Starting Your Own Entrepreneurship – Passion, Grit, Vision

Definition and characteristics

In one of my recent posts the question of entrepreneurship was discussed from a standpoint of definition; and although the definition may differ slightly from person to person, entrepreneurship is about a set of principles and values that are seldom found in other areas of life. The way an individual approaches his/her own livelihood and the support of family and lifestyle provides the answer to whether or not that individual is an entrepreneur capable of operating an entrepreneurship.

Entrepreneurship is the process of creating or seizing an opportunity, and pursuing it regardless of the resources currently in one’s control. According to Wikipedia entrepreneurship is defined as “the act of being an entrepreneur, which can be defined as ‘one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods’. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity”.
Dictionary.com defines entrepreneur as “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk”.

Must you be the rebel–mouthy and opinionated? Do you like the thrill of change, always eager for the next new venture? Is your idea of security to never be the victim of a corporation’s downsizing or reengineering? Are you a fiercely independent risk-taker who can comfortably handle the uncertainty of being responsible for your own paycheck? Do you have to possess these characteristics to be an entrepreneur?

Answering “yes” to these questions (except the last one) can put you firmly at the helm of your own entrepreneurship; But the answer to that last question need not be yes for you to qualify to run your own entrepreneurship because you can be, for example, less “mouthy and opinionated” and still be a successful entrepreneur, live a happy, rich life and be in control of your life and career.

Bare essentials & the research

If you start your entrepreneurship on the Web, you could begin operatiing with as little as $100 in seed money and your experience in your position at your current job and/or past experience. It is reasonable to assume that you’re putting in the required hours, if not more, at your current job, so you may have to work part-time from your home computer for a period of time before your business gains enough momentum that you could quit your day job. And obviously you can continue to work from home until your business income reaches levels of success that affords you some time to relax or do what other successful people do.

All this can be done if you have the passion, commitment and intuitive vision for running your own entrepreneurship. But somewhere along your road to successful entrepreneurship, you’re going to need a secret formula or USP (Unique Sales Proposal). Yes you need a passion for the thrill and independence of being an entrepreneur, but you also must have the commitment to follow through on that passion. Here’s are a few ideas which you can use as your success formula to help you get on your way.

First you have to know where you’re going, so research your chosen industry. Identify types of businesses that match your passionate vision and aptitude. Explore areas that show growth potential and, using your experience and insight, look for a need not presently being filled.

Find a successful company similar to the one you envision owning, and study how it started and how it grew. Learn as much as possible about the entrepreneur behind it. Devour books and publications related to your business concept. Talk to other entrepreneurs to discover their best practices.

Vision and action

As an entrepreneur-in-training, you’ll need to build basic and advanced leadership skills. A successful entrepreneur is a bold visionary, seeing what others cannot and willing to follow that vision despite naysayers. Many entrepreneurs never finished college, but that hasn’t stopped them from owning large companies like Dell Computer and small companies like neighborhood restaurants and consulting firms. They relied heavily on their visions, not on MBA programs.

Entrepreneurs handle ambiguity with ease. They get a thrill out of leading the way into unfamiliar territory and thumb their noses at failure. Fearless pacesetters, they are usually mystified to find they’re weak at operations and management.

That’s okay. Other people can manage for you, but you must be the guiding force that inspires your managers and staff to follow your vision. You’ll shoulder responsibility and hold yourself personally accountable for the outcome. As a leader you have to focus on the big picture and trust others to focus on the details. People who do it all are self-employed but not entrepreneurial.

You must also be an actor. You act and get things done by delegating, subcontracting and leveraging other people’s talents. You’re innovative and unwaveringly determined, willing to put in fast-moving 16-hour days to reap the rewards of independence, creative freedom and unlimited financial gain.

Learn to be a marketing genius. Everything is marketing, from the way you say “good morning” to the contacts you make. You sell ideas, products and services to potential purchasers by getting inside their minds and creatively communicating benefits.

Above all you must grow your enterprise and make a profit. People who say, “I love it so much I’d do it for free,” are not entrepreneurs–they’re volunteers. Most entrepreneurs are willing to start small and grow slowly, but they fully expect to make money. There is nothing noble about being poor or failing financially.

The Strategy

When you know where you’re going and have the courage to act, the only thing missing is the strategy for getting you there – but this is no small thing. Jumping into business without a strategic plan is like jumping in the ocean without knowing how to swim. To create the strategic plan, envision your enterprise exactly as you want it to be. Then write down your goals and objectives for achieving that vision. For each goal, create a strategy and a target date for achieving it.

Assess your strengths. You already possess knowledge, skills and experience your enterprise will draw on. List all your strengths that apply to your enterprise. Then appraise your challenges. They might involve market penetration, profitability, expertise, competition or location. Challenges change as your enterprise changes. How will your challenges impact your goals?

Act the part

Finally, act like a CEO. Create an income and spending plan. Know where your money is going, question every expenditure and keep the cash flow positive. That means taking in more money than you pay out, plain and simple. Make a budget and stick to it. A CEO gets things done through delegation, so create a framework of people who can help you achieve your entrepreneurial vision. Even if you work solo, you can benefit from a myriad of talented consultants, vendors and subcontractors.

If you stick to it and don’t quit on your dream, you’ll look back years from when you started with that small investment and a vision fro your own entrepreneurship, and you’ll probably smile. But whether the smile comes or not you’ll feel a burst of pride within you. That comes as a result of all your hard work, long hours and sheer determination that was necessary to make it happen. You might utter these words: “I did it”!


 

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Entrepreneurs Can Tap Into Unlimited Income Potential



Would you believe me if I told you that, as an entrepreneur, you have an unlimited income potential? And that, as your own boss, you could decide when you’ve made enough money. Would you believe that your entrepreneurship could make money for you around the clock, even as you sleep, with no effort at all? You’ve probably heard the term, “put it on autopilot” or “set it and forget it” Well that’s similar to what you can do when approached correctly.

Don’t get me wrong, the initial time and effort required to set it up properly will be a lot; But after you get it up and running, the maintenance is minimal. The only time it’ll require more effort on your part, is when you want to increase your income, and even that will get progressively easier each time.

Ask yourself this question, what hss been – and still is – the fastest growing market over the past decade? If you answered the information industry, you answered right. It’s a $233 Billion industry, as verified by the US Census Bureau as of 1-25-2012. We’re currently living in the Information Age and information is exactly what everyone is looking for. This sounds great so far, but it even gets better.

Musicians and authors are some of the wealthiest people around ($83 Billion). Why is that? They create low cost assets. Well what is that? An asset is something that you own which puts money in your pocket. For example, think of your favorite musician. How long does it take for him/her to make an album? A couple months at most? Well that album makes money for them for many years, possibly decades. The same goes for books. Information products can be created within a matter of days or weeks.

The great thing about the Web is that you can automate the entire process! After you’ve finished typing product you save it to your computer and upload it to your website. You can create a website for $10-$20 a month and it does all the selling for you. After you receive the payment your customer instantly gets access to the product that is saved in a secret location on the web. You have no inventory to deal with.

This may sound overly simplified, but it is true and those who have been able to do it are reaping enormous benefits from their businesses and entrepreneurships. The simple truth is this: When you stop working for your money and let your assets work for you, the process of automating your business or entrepreneurship will have begun.

 

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Unique Touch Will Set Your Entrepreneurship Apart



Approach your entrepreneurship with a
dare-to-be-different attitude, and it will
create the edge you need to succeed.

– Tony Phillips

Your special something

That special something that only you can bring to your entrepreneurship and transfer it to your clients and/or customers has been defined in different ways by different industries. Some refer to it as a “schtick”, others a “modus operandi” or “tactic” and still others, a USP (Unique Sales Proposition/Proposal), the last term used most often in the copywriting business.

That unique touch I refer to adds value to your website and your service or product and is one of the most over looked and under rated strategies for improving your Web entrepreneurship. The Web and modern technology make it possible for anyone to offer that little something extra that nobody else does, and usually at no additional cost.

The why, what and how!

First the Why! Let’s look at why this is a good practice for big and small businesses alike, including your entrepreneurship: It’s a good thing to do because you will make more money if you integrate the schtick into your daily activities by making it a part of your overall business practice!

Second is the What! Now let’s take a look at exactly what value adding is! Value adding is giving surprise high quality and useful gifts. It’s giving something that your competitors aren’t offering. It’s promising the world and delivering the universe. It’s taking care of your clients and always providing something that your clients need and want, when and where they want it.

Third is the How! We’ll now take a look at the different ways this can be done: If you receive a free gift from someone when you don’t expect it, do you remember that person?

The USP example

Answer: Yes, most of us do, especially when it is something we can use or have needed. How can you do this in your entrepreship? The best way to answer this question is with an example as stated below:

If you go out to dinner and order a menu item, what do you expect? You expect to get what you ordered from that menu, right? Now imagine that you ordered a T-Bone steak medium well along with your beverage of choice and whatever side orders comes with the dish.

Say you enjoy your meal and is satisfied with the service as well as the price you pay, which you consider very good or great. You grab the bill and is ready to leave when the restaurant owner comes to your table with a package which turns out to be a bottle of good wine ($25.00 value) from his own cellar and gives it to you with these words: “our special gift to you”. Wouldn’t that make you more likely to go back to that restaurant for future steak dinners? Probably not only steak dinners either!

That’s one simple example, and I understand that it is impractical for you to sell steak dinners in a Web entrepreneurship, but I also understand that everyone may not relate to Internet newsletters or know what an eZine subscriptions is; however, you will agree we all have had a decent restaurant meal at one time or another, so a steak dinner is something we can all relate to. The point is, that restaurant owner got your attention with his unique touch.

The unique ingredient

Think of something you have that many other entrepreneurs don’t or, if others have it, they cannot serve it or apply it with the same skill or touch you can. You may have studied oceanography in college or maybe you’re a good swimmer who never went to college but have a knack for marine life and you own a Web entreneurship/website about marinas. Add something directly from you that anyone else will find it hard to match. That’s the best description of your unique touch / schtick / USP.

So you can see that by offering this free and unique gift you have achieved several things:

  1. You have developed a product (at no cost to you) that you can sell and make a profit on. Think of it this way: Your unique touch, when added to an existing product has the potential of making that product like new. Just like new paint on an old house. “A coat of paint makes it what it ain’t”.
  2. You have used that product to increase the chances of your new entrepreneurship getting repeat customers or visitors to your website (prospects now but future customers), as well as keeping their attention, if not loyalty will ensure that any specials you run and notify them via email they will open, so your list will also be easier to maintain.
  3. You have promoted you site/service to other Web marketers that you may wish to do a joint venture with at some time.

Other ways to add value for less effort is to:

Offer a 110 percent guarantee instead of a 100 percent.

Offer FREE tips about how to get the best out of your product, etc., get the idea?

It’s all just a matter of finding ways that you can give more, because the more you give the more you will receive. I sincerely believe that and I hope you do also…You’ll be better off for it. Good luck!

The Easy Cash Phenomenon

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