1. Personal Characteristics and Traits of Entrepreneurs Entrepreneurs have drive and enthusiasm, and they have a strong focus on their product or service. Other traits include honesty, dynamism, and creativity.
2. Entrepreneurial Motivation and Challenges The ultimate goal of most entrepreneurs is not money but the freedom that money can buy. Self-motivation and resilience are often difficult for entrepreneurs to maintain, making entrepreneurism a source of stress on people and their time.
3. Entrepreneurial Success What does it take to succeed? Entrepreneurs add their ideas to the discussion. Success takes passion, determination, money, vision, market research, and more.
4. Entrepreneurial Risks and Rewards Most wealthy people are entrepreneurs whose success involves risk-taking. To build a business, one must have financial stability while the business grows. Research helps reduce risk. Rewards include money, fun, freedom, and satisfaction.
5. Balance Between Risk and Reward Successful entrepreneurs take necessary risks to start their own businesses, but they plan ahead and focus on their goals. They understand what they are giving up and why. The biggest failure is not to try in the first place.
6. Successful Business Habits: Business Plans An important first step is to create a responsible business plan. It is like a "story" about a business and how it will become successful. It is a professional document that acts as a blueprint for success.
7. What Is in a Business Plan? Contents of a business plan include customer profile, competition analysis, income and cost statement, sales forecast, cash flow forecast.
8. Benefits of Business Plans The benefits of a business plan include one's ability to "stay on top of the business." The plan puts the individual in control and on track to success. Banks and investors require business plans. There are challenges in creating business plans.
9. Guidance and Information for Entrepreneurs In today's entrepreneurial climate, there is plenty of help available for start-up businesses. Government sources, websites, library, financial institutions, clubs, business counselors.
10. Importance of Guidance for Entrepreneurs Eighty percent of businesses fail within 3 years. Most of them fail because the owners have taken no support or guidance. Local business links provide valuable learning for entrepreneurs.