At some point in their life, almost everyone has considered starting their own business. Self-employment although sometimes risky, can also offer many rewards, both tangible and intangible. Do you think you are ready to start the journey and become an entrepreneur? Let’s find out.
The debate by researchers on entrepreneurship has been going on for many years. The question is whether you are born with innate entrepreneurial talent or whether you can be taught to operate like an entrepreneur. Is it nature or is it nurture; are entrepreneurship traits inherent or can they be taught?
In today’s global market it is an undeniable fact the modern entrepreneur is faced with a more complex world. Previous prerequisites of vision, mindset and passion may not be enough for fledgling entrepreneurs who face the challenges presented by social media, more forceful competitors and a weakened economy.
Personal drive can keep you in the game but like any endeavour in which you engage there are certain skills that must be developed, implemented and managed, for your business to succeed. Ernst and Young, founders of the World Entrepreneur of the Year Program, published a report, ‘Nature or nurture? Decoding the DNA of the entrepreneur’. The Report stated that when asked what the most important source of learning in an entrepreneur’s career was; one third of all entrepreneurs, the highest ranking, said it was their experience as an employee. Thirty percent highlighted higher education and 26 percent pointed to mentors.
So whether entrepreneurship is based on nature or nurture, the reality seems to be that there are multiple paths to becoming an entrepreneur. The truth behind entrepreneurial success may just be self-knowledge. By knowing one’s own self limitations and strengths, entrepreneurs may be able to avoid some common pitfalls in growing and sustaining their business ventures.
Entrepreneurial Skills – The Skills You Need to Build a Great Business
What makes someone a successful entrepreneur? It certainly helps to have strong technology skills or expertise in a key area, but these are not defining characteristics of entrepreneurship.
Instead, the key qualities are traits such as creativity, the ability to keep going in the face of hardship, and the social skills needed to build great teams.
If you want to start a business, it’s essential to learn the specific skills that underpin these qualities.
Read more at MindTools.com.
Personality Characteristics of Successful Entrepreneurs
Entrepreneurs run businesses, but business owners are not always entrepreneurs. Among many other talents, entrepreneurs usually have vision and an ability to inspire others. Instead of “business as usual”, entrepreneurs look for alternative ways to generate revenue, lower overhead, decrease operating costs, and make new contacts.
Why Not Consider Entrepreneurship?
Becoming a successful entrepreneur requires business planning, innovation and risk-taking. It is a lot of work, but there are also many benefits to being your own boss.
Buy or Start Your Own Business
Starting a business can be overwhelming for first time entrepreneurs. If you have a great idea and are ready to work hard, then you may wish to start your own business. But if you want to avoid some of the common challenges of starting a business, buying an existing business or a successful franchise may be a better option.
Small Business Survival
Passion, persistence, and innovative thinking can improve your odds of success. Do you know what you want to achieve? Having determination, setting goals, paying attention to detail and motivating others are all key elements to achieving success and business growth.
Developing Your Ideas
If you decide to start a new business, you will need to spend some time developing your business idea. One of the greatest advantages of being an entrepreneur is being able to work on something that interests you, and that you are passionate about.
Social Purpose Business
Within the growing social economy sector, many new terms are starting to gain recognition. Yet the differences among often overlapping terms can be confusing…
Traditionally, business ventures would be founded upon one of two dichotomous business models. Either a commercial enterprise would be established to maximize financial returns, or a not-for-profit or charity would be created to maximize social and environmental returns. But times have changed, in turn transforming the way companies do business.
To see a great visual explanation GO TO the Infographic: What is a Social Purpose Business?
If you are new to Canada and want to start your own business, check out this page from Canada Business Ontario that provides information on programs and resources to help plan for and start your own business.
Starting a business? Start here. Learn entrepreneurship fundamentals — from start to pitch.
MaRS Entrepreneurship 101 is Canada’s largest live and online entrepreneurship course.
Aimed at technology entrepreneurs and social innovators, the course covers the fundamentals of starting and building a new venture: testing the market, defining a business model, organizing finances, recruiting talent and more.
Start-up Business Planning
Business Plan Writer
The Futurpreneur Canada interactive Business Plan Writer has been designed to simplify the business planning process. Not only is this tool dynamic, allowing you to customize your plan, we’ve also provided tips & tricks and plenty of examples to guide you as you write.
We understand that writing a business plan can be a daunting experience. You have a great idea, loads of experience in the industry, but you’ve never had to produce a document like this before…Don’t worry!
We’re here to help you create a business plan that is well structured to aid you in securing the financing you may need to get your business off the ground.
We’ve created a process that is easy to start AND finish. Registration is a click away; Start the plan!