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A successful entrepreneur identifies opportunities that most other people do not.
The creative entrepreneur is willing to take risks and move out of a comfort zone.
After identifying an opportunity an entrepreneur does market and feasibility research. The entrepreneur then gathers the required resources and prepares to start providing the service or product to the market.
But above all an entrepreneur must follow the key steps to success. These include:
l identifying and evaluating the market;
l drafting a business plan;
l determining what resources are required; and
l starting and managing the enterprise.
Before you get excited about the prospect, ask yourself a few questions. They will help you decide if you have what it takes to be an entrepreneur.
For not everyone is suited to this role or has the qualities and the personality to become an entrepreneur.
Right up front you need to ask: am I a risk taker?
Your answer will determine if you have what it takes.
Starting a business can be trying. Most people fail to start, not because they don't have ideas but because of fear. They fear to fail, which makes them failures even before trying.
Asheesh Advani, one of the most successful businessmen in the US and a columnist, says: "With a business plan and hard-earned savings in hand I didn't have the guts to leave my job. After quitting my job and taking it back twice, I developed techniques to help myself build courage and break through my fears."
Adopt strategies to improve the odds of success. Say yes to that inner call that wants you to be an entrepreneur.
You need to be passionate about your venture. You have to love what you want to do rather than doing something you hope will pay well.
Then identify your target market and your target consumers. That includes identifying the product or the service your market needs.
Write down your goals. Research has proved that people who write down their goals are five times more likely to realise their dreams than those who don't. And make sure that your goals are measurable.
Set the time in which you want to achieve these goals, including when you will start your business.
Practise self-discipline, for nothing can beat discipline. You have to set rules for yourself and make sure you don't break them.
You will also need to move out of your comfort zone and start doing things you have been scared to do. Believe in yourself and your dreams.
"The future belongs to those who believe in the beauty of their dreams," said Eleanor Roosevelt.
Above all, educate yourself. Go to workshops about the business you want to venture into. Make sure you read everything you can about your chosen business.
Not everyone qualifies to be an entrepreneur.
You might have brilliant ideas and all the resources you need, but if don't have the qualities and personality traits that can follow these steps your dreams will likely amount to nothing.
So take the time to consider if you have these traits and qualities that have been identified in most entrepreneurs the world over.