ENTREPRENEUSRHIP AND SMALL BUSNESS

Jun 2, 2017 | 0 comments

Jun 2, 2017 | Miscellaneous | 0 comments

ENTREPRENEUSRHIP AND SMALL BUSNESS

SUCCESSFUL BUSINESS TRAITS

Becoming a successful entrepreneur as I have learned is much more than just starting a business. Looking at successful entrepreneurs such as Steve jobs and Bill gates, one is able to identify unique features and characteristics that are likely to make entrepreneurial ventures a success. While preparing for this journey to become a successful entrepreneur, I have come to find areas within which I need to work in order to transform myself into a success.  Whereas, I may possess the knowledge and even the right skills for entrepreneurship; parts of my character fall short and may hinder the journey into success.

Perfectionism

Often, I have imagined my desire to complete tasks perfectly would be suitable for business. While this may help in building the accounts and the financial reserves.  Perfectionism is important during the first stages of the business. At this stage, focus is more on ensuring that a system that works is set up, customers are satisfied that it, they get exactly what they are looking for from the business. Once the business takes root however, perfectionism becomes a hindrance. In fact, it is often rare for anything to work as it is planned for or as it should. Focusing on the work being perfect can be frustrating to the business owner. In addition, it is even more frustrating for workers who strive to meet the demands of the boss, often being unable to do so.  Such frustration could be taken out on the customers thereby giving the business a bad reputation.

Furthermore, perfectionism can cause the business to be stagnant.  As I continue to strive towards a perfect business, competitors are focused more taking my target market. This means that my business is experiencing loss at the same time. In addition, my attention is drawn away from alternative structures and other ways of conducting the business which may be easier to complete.

Lack of Flexibility

In line with perfectionism is the lack of flexibility in my nature. I have often found that when my mind is set on a particular way to complete a task, it is difficult and sometimes impossible to convince me to make any changes.  There have been many conflicts that have arisen because of my inflexibility. There are times when I have confused such inflexibility for tenacity that is a complete desire to succeed at any cost. While this is important towards ensuring success, inflexibility on the other hand can be quite costly.

Flexibility does not mean changing every time the business meets challenges, it only means that there is need to be honest with oneself and determine that particular ideas, however good are no longer working and there is therefore need for change.  Inflexibility can be quite costly in a business. Investments that are not working in terms of growing the business, when persistent upon not only increase the loses but actually cause the business to become more vulnerable. Inflexibility should be beneficial when it comes to the rules and laws. Business regulations must be fully complied to, this is not an option. However, the day to day operations of the business need to allow for flexibility from the managers to the employees. Flexibility is likely to lead to more successful business ideas, creativity and innovativeness that will increase the profits.

 Fear of failure

I have read the biographies of leading entrepreneurs in the world today. The one trait they have in common is that they at one time or another were considered and even considered themselves failures. In business, not all ideas will fail however; the ability to take risks makes an entrepreneur a success. In itself starting a business, is taking a risk in items of investment and even income earning possibilities. Although one can make assumptions and estimates in terms of expected growth and income, predictions are never precise. I find that I am often paralyzed by a fear of fear which makes risk taking difficult for me. Therefore, expansion of the business would be quite difficult.

Majority of the entrepreneurs and small businesses that are making a splash in the world today and enjoying a high rate of success, have been borne out of major risks. Despite the constant fear of failure, even data and information that predicted doom, these individuals chose to take the risk and it paid off.   As an entrepreneur however, I fall short when it comes to taking risks. Every decision must be supported by facts, statics and data suggesting and in fact ensuring success.

Conclusion

Based on the above analysis, these are important characteristics that warrant some change or a turn around.  Where this seems unlikely, it may be wise to hire individuals as consultants and employees who are most likely to complement the lack of potential skills. Character changes can be difficult.