The Entrepreneurs of 21st Century
posted February 3, 2007 - 3:26pmWhen I gave my presentation in my local community college class on entrepreneurship I was somewhat skeptical when I entered the classroom. Now, I have always believed that entrepreneurship is an innate ability and not something that can be taught. But, before the evening was over I was pleasantly surprised.
The class had about 20 students from 18 to 35 years of age. About 20% were female and 25% were minorities. Ninety percent said they had full time jobs, however only 10 percent said they owned a business. I asked the question,”Why become and entrepreneur?”
The responses were overwhelming.
1. To Pursue your passion which is your happiness
Successful entrepreneurs are passionate about their product or service and the business that they will create.
2. Job Security is in owning your own business
Becoming an entrepreneur allows you to take charge of your own destiny. As a business owner, you are the Boss.
3. Wealth Creation has changed you can make money while you sleep
Employees create wealth for their employers. However, if you look at some of the most financially successful individuals, you will see that they are business owners.
4. An entrepreneur has to have a competitive product or service that is either cheaper, better quality, unique or more effective than the competition.
5. Your Business and marketing plan
A Business plan describes the product or service to be offered, identifies the customers, projects income and expenses, describes the management system and projects a timeline for the business growth. A marketing plan describes in detail how the product will be introduced to and sustained in the marketplace.
6. Resources and financing from Venture Capitalist
The business and marketing plan from the basis for convincing others of the potential of a new business idea. However, in nearly every startup business, the entrepreneur will have to provide a significant portion of their own net worth and resources for the initial financing.
7. Energy
Successful entrepreneurs have a vision of their business to make it a success. They are able to engage others and clearly articulate others and clearly articulate their vision. They have boundless energy and the ability to energize others.
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