For every journey to success, you need a single step. This single step is geared to having a successful journey to success. The initial steps to commencing in entrepreneurship requires a lot. Entrepreneurship requires you to start up basing on individual skills. Skills are necessary since they will enable us to ascertain the significant impacts, tricks geared towards success. Here are some of the major skills you need to have for a successful journey in entrepreneurship.
1- Startup influences (personal, situational, antecedent)
Business entrepreneurs are typically influenced by personal, situational and preceding attributes to start their businesses. Personal influencing factors include creativity, risk tolerance, responsiveness and leadership qualities. Situational influencing factors can include intellectual property laws, which protect individuals, and their ideas can be an influencing factor.
2- Character traits of an entrepreneur
To be a successful entrepreneur, an individual must have certain personal attributes that are business oriented. An individual must be tolerant of ambiguous situations and be able to take the risk, which refers to the ability to handle business situations and transactions that have uncertain results that can lead to business failure. Also, an entrepreneur must be visionary and have self-confidence that he or she is providing the society with quality products and services. Flexibility is another important trait of an entrepreneur to ensure business survival. Flexibility is important given that in the modern society, there are constant innovation and inventions that affect the business environment.
3- Relationship between creativity and entrepreneurship (Stagnation/ struggler/ copier/ Innovator)
Creativity is an important attribute that ensures successful entrepreneurship in any business environment. Therefore, the two factors are closely related given that entrepreneurship programs and establishments heavily rely on creativity for success. Creativity also helps to determine how certain occupations are important in entrepreneurship. That is, an individual must be innovative, hard worker and have the ability to copy successful business practices to consider creativity.
4- Ability to use effective business models such as the Porters five forces
Porter’s five forces is an important model that was created to help business entities to determine competitive forces within a business environment. Therefore, entrepreneurs, heavily use this model to analyze their environment to determine potential business competitors and develop appropriate business and marketing strategies to achieve success.
5- Ability to raise enough capital
To be an entrepreneur, a person needs a certain amount of capital to start a particular business entity. The main types of capital include equity capital, which is funds from the business owner without offsetting the liabilities. There is also debt capital, which refers to borrowed funds that must be paid after a certain period with interest, which is amounted at a certain rate agreed by the lender and the business owner. The third type of capital includes specialty capital, which has no economic cost, and they include funds from insurance float and family members.
6- Generic Marketing Strategies: Commodity, Outstanding Success, Market Trader, Niche Product, Price, Promotion, Place, People
Generic marketing strategies refer to the basic strategies that can be used by an entrepreneur to improve the performance in a competitive market. This involves the analysis of the performance of a commodity in the market by determining factors like close substitutes and prices. There is also the determination of the possibility of a product performing with a success and potential buyers and sellers in the industry.
7- Personal Attributes Leading to success
Successful people always have certain personal attributes that enable them to achieve their success. These attributes include self-reliance, willpower, integrity, optimism, passionate and quality connection with other individuals.
8- Ability to use personal networks
Having networks in business are important as it can enable an entrepreneur to store data on a single computer and share it with her or his employees in different departments within the organization. Also, important business files can be backed up with ease and promote security to prevent unauthorized access to business data.
8.1. Ability to identify business opportunity
Drucker’s sources of opportunity includes learning form the failures or success of certain business activities. There is also analysis of the discrepancies between the reality and what is assumed to be real to determine a potential business opportunity. An opportunity can arise from changes in demographics and within an industry, which can influence the market structure.
8.2. Protecting ideas: Trademark, Patent, Copyright
Protection of ideas is important for any entrepreneur and can use registered trademarks to brand the products to protect the business against counterfeiters. Also, a company can patent its ideas to prevent unauthorized use of its ideas in other business transactions. Use of copyrights can help an entrepreneur protecting his ideas by requiring any other organization to seek permission first before using the same design.