, Successful Entrepreneur, Tick, What Makes An Entrepreneur
13 Mar 10 How a Small Business Can Fight a Big Business?
In the era of corporatization of everything, the mom and pop stores has reached to the brink of extinction. It is no longer seems to be viable to start a small business because in the public imagination, a small business cannot stand against the Goliaths of the business world.
Or is it so?
I don’t care what you are told, but as far as I am concerned, this is not going to happen. It is always the small business that has an upper hand while dealing with customers or fulfilling their need, or even when fighting with big giants.
Why?
Because…
- It is the David who always wins the battle.
- It is the David who clicks with the masses.
- It is the David who knows to connect.
- It is the David who does not underestimate the competitor, and prepare the strategy accordingly.
- It is the David who does not become myopic.
- It is the David who tries harder.
- It is the David whose life is at stake.
Goliaths (big corporations) are managed by managers, they are not owned by them. And the distance f ownership from those who runs it plays a big role in deciding how much power one exerts.
The small business owners understand that if he loses his livelihood will go for a toss, so he fights. Contrary to this, a manager thinks: how does it matter if his corporation wins or loses now or in the long term. Neither losing nor winning is going to affect the paycheck he is drawing every month. The manager feels satisfied as long as the target set for him by his superior is met.
It is about the target, not about the customers or their satisfaction.
This is not so with small business owners. Go to a neighborhood shop, and he will cordially greet you and will ask for your well-being. You will not receive the same warmth from big giants. Indeed, they will greet you, but you also know how superficial and greed-dipped it is.
Small business do have a chance to stand against big business, but for them they have to stop pretending that they are big, and start behaving what they are. They will have to connect with the audience, and give personal touch to all the interaction with every customer.
Follow this and you will defeat the goliath (giant company) sooner than you ever expected.
Tags: Brink, Business World, Competitor, Corporations, Corporatization, Extinction, Giants, Goliaths, Greed, Livelihood, Neighborhood Shop, Paycheck, Pop Stores, Public Imagination, Satisfaction, Small Business Owners, Stake, Start A Small Business, Target, Warmth
