An Entrepreneur is an individual who endeavors to create economic opportunity for them and others by forming a small business or corporate entity. Many top economists consider small business to be the heart of the US economy. Countless numbers of individuals dream of becoming independent entrepreneurs.
In order to make this dream come true, one would look to acquire a particular set of universal business related skills. Obtaining these skills can be a key advantage in making a small business undertaking a success. A bachelor’s degree or higher would be the first step towards achieving the status of entrepreneur, although when forming a business network on one’s own, there is no legal requirement to graduate from a college or university.
That being said the best course of action would be to achieve a level of masters in business administration or similar business related masters depending on the type of field or industry the final business plan will relate to. In general, the entrepreneur and small business owner is responsible for the overall direction and daily operation of the business entity. Fundamentally, a major characteristic of successful entrepreneurs is that of a planner.
Sales are a key part of any business, but especially small businesses that may not have established a brand or presence within their respective industry. A successful business owner must excel as a salesman. It does not matter whether they are involved in the direct product of sales or not, every business related encounter is a self promotion.
There is a great deal of selling one’s self when it comes to pitching a business plan to a bank, investor, partner or team. Then the next level is to sell potential clients or customers on the merits of a product or service. An intimate understanding of one’s own strengths and weaknesses is necessary in order to gain the appropriate support and strength from business partners and staff.
The business plan is the first step for the entrepreneur followed by a marketing plan, production plans, sales force and a budget. It is essential that an attainable chain of action steps is created and that they can conceivably stay within an established budget. These are the key ingredients that a bank or investor will be looking at when considering whether to lend money or invest money into the undertaking.
Daily job duties of the established entrepreneur might be to review daily sales forecasts and specific financial information and compare them against market and business plan goals. Business owners and CEO’s can then direct their administrative and sales staff to achieve these goals. The business owner will be responsible for all hiring and firing of team members and bear the ultimate weight of responsibility for success or failure.