ENTREPRENEUR

What Makes a Person an Entrepreneur?

Entrepreneurship is generally characterized by some type of innovation, a significant investment, and a strategy that values expansion. The entrepreneur is often quite different in mindset from a manager, who is generally charged with using existing resources to make an existing business run well. The roles of entrepreneur and manager are not necessarily incompatible, but entrepreneurs are seldom patient enough to be good managers.

Mindset of an entrepreneur

It is often instructive to analyze the experiences that have formed our attitudes toward entrepreneurship. A recent study showed that 70% of business startups were by a person who had an entrepreneurial parent.

The U.S. Small Business Administration has developed a Checklist for Going into Business that leads the prospective entrepreneur through a skills inventory that includes supervisory and/or managerial experience, business education, knowledge about the specific business of interest, and willingness to acquire the missing necessary skills. A commitment to filling any knowledge or experience gap is a very positive indicator of success.

Personal characteristics required, according to the SBA, include leadership, decisiveness, and competitiveness. Important factors in personal

style include will power, and self-discipline, comfort with the planning process, and with working with others. Can you objectively rate yourself in these dimensions?

Peter F. Drucker, author of Innovation and Entrepreneurship, says that anybody from any organization can learn how to be an entrepreneur, that it is “systematic work.” But there is a difference between learning how to be, and succeeding as an entrepreneur. "When a person earns a degree in physics, he becomes a physicist," says Morton Kamien, a professor of entrepreneurship at Northwestern University. "But if you were to earn a degree in entrepreneurship, that wouldn't make you an entrepreneur."

We are all self-employed

The reasons commonly given for people going into business for themselves are: freedom from a work routine; being your own boss; doing what you want when you want; boredom with the current job; financial desires, and; a perceived opportunity. Which of these might be sufficient to get you to take the risk?

Several “yardsticks” have been proposed for measuring whether a person is a likely candidate to be a successful entrepreneur, but the real challenge is in accurately applying them to ourselves.

We are all self-employed; even as employees of a firm, we are

still primarily personal career managers. Trends toward downsizing and outsourcing will almost certainly lead to smaller companies utilizing networks of specialists. Fortune magazine suggests that “Almost everyone, up through the highest ranks of professionals, will feel increased pressure to specialize, or at least to package himself or herself as a marketable portfolio of skills.”

How marketable is your portfolio of skills? Many think they have several years’ experience, when what they really have is one year’s experience several times. Are you continuing to learn, and keeping up with developments in your field? The best approach to preparing for an entrepreneurial career is often to find some aspect of your field in which you can become expert.

John B. Vinturella, Ph.D. has almost 40 years experience as a management and strategic consultant, entrepreneur, author, and college professor. For 20 of those years, Dr. Vinturella was owner/president of a distribution company that he founded. He is a principal in business opportunity sites jbv.com and muddledconcept.com, and maintains business and political blogs.

FREE REPORT The Ultimate Home Business
Become a financial trader from home no experience necessary
Learn The Secrets That Made Trading Legend WD Gann Millions

ENTREPRENEUR ARTICLES

The Characteristics of a 1 Million Entrepreneur |Cut to the quick What is an entrepreneur The inside story |Writing Your Own Entrepreneur Success Story |Micro Entrepreneurs |How to Be a Web Entrepreneur with No Capital |How To Become An Entrepreneur Fast Easy Money |Is it Possible for Anyone to Be A Successful Entrepreneur | Entrepreneur

HOME BUSINESS ARTICLES

Free Help Starting a Home Business |Diary of Beginning Home Business Entrepreneur Part 1 |Is A Consumer Printer Sufficient For Home Business |Home Business Network Marketing |An Ideal home business Home Page |Your Work at Home Business |Faster home business profits | Home Business

RELATED PAGES
FREE BUSINESS ASSESSMENT | BUSINESS BASICS FOR SUCCESS | MARKETING THE KEY TO BIGGER PROFITS | ONLINE BUSINESS | HOME BUSINESS | OFFSHORE | LEGAL ADVICE | OUTSOURCING | SALES | MARKETING | BRANDING | CUSTOMER SERVICE | STRATEGIC PLANNING | ADVERTISING