What Is the Entrepreneur Process, Can My Understanding of It Allow My New Business to Be Viable?

Starting a new business can be compared to the development of the universe. The solar system in which we live and the planet Earth that we call home exist because the atoms and molecules that make them are in perfect balance. This comparison may seem to be a bit far-fetched. However, when you think of it, being a successful entrepreneur requires a perfect balance between personal, environmental and sociological factors. One must be conscious and in touch with these factors in order to be successful. While personal factors can be classified as internal in nature, environmental and sociological factors are most often external. These factors are not mutually exclusive and it is the entrepreneur’s responsibility to use his internal personal strengths to influence external environmental and sociological factors. Sounds confusing? Read some more and it will become clearer.

The 9 top personal attributes that all entrepreneurs must have, or develop, are:

1.Perseverance

2.The ability to make your own luck

3.The ability to measure risk taking

4.Attention to detail

5.Focus

6.Self-fulfillment

7.Personal values

8.Leadership skills

9.Seek opportunities as opposed to waiting for them to come knocking

Many successful entrepreneurs that I speak to, have shared multiple stories of being rejected for certain opportunities, experiencing major roadblocks and encountering people who do not share their vision. What ultimately became the deciding factor between success and failure was their propensity to persevere. Beyond this, creating your own luck is just as important. If you have read my earlier writings, I have spoken about abandoning the idea of a lottery ticket approach to entrepreneurship. You must become the maker of your own destiny. You must ensure that you equip yourself with the right knowledge that will prepare you for opportunity’s knock. If he does not come knocking, I suggest that you give him a call and invite him over.

When presented with a business opportunity, make sure to exercise due diligence and factor in all known risks and threats. All business decisions have their risks and opportunities, and measuring their impact will save time and money. This is the responsible approach to management; an attention to detail and measured risk taking.

You must be passionate about your ideas and have a follow through approach. If you do not do this, no one will do it for you. An idea is simply an idea. The things that make an idea into a million dollars are the actions that follow. My words of caution are to ensure that your actions reflect your value system. Ultimately, your idea, product or service will be used by someone. Consumers should not be taken for granted and they are smarter than one may think they are. Delivering products that do not compromise your values will not only give you a sense of self-fulfillment as an entrepreneur, but it will also guarantee the longevity of your product in the market, and ultimately its profit potential.

Now that you have a clear grasp of the personal attributes of a successful entrepreneur, it is important to understand that you do not live in a vacuum. There are many external factors that are at play. Within your environment are competitors, customers, suppliers, investors, bankers, lawyers and government agencies. This list is actually much longer. All of these factors have a direct and, at times, an uncontrollable influence on your business. The operative words here are ‘at times’. Use the previously outlined personal attributes to influence the environmental factors that are controllable. For the ones that are not, know them and their impact on your business.

Sociologically, there may be persons and groups of people that have an impact on your decisions and your motives. Sometimes this is not obvious. The expectations and social pressures of your family, friends, church and community will positively and often negatively impact your business decisions. This impact can be at times stifling; keeping you within the box. In order to unlock your true creative potentials, beware of these factors, avoid negativity and surround yourself with like-minded people.

Your universe is now in balance and you are aware of the personal, environmental and sociological dynamics of the entrepreneur’s world. Understand them, embrace them and learn to appreciate their interconnectivity.

Coming next…Opportunity recognition and niche markets.

For more information on the entrepreneur process visit http://www.svstoday.com