Entrepreneur. It is a title too freely given and quickly claimed. An individual with a fabulous business plan and determination is to be commended, but should that person receive the title entrepreneur?
Perhaps. Perhaps not. If that individual allows a product line to continue, but not succeed, he or she is not an entrepreneur. If they have solid start-up capital and a savvy budget, but fail to create a service that is in demand, they are not an entrepreneur. Perhaps, at this moment you claim the title yourself, but are you truly a market changing entrepreneur? Take a look at the alter egos every entrepreneur has to develop and personify; see if you meet the standard!
THE ALTER EGOS OF AN ENTREPRENEUR:
Completely obvious, and yet so often skipped, business owner’s deal themselves a fatal blow by underestimating the power of research. The best idea, the greatest product, the trendiest service will fail if it is not backed by an intensely researched business plan. An entrepreneur who succeeds at research will develop a sound and accommodating budget, successful advertising campaigns, drum up committed investments, and kick off their start-up with a level of preparedness that touches every aspect of their business.
Becoming a researcher is not an overnight task; start with reading every tidbit of news about businesses, big and small, economic announcements, and market trends. Follow any trail that relates to your business and make note of everything that could affect you for failure or success. Search out YouTube channels or business owner podcasts that are at the edge of market place trends; listen and learn.
If you spend time crawling the internet for information that will impact your business plan, you’ll run across one sob story after another of this “entrepreneur” or that, all spouting the horrors of their business failure. Of course their first statement will tout the fact that their product or service was absolutely the best quality, completely original and desirable. Following this, all too common statement, is a lengthy description of the reasons that they are no longer in business and have failed their title of entrepreneur. If you’re reading this, chances are you’ve read those stories too. Stop reading them and let me sum it up for you. The reason, the fatal blow, was unpreparedness. It is always unpreparedness. A brilliant idea for a startup is a great place to start, but without plans, decisions, goals, guides, purpose and market knowledge, a startup won’t be a success. Develop your preparer side by putting your research into action. Develop appropriate contacts for your target market, build up strategies and advertising campaigns, sample your product or service audience and make adjustments. Do these things before you launch, instead of scrambling to fix a broken, unprepared business model after it’s gone downhill.
Evolve. Without a doubt, the most crucial act an entrepreneur will ever make. Why are some business owners wildly successful, while others piddle out and fail? Because a successful entrepreneur learns to evolve with his or her market, and does it beautifully. After you research, after you prepare, after you launch your show-stopping business, watch it and question it. Question if from a market perspective; is my product at the top? Question it from a consumer perspective; does my service appeal to a massive audience? Question is from the competitions perspective; what is the next level for my startup? Take every opportunity to examine and improve your business plan. What is not working should be left behind for the other guys.
Product improvements should be made quickly and with flare. Above all, an entrepreneur must evolve with confidence. Never spend a moment worrying that customers will see you as indecisive. Make fabulous decisions and offer the best product or service. Watch them buy because you impress, because you stand out in the sea of not-so-desirable entrepreneurs. Be the innovative entrepreneur who has a successful consumer base, simply because you researched, prepared, and evolved.
A successful entrepreneur has to embody many characteristics to succeed; success is as much about the entrepreneur as it is about the business model. These are the personas that lift a business owner to the status of entrepreneur; they are also traits in high demand amongst consumers.
How did you match up? Can you claim to fit one or all three? Challenge yourself to develop all three, to develop the mindset of entrepreneurship, and then see what happens to your business dream.
Shirley is a web based entrepreneur and a dedicated freelance writer with an interest in business, literature, history, family and parenting. Based in the Savannah, Georgia countryside she enjoys a rural writing setting on the edge of the charming Southern city. You can connect with Shirley through her small business, a shop of handmade décor, here: A Bow For Mama. You can also tweet with Shirley about freelance writing and more via her personal handle: @ShirleyRobin_FW . Shirley writes most often about independent business, handmade products, and occasional Do-It-Yourself bursts at The Indie A-List Blog where she is a regular contributor.