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Business Fundamentals was developed by the Global Text Project, which is working to create open-content electronictextbooks that are freely available on the website http://globaltext.terry.uga.edu. Distribution is also possible viapaper, CD, DVD, and via this collaboration, through Connexions. The goal is to make textbooks available to the manywho cannot afford them. For more information on getting involved with the Global Text Project or Connexions email us atdrexel@uga.edu and dcwill@cnx.org.
Editor: Molly Lavik (Vatel International Business School Los Angeles, USA)
Reviewer: Debbi D Brock (Berea College, USA)
Dedication: In Memory of Nancy Wachs who believed in everyone’s Startup time!
There are many ways to live your life. One of the most exciting yet challenging ways to live your life is to start your own business or work for someone who has their own startup. People who start their own businesses are known as entrepreneurs. Entrepreneurs throughout the world are extremely enthusiastic individuals who devise visionary methods to accomplish their new venture ideas while simultaneously convincing others to help.
Merriam-Webster Online defines the term “entrepreneur” as follows:“Etymology: French, from Old French, from entreprendre to undertake — more at enterprise Date: 1852 : one who organizes, manages, and assumes the risks of a business or enterprise” Merriam-Webster’s Online Dictionary, “Merriam-Webster Online,” (External Link) (Assessed, August 30, 2008).
There is a long-standing discussion throughout the world that delves into whether you are born predisposed to become an entrepreneur or is it necessary for you to work and study hard to make yourself into one. There are many examples of individuals who were told they would never amount to anything and yet they went on to become very successful entrepreneurs. So, if you think that you are unlikely to be an entrepreneur, please realize it is possible for you to become an entrepreneur and to, potentially, even become a very successful one. With that said, there are characteristics and an overall mindset you can adopt that will help “predispose” you to having a greater opportunity of becoming a successful entrepreneur. Some of the most common characteristics of an entrepreneur include the following attributes:
Vision: Able to create and communicate an easily understandable mission for what the new venture does in order to successfully launch a new business. This is accomplished while inspiring others to join you in your new enterprise.
Creativity: Ability to inject imagination and uniqueness into a new business venture. It takes skill and ingenuity to create a new venture equipped with strategies to outsmart the competition.
Focus: Able to maintain the vision of the company with unwavering diligence. It’s very easy to get sidetracked especially if you find it necessary to evolve the original vision. Ironically, we have encountered many successful entrepreneurs who get bored easily...
Passion: Desiring to succeed under your own steam [initiative] on a business venture...
Drive: Possessing intrinsic energy to accomplish the business goal even in the face of adversity.
Perseverance: Able to keep going even when faced with seemingly insurmountable obstacles.
Opportunistic Nature: Sees the possibilities even before they exist. Can take advantage of an upcoming trend or unite unrelated processes to create a unique business venture...
Problem Solving Ability: Thrives on coming up with solutions to complex challenges...
Self-discipline: Able to be organized and regimented in pursuit of a successful business venture.
Frugality: Knows how to stretch every cent so that expenditures are as low as possible.
Empathy: Able to put yourself in another’s shoes and therefore able to show sensitivity and understanding of what others are communicating in the startup environment...
Social Responsibility: Ethics, caring and humanitarianism are characteristics that are commonly found in today’s entrepreneurs...
Spirituality: We have found that successful entrepreneurs have often devoted time to spirituality development. Meditation and positive affirmations are two common examples of spirituality.
Good Timing: Able to identify a market opportunity and know when it’s the optimum time to launch a new venture or expansion of an existing enterprise.
Luck: Can a person be predisposed to be lucky: Is luck a human behavior or a karmic universal predisposition?” “The Mindset of an Entrepreneur” is reprinted and adapted with permission from Mentorography, Inc. © 2008. All Rights Reserved. Entrepreneurial Marketing; Real Stories and Survival Strategies by Molly Lavik and Bruce Buskirk, introduction pages xxviii-xxx.
Read on : [link] is dedicated to this topic and delves deeply into “The mind of an entrepreneur”.
Blog Back 1: Mindset
Blog Back : Is an entrepreneur born or made?
What characteristics are necessary for an entrepreneur to be successful and why? What additional entrepreneurial mindset characteristics could be added to the list and why?
Go to: (External Link) and make your case.
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