Book Description

In today’s workplace, job security is like carbon paper–a relic of the past. But if you take a careful look you’ll discover this is good news. The radical shifts that are reshaping the American economy invite you to redesign your work and create a career path that matches your passions and interests, as well as your expertise. More than ever before, successful workers need to draw on their creativity, relational skills, and entrepreneurship

Essentials of Entrepreneurship

Entrepreneurship and Small Business Success

Is entrepreneurship for real? People with very different personalities have succeeded in business. For example, business success is typically associated with an extravert personality. Yet there have been famously reclusive persons who have succeeded in business.

On the other hand, most small businesses fail. Statistics indicate that as much as 95 percent of small businesses do not survive beyond five or so years.

What makes some succeed while most others fail? Could there indeed be some common factors, some essentials of entrepreneurship that distinguish the successful business persons?

Entrepreneurial Success Factors

Look at the successful entrepreneurs in your locality. Try to find out the common traits they seem to possess. You might begin to notice certain common work habits and other factors that led to the success.

Initiative: Unless it was a family business received by him or her, the entrepreneur must have taken the initiative to start the small business. The person wanted to take charge of his own life, and went ahead despite the risks of failure. If you don't start, you can avoid failure, but you also won't experience success.
Planning & Organizing: The requirements for running a successful business are not achieved accidentally or automatically. Instead, it requires planning and organization to find money, to generate sales, to locate profitable sources of merchandise, to find and recruit competent employees (with the right attitude), to keep customers satisfied and to cope with numerous government regulations.
Focus: Successful small businesspersons typically focus on one business. These entrepreneurs will be instinctively aware that they will have too much on hand with just one business. Too many businesses will simply dilute the amount of time available to each, and this will show in business results.
Hard Work: You will notice that successful small businesspersons typically work long hours. They will be attending to different kinds of business-related work from early morning till late in the night. Many might be busy even during weekends.
Commonsense or Luck: Notice that the successful businesses seem to have selected just the right kind of business, and located it at the best place. Using commonsense or through luck, they started a business that catered to a felt need at just the right time. And they selected an excellent location to serve their customers.

While the entrepreneurial success factors above would be apparent to most observers, other essentials of entrepreneurship might not be that obvious.

Persistence: Entrepreneurial skills are not inborn (despite a common belief to the contrary). The apparent ease with which entrepreneurs conduct their business comes with experience. This experience will inevitably include experiences of failures, of frustrations and even of dirty tricks played by competitors. The entrepreneur persisted through all these.
Careful Observation & Flexibility: Mere persistence doesn't bring results. Successful entrepreneurs are able to observe carefully and objectively, and have the flexibility to adapt their actions to the needs of the situation. They learn what works and what do not, and change their approach accordingly.
Passion: If you select a business that involves doing things you like, you are likely to find the business an enjoyable experience. Persistence will then come more easily.
Resources: Successful entrepreneurs either work with available resources or can raise needed resources from different sources. Be realistic and consider the time and money resources needed, and whether you can organize these.
Personal Situation: Your health and energy levels, and family and financial situation, are factors that you should consider. If the business is one that involves dealing with many people, also consider your people skills.

Entrepreneurship is thus mostly work habits (rather than fundamental personality factors). Are you willing to work to cultivate entrepreneurial work habits?

The Entrepreneurial Small Business

What distinguishes an entrepreneurial small business from a run of the mill small business? We take a look at how entrepreneurship and small business can complement each other.

Why Doesn't Everyone Start a Small Business?

What factors hold back many from starting a small business of their own? A small business is a great way to earn your living. Why you should not give up the idea without looking at it carefully.