What is an Entrepreneur and What Traits Do They Have in Common? (Jenny M White)

Business schools describe entrepreneurship as a quest for prospect and opportunity without regard to what resources are at hand or controlled. In the early 1980's, entrepreneurship was considered risk taking. However, that classification has since changed to entrepreneurship as a process and an entrepreneur as the one who guides the process. An entrepreneur sees an opportunity and thrives on manufacturing a successful business often without any upfront resources.

Entrepreneurs focus on team work with the ability to make fast decisions and provide resources that may be more than cash compensations. Begin an entrepreneurship by offering team members a share of future payoffs rather than smaller shares of the current payouts. Opportunity is the resource and entrepreneurs make things happen that would not ordinarily be an option. Vision and risk are the keywords of an entrepreneur.

Steps of Action for Entrepreneurs

Every entrepreneur has a distinct set of traits that set them aside as an innovator and a business builder. They have certain skill and mind sets. You may or may not have all these proficiencies, but if you possess the majority, you might just become an entrepreneur.

· If you are in business for personal satisfaction, stability, financial gain or pure enjoyment this is what you put into your business. If you do not enjoy what you are doing, or develop stability you may find that there is a lack of success in your endeavor.

· Believe in yourself and in your business. Ensure that you have value in the goods and services that you are providing. There are entrepreneurs and home business owners who fail to believe in themselves and do not take their businesses seriously. Staying motivated is the key to success.

· Plan everything you do. Build the habits that you must use to develop, implement and maintain your business. Physically write down a business plan. Scrutinize each segment, research and use collected information to make decisions and deductions. Use your business plan as a roadmap to measure the success of each portion of your business.

· Cash flow is the lifeblood of your business. Pay for inventory, services and marketing campaigns immediately. Keep your bills paid. Your reputation depends on this key segment. Wise money management includes income or the money you gain from clients, and expenses that comprise inventory and supplies required to keep your business running.

· Be organized. You do not need to have a specific type of filing system, but manage your business. Stay involved. If you feel that you have an online business that is automated, you will find that you are losing valuable data and opportunities to grow your business. Establish a routine for every single business activity. Create a to-do list and mark it off at the end of the day. Use calendars and do include free time.

A very valuable asset is persistence. There will be tough times and you need a perspective and belief in yourself. Benefit from failures as well as success. Develop your business by falling over, getting up and working through the issues.

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