Am I an Entrepreneur?
An entrepreneur has traits like self-confidence, self-discipline and motivation, risk-taking ability, strong interpersonal skills, creative thinking and innovation, and problem-solving skills. Entrepreneurs should be confident in the business for it to flourish. They need to believe that they are able to do whatever it takes for a business to succeed. Self-discipline is key for proper decision-making and achievement of the desired goal in the business. Self-discipline steers motivation, which drives an individual to take on new tasks and adopt new skills that benefit the business. An entrepreneur should be a risk-taker given the nature of the business in terms of losses and failures. Any business is bound to lose, thus this should not limit an individual in engaging in business. It depends on how well he or she will counter the losses and make proper decisions to sustain and lead the business to success. Creative thinking and innovation are the most important to a successful business venture. Creative thinkers are positioned to constantly channel new unique ideas and strategies to a business to add its value, and counter risks tactfully. Reflecting on these traits, I believe I’m an entrepreneur.
The small businesses in the U.S institute the main force of the economy, which generates 50% of the gross domestic product (University of Minnesota). Factors and steps to consider while starting a small business include; a workable idea, identifying a suitable location, analyzing competitors in the intended market, an effective business plan, funding of the business, and obtaining a legal license to run the business. The key components of a business plan are; executive summary, description of business, analysis of the market, operations, and management, and financial summary.
University of Minnesota (n. d). The Importance of Small Business to the U.S. Economy. University of Minnesota. Retrieved from https://open.lib.umn.edu/exploringbusiness/chapter/5-2-the-importance-of-small-business-to-the-u-s-economy/