Have you got what it takes to be a world class
entrepreneur? Or would you be better off as a senior
executive in the corporate world?
In a recent White Paper on Competitiveness, the UK
Government said "Entreprenuership and innovation are
central to the creative processes in the economy, to
promoting growth, increasing productivity and creating
jobs. Entrepreneurs sense opportunities and take risks in
the face of uncertainty to open new markets, design new
products and develop innovative processes. In the
knowledge-driven economy this process is critical in large
and small businesses alike."
If you are an aspiring entrepreneur, a useful starting
point would be to assess your own competencies. Ask
yourself: how do I compare to the Donald Trumps or Richard
Bransons of the world?
A study of 17 successful entrepreneurs identified 9
competencies that can predict, with about 80% accuracy,
which individuals have the characteristics of successful
entrepreneurs of the future.
This study showed the entrepreneurs to be people who are
driven and focused, with a huge capacity for work. They
also revealed themselves to be individuals with high levels
of integrity and a democratic and generous approach to
sharing success. They had an eye for developing a business
that would stand the test of time and that would contribute
to their local community.
But what made these individuals truly outstanding is the
passion they have for what they are doing. That passion
feeds their success and drives them forward.
Dr David McClelland, Emeritus Professor of Psychology at
Harvard University, one of the world's leading authorities
on leadership and motivation, proved that entreprenueiral
behaviours can be developed and that once these behaviours
are developed, business performance improves.
If it is possible to develop these entrepreneurial
behaviours, how do you do it?
Firstly, make sure your chosen field is something that
really grabs you, something you believe in completely and
can talk about confidently. Remember you will have to
convince others it's a good idea and there will be some
risk-taking involved! Know your stuff, know your market,
know your limitations, and then go beyond them.
Take the initiative - if you don't do it no one else will!
Or if it is a really good idea, if you don't take the
initiative someone else might! Take the lead on issues and
set a good example for any employees you might have and
also to the investors.
Set goals and performance measures for your people so that
you can assess progress. It's a give and take world so
reward your employees when they do well (but only when they
do well).
Be honest with yourself about how well things are going.
Communicate closely with your employees and tell them if
they're not up to scratch. They can either shape up or
ship out. The Donald Trump "You're fired" line in The
Apprentice TV show comes to mind.
Take care of yourself psychologically. You are the
visionary, the leader. When things go right, make the most
of it, feel good about it and use that to move on to the
next challenge. Beyond the competencies, there are
practical skills that the entrepreneur needs to develop.
There are hundreds of things to consider when setting up a
business - planning, getting funding, selling and everyday
administration such as health and safety and payroll.
Above all, individuals must respect the huge amount of
personal sacrifices successful entrepreneurs have made
along the way and also recognise that success owes a lot to
hard graft, determination and long hours as well as drive,
commitment and a brilliant business concept.
----------------------------------------------------
Pam Kennett is Founder and Director of WealthBeing. Pam has
worked with entrepreneurs to help them establish their
businesses. WealthBeing is a wealth education and coaching
company which helps individuals develop practical skills
and knowledge to build their wealth. For free resources,
downloads and articles visit http://www.wealthbeing.co.uk
or contact Pam direct at mailto:pam@wealthbeing.co.uk
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