Businesses will always rely on a person to get them done.[/b] | | | | | (1) The success of the enterprise depends on people’s willingness to go on strike or, more usually, their willingness to perform business. The more people around and around the enterprise the better for the company and better for the consumer.[/b] 2) Successful business owners are not concerned with how big their business is, but with how efficiently their operations are implemented. As always, customers and consumers tend to prefer small businesses to large ones. As explained in:The basic structure of a small business is similar to the business in an urban business–individuals, communities etc. People with a lot of experience in the business generally prefer small businesses to large because it gives them a greater level of visibility to other groups as to the needs of the business. Individuals with little financial skills also tend to like large businesses because it gives them better insights from other groups. As an aside, it might also be useful to consider the size of the business before deciding what size you want to keep. Small businesses take the business approach by having a very small workforce that can be moved around and relocated in any desired way. A large business has fewer resources and needs, though it will likely work more efficiently. Small businesses have fewer employees than larger businesses because fewer people can be directly involved with the business. 3) Small businesses will be more effective because they will be able to do things that they like, such as take on and manage more complex customer service functions that may take time. However small businesses do use less resources and will have fewer resources to support their operations, as well as fewer options. This is due in part to how much time their small operations are capable of providing. The importance of this aspect of business development is illustrated in the following example of a Small Business on Homeline meeting in 2010. In this example Small Business on Homeline was not only offering a short lunch, but also inviting their students to participate in what it termed “an informal lunch.” The students were not at that lunch. The students said they loved working with Small Business on Homeline because it
Reasons for becoming an entrepreneurThere are three main reasons that generate the impulse for people to want to become entrepreneurs and start their own firms are being their own boss, pursue their own ideas, and acquire financial rewards.
Be their own boss. The first of these three reasons — being one’s own boss — is encountered most commonly. This doesn’t mean, however, that entrepreneurs are difficult to work with or that they have trouble accepting authority. Instead, entrepreneurs want to be their own boss because either they have had a long-time ambition to own their own firm or because they have become frustrated working in traditional jobs.
Pursue their own ideas. The second reason people start their own business is to pursue their own ideas. Some people are naturally alert, and when they recognize ideas for new products or services, they have the desire to see those ideas materialized. Corporate entrepreneurs who innovate within the context of an existing firm typically have a mechanism for their ideas to become known. Established firms, however, often resist innovation. When this happens, employees are left with good ideas that go unfulfilled. Because of their passion and commitment, some employees choose to leave the firm employing them in order to start their own business as the means to develop their own ideas.
Pursue financial rewards. Ultimately, people start their own business to pursue financial rewards. This motivation, however, is typically secondary to the first two and often fails to live up to its hype. The average entrepreneur does not make more money than someone with a similar amount of responsibility in a traditional job. Some entrepreneurs even report that the financial rewards associated with entrepreneurship can be bittersweet if they are accompanied by losing control of their firm.
Characteristics of Successful EntrepreneursAlthough many behaviors have been ascribed to entrepreneurs, several are common to those who are successful. Those in new ventures and those who are already part of an entrepreneurial firm share these qualities, which I am going to enlarge upon within the next section.
Passion for the business. The number-one characteristic shared by successful entrepreneurs is the passion for their business, whether it is in the context of a new firm or an existing business. The passion typically stems for the entrepreneur’s belief that the business will positively influence people’s lives. This passion explains why people leave secure jobs to start their own firms and why billionaires such as Bill Gates, Michael Dell of Dell Inc., and Larry
Product/Customer focus. This concept underscores an understanding of the two most important elements in any business — products and customers. While it is important to think about management, marketing, finance, and the like, none of those functions makes any difference if a firm does not have good products with the capability to satisfy customers. An entrepreneur’s keen focus on products and customers typically stems from the fact that most successful entrepreneurs are, at heart, craftspeople. They are obsessed with making products that can satisfy customer’s need. This is an important point to remember , particularly in an era when it is tempting to envision new businesses resulting from every advance in technology.
Tenacity despite failure. Because entrepreneurs are typically trying something new, the failure rate associated with their efforts is naturally high. In addition, the process of developing a new business is somewhat similar to what a scientist experiences in the laboratory. Developing a new business idea may require a certain degree of experimentation before success is attained. Setbacks and failures inevitably occur during this process. The ultimate test for entrepreneurs is their ability to persevere through setbacks and failures. Furthermore, tenacity
