BECOMING AN ENTREPRENEUR

To become a successful entrepreneur you need good ideas, a little luck, money and lots of hard work. 90% of successful people fail, which means to gain something (profits, equity etc) you must first lose something (your initial investment). Phat-farm is a multimillionaire company whose owner Russell Simmons lost 10 million dollars in the first five years. A lot of experience and resources is not required but to become a successful entrepreneur you need to have passion and persistence.

Turning everyday ideas into business is what makes an ordinary entrepreneur extraordinary. This talent or gift is what makes them unique. Most start with very limited resources and go ahead of their competitors through personal effort. The moves have to be fast and good decisions needs to be taken to gain share in the market and move forward for bigger competitors. They differ in age, sex and race but it’s easy to spot an entrepreneur and their business. They might grow richer with their ideas but the start up point is to look for areas not being served and change the way things are done. A good idea is not the same as an ideal opportunity. Understanding the distinction will save your time, effort and money. The entrepreneur creates a vision and pushes the company through ups and downs towards fulfilling that vision. Becoming an entrepreneur is at the same time scary, thrilling, worrisome, yet an exciting experience. But before you become one you have to understand the concept of entrepreneurship first. There are many types of entrepreneurs such as social, home based, virtual, traditional etc.

The widely accepted definition of entrepreneurship would be to start up a new organization or take over an old one to respond to certain identified opportunities. You must be made aware that a large part of new businesses fail. The most successful people are they who are not afraid to experiment, and learn from their past mistakes and rectify to become successful. The difference between an entrepreneur and a small business owner is the process or method they want to inculcate for the expansion of the business. Small business owners would want their business to be the way they are i.e. small and geographically bound only making a few millions in their entire lifespan. Entrepreneurial ventures look for earning millions in the first 3-5 years and expand internationally utilizing all opportunities. Other characteristics would be being focused, inclined towards innovation, and create new values to shake up the marketplace. In America small businesses provide maximum jobs whereas entrepreneurs provide most of the new jobs.