Learning The Art Of Entrepreneurship – Starting An Innovative Business
An entrepreneur is usually defined as an individual who develops a new enterprise, enjoying all the rewards and borne most of all the risks. An entrepreneur is usually regarded as a creator, a resource of new technologies, products, services, or method. He combines his intellectual capital, skills, experience, and resources to develop and promote the enterprise. The term entrepreneur was derived from the Greek words eirtas meaning “to prosper” and tyros meaning “craftsman”.
Mark Zuckerberg, Eduardo Saverin, Dustin Moskovitz and Chris Hughes are five young entrepreneurs who have transformed themselves into moguls by starting their own companies. All these entrepreneurs had to face many challenges. They started small and had to work hard for several years before being able to enjoy the fruits of their labor. However, these entrepreneurs made their mark in the industry of entrepreneurship. They paved way for other budding entrepreneurs who are dreaming to establish their own ventures.
As an aspiring entrepreneur, the first step you need to take is to identify your target market. This is the first and the most important step that you need to take before anything else. You should know what business model you want to adopt so that you can know what business challenges you will be faced with. For example, if you intend to open a shopping mall, you will have to look for a location where there is a large percentage of population who already use malls. If you aim to sell branded clothes, then you need to find a wholesale supplier to work with who can supply you with the best and most affordable products at the lowest prices.
After identifying your target market, you should also determine the resources needed to overcome any obstacles that you may encounter in your new venture. Many entrepreneurs start their ventures small because it allows them to focus on only a few important things at a time. However, this does not mean that they will have to give up on important functions. Some small businesses require marketing strategies, legal assistance, accounting assistance, and other services that might require a lot of funds. As a matter of fact, many entrepreneurs find it more convenient to hire a limited liability corporation (LLC) rather than form one on their own.
There are a number of entrepreneurial seminars that can help you understand the dynamics of entrepreneurship. Entrepreneur conferences are particularly beneficial because they provide entrepreneurs with expert mentors such as Robert Kiyosaki, Joel Barker, David Coleman, and others who can guide entrepreneurs through the hurdles that they may encounter along the way. Other seminars include educational series such as “How To Start Your Own Blog” and “The ABC’s of Entrepreneurship.”
Finally, entrepreneurs should always have access to information. Today, entrepreneurs can access valuable information online and they can utilize it to make their businesses more innovative. Additionally, entrepreneurs can save time and effort by browsing the Internet. Indeed, if they do not have time to read books or articles, they can simply use the Internet to get the information that they need.