The word entrepreneurship is no longer new to our present day lexicon. As a matter of fact if you interview a few people on the street about what they do for a living, at the very least 35 percent of them will let you know that they are entrepreneurs of some sort. With what the present economy is today, it is necessary to evaluate who an entrepreneur really is and what his or her relevance is in the 21st century.
The average person will tell you that an entrepreneur is one who takes on the responsibility of setting up and managing a business while assuming all the risks that come with managing such a business. This is generally true. However, the present day business environment is not very accommodating of just anyone who wants to set up a business simply for the sole purpose of working for one’s self. The business climate out there is a lot harsher and less tolerant than it used to be. This leads us to an examination of the three major characteristics skills required by the present day entrepreneur.
So, you have got an idea, you have the money and you have some kind of support, however without the three characteristics listed below you will be considering other survival strategies before the end of the fiscal year.
Innovation- To survive out there, one has to be innovative. It is no longer okay to set up a telecom company just because you know of someone who runs one and you have the financial abilities to start up one yourself. Even if you have chosen to carve a niche for yourself in the telecommunication industry, it is necessary to always constantly come up with an innovative product that will set you apart from your competitors. Failure to achieve this spells doom for the business even before it takes off.
Passion- This is what your main motivating factor. You have to love what you do because it will spur you on to seek for answers to tough questions, it will force you to seek a way out when it seems as though you have come to the end of the road. Love for what you do will pick you up and set you back on your feet no matter how many times you fail and it would keep doing so until you finally achieve your goals.
Appreciation – The struggle for ever continuous increase in the patronage of your products and services is the reason you get out of bed every morning. Your clients are the means by which you measure your success. Therefore developing an organizational culture of appreciating your clients will ensure that they keep coming back and in turn you are never out of business. Remember your competitors are out there ever ready to take over your castoffs.
A combination of the above will ensure your clients are happy, your employees are smiling and your bank account is overflowing. Your business will in turn enjoy steady growth and sustainability for as long as you need it to.