The Definition: Who is the Prospective Entrepreneur?

Prospective entrepreneur

If you found this article, it is likely that you have decided to run your own business. That’s a great idea, congrats! However, do you know that starting a business can be somehow “terrifying” and difficult? Yes? Great, you are brave, I liked you and will try to help with some tips to follow as a prospective entrepreneur.

First, let us understand who is “entrepreneur” in general. During my research, I found that the term comes from French and started to be used from 1723. It is defined as “an individual who organizes or operates a business or businesses. A person who pays a certain price for a product and resells it at an uncertain price: “making decisions about obtaining and using the resources while consequently admitting the risk of enterprise. The entrepreneur is commonly an innovator — a designer of new ideas and business processes.  Management skills and strong team building abilities are often perceived as essential leadership attributes for successful entrepreneurs.’’

Advice to a prospective entrepreneur

I know that you want to be a successful entrepreneur. For that, you should have a product or service to offer to the market and skills to identify what is missing in a target market and what to create to sell or provide. Do you consider yourself a skillful prospective entrepreneur? If yes, use the skills to spot the gaps in the market and create a working business idea. BUT, remember, don’t overestimate or underestimate your abilities. Try to:

  • Single out your strength and weakness.
  • Always try to stand out of the crowd.
  • create your individual offer to the potential consumers.
  • Do marketing or apply to someone who knows all ins and outs of business marketing.
  • Even if the things go better than expected, make your product visible to the customers.
  • Have personal integrity, strong moral values and always act ethically.

5 actions to take

Ready for more actions? If yes, let’s see what other actions it is better for you to take as a prospective entrepreneur.

Values drive the goals

Goals should never drive your values, make values take over your goals. You should act like a leader, not a boss and communicate with each staff member both personally and interactively inside and outside the organization.

Ethics rule

An organization is a kind of community which has its typical culture. Build such organizational culture so as it is based on ethics. How? Start from hiring the right people. Pay much attention to their professional development because, for example, if you give them training or support on current changes in the business world, they will work better for you. And while creating your organization’s culture, first of all, be a model of that culture you want to create for your so-called business community. Besides the employees, pay attention to the selection of right partners cause they are also key to fantastic results

 Always create high standards

As I have already mentioned neither overestimate nor underestimate your abilities. Set bar high on standards. Eliminate “Good enough” and implement “Great job” as much as possible. This refers not only to your product quality but to the employee gratitude, social responsibly and, of course, customer service.

Make time for feedbacks

Actually, feedbacks should be made not only by the customers but also by the employees. Collect and accept all types of feedbacks. If you want to become a great leader, one step forward will be to directly talk with both customers and employees.

Stay up-to-date

Nothing is stable, especially in business. Society and the marketplace are rapidly changing. To stay tuned with the reality, search and refine both your values and the goals based on those changes in the world.

What is Mentoring?

Have an MBA or a doctorate degree in business management? Fine! But it is not the most important way through the path of business success as a prospective entrepreneur. A mentor is always the best choice you are looking for to give your business a successful start. Find our professional mentor to get guidance through the early period of your startup. He/she will guide you regarding not only business issues but also strategies to take.

Keep yourself trained

Learn, study and gain new experiences as a prospective entrepreneur. Entrepreneurship is not only purchase and sale, it is about developing and moving forward all the time. Don’t only think about your convenience. Your team members should feel satisfied and comfortable, which will increase their motivation to work more to get even more. Surely, it is easier to advise rather than apply, but all the above mentioned and beyond are key factors to your success to become a prospective entrepreneur. Balance all the tips and activities and overcome all the challenges which you face during your rather difficult undertaking. And don’t forget to work for your own pleasure! In that case, even the latest crisis is possible to fight against. P.s. By the way, don’t forget about a business attorney to control the legal issues you will surely face as a prospective entrepreneur.

Armen Margarian

Armen Margarian is an attorney with The Margarian Law Firm.

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