What makes a good Entrepreneur?

Strengths: I am good at keeping calm in difficult situations. Keeping calm is important when running a business, things may go wrong and you may be in some bad predicaments, but it is always vital to be calm. I have shown my skills of being calm when working as a sales assistant in 3; as a sales assistant in a mobile phone shop there will be a lot of people coming in angry with complaints about, or even wanting to send their phones to the repairs, when these situations happen it is always essential to keep calm because the customer is always write in a business. Also if you are not calm when a customer comes in and they are angry, it could affect the business as the customer would not recommend the shop, or they would not come back and it is always good to have loyal customers. Good attendance:I will always be where I need to be, if I said I am going to attend or if I am supposed to attend I will always be present, because I do not like to miss vital information or miss out and the c atch up later. I’d rather primary information than secondary information, because I understand more when heard from the person explaining.Good personality:I am always positive, and happy if I am at work I never have a dull attitude I do what I have to do and I enjoy what I do, I do not do anything that I do not think I will enjoy. I do all I have to, to the best of my ability’s; never half hearted. Customers love me because I love to get to know new people, working in a phone job it is important to get to know the customer so you can provide them with a phone that will suite them best. I’m always smiling, do not hold grudges and can never be angry for long time. I think this would make me a good entrepreneur because whatever I am hit with I never dwell on it I get up and move on The ability to work as part of a team as well as on my ownWeakness: OrganisationI am not very good at organisation; I do not plan ahead before time or keep things that I think I may need in the future. I need to work on keeping all important documents together so when I need them it is not hard to find, also I need to be able to plan ahead, set myself a plan or a time table so  that I can do things systematically then doing things all jumbled up and not remembering what I have to do and what I have done. PunctualityMy punctuality is not as good as my attendance, I always make sure I’m there but sometimes due to my bad organisation I will end up running late because I have not organised, what I needed for the morning, the night before. I am good and at estimating what time I need to leave to get to somewhere on time.Management skillsI have not git much management skills, I am able to lead a group however I do not think I am advanced or organised enough to manage a whole team. As managing a whole need is a lot or balancing responsibility, with I would need more experience to do.I.T skillsI also need more experience and more training in IT Skills, ask they ar e good but nor excellent, it is good to have I.T skills as the worlds technology is advancing and soon everything will be electrical, so if my skills are very good now, I can be learning as technology advances, so that I will not be extremely behind. Opportunities for development: Asking for helpAsking for help could help me quite a lot because I have a lot of people around me at all times, so asking for help with all the things I am bad at could hopefully, teach me how to do things better and get me into a routine. Writing things downAlso for development I could begin to write things down more in a diary, and then I can remember things more and know where things are. When writing things down it makes everything more efficient and you will always have evidence to go back to and show specific dates. As an entrepreneur it good to remember dates when you started a new idea, what day your new stock arrives etc.TrainingTo improve my management and I.T skills I will need some training and experience, as I.T skills you have to learn because there is a lot to computing, and technology is improving, so it is ggod to be update with I.T  skills. Also as I am going to be running my own business I need to learn how to manage a larger group of people, larger amount of money and documents. MentorA mentor will be a lot of help, someone who is older than me that can give me some tips on how to run a and manage a business, someone that can support you and teach you what to do and what not to do, as they have had experience and training to do this.Threats- New technology As technology is advancing all the time, and to stay up to date with all the necessary technology, a lot of money needs to be spent, even starting up the business I would need to buy a lot of technology, such as computers for the tills, CCTV cameras, TV screens and iPads for attraction and marketing.CompetitionAnother threat is my competition, big stores worldwide such as JD Sport, Footlocker and Schuh as they are much bigger stores and more known to the public, those places will be the first choice, however our store will appeal to more unique individuals.Recession A recession is a very big threat because if there is a recession, then the prices will have to go up and the customers will find it difficult to do some shopping, employers could even demand a higher salary due to prices of everything else going out.Personal development plan Skills: The ability to do a certain task well, something that is learnt to perfection with a lot of practice. Attributes: A quality, property or characteristics of somebody or something, it is not something you gain. Skills I need to manage my business properly Type of skill Why is this relevant to the business? Are you competent in this skill? Yes/No Explain why? How can I intend to develop this skill Good CommunicationGood communication is very important in a business, as you will need to speak to the customers, to find out what they like and need when doing market research. When a business has good customer services customers all feel likely obligated to come back because the get treated so well, better that our competition, communication skills is not only essential with consumers but also with the staff, good communication with your staff will make the business flow very well; a staff will be more confidence in what they do because there has been an established understanding, YesMore experience can develop these skills, more contact with customers in a work place will defiantly enhance my communication skills Presenting SkillsThe ability to present an idea to a group of people is very important it can take you from a small business to a worldwide business so it is important not on to have good presenting skills but to have good persuasive skills also. YesManagement SkillsManagement skills are relevant in a business, are I am going to be the manager of the business I need to be able to run he business to success. I also need to know how to organise a business, hire people and make the right decisions and when he wrong decisions are made how to recover and get better. No, because I have never been a manager, hover I have been a team leader so I just need more training and experience. Training, Experience and Mentoring, all these things will help me to become a better manger. Book-keeping and accountancyThis is relevant to run my business, as I need to keep track of everything that is going on in the business, so that there is always evidence, also accounting skills are relevant just to make sure that everything is running well in the business and not relying on an accountant, which is a lot of cash loss, and even if an account is hired it is always good to double  check.No, as I am not used to book keeping, also I have only just started an accounting course and need more knowledge in that subject. Read more financial books, and get used to writing things down in a diary all the time.Attributes I need to m anage my business properly Type of attribute Why is this relevant to the business? Are you competent in this attribute? Yes/No Explain why? How can I intend to develop this attribute Good personalityA good personality is one of my best attributes I have a positive attitude in everything I do, I am never negative is anything that I do, never accept failure and never give up, do everything to the best of my ability. YesAlways keep a positive mind and always keep organised, do not let things overload, pile up and stress outCommitmentThis is important because it is never good to give up, always give 100% in running a business, and give all time and dedication to make it work. Give everything you need to make it work, if it fails try again, have a lot of persistence and put in a lot of hard work, to make your business successful. YesBalancing ResponsibilitiesBeing able to do this will keep the business running smoothly and keeping everything on track, balancing responsibilities I will be able to have a personal life away from my career life and be able to care of them both and not one more attention than the other. No, because I’m not very good a balancing my priorities  Lean to meet deadlines and know when it’s time to work and play.ConfidenceIt is important to be confident when running a business, as drastic decisions need to be made and if there is no confidence the decisions will not be made. Confidence is needed to present well and to make changes in the business, No, I am not used to standing up in front of big crowdsDo more training in leadership, and aim for higher roles such as class president or vice president. What Makes a Good Entrepreneur? The terms entrepreneur, manager and owner are very much in meaning yet exhibit different representations of business people who are present at the top management. Entrepreneur is a person who sets up a new organization or enterprise and accounts for accountability on his part of the risks that could come onto his shoulders for one reason or the other. When the discussion is of the for-profit organizations, the entrepreneur term replaces itself with founder.  (Versi, 1999) This person is responsible for establishing a new entity or unit so that the establishment could provide an existing product or service into the form of a single new market, which could have a profit or non-profit result. The entrepreneurs have strong insights as regards to the opportunities that exist within the market and the threats that come as a result of the very same. The risks that could arise in the wake of these include personal, financial or professional ones so that opportunity could be grabbed with bo th hands.(Martin, 1997) In different societies, the business entrepreneurs are regarded as the pivotal components of a social order. (Covin, 1999) Entrepreneur manages and runs an organization and manages the different undertakings of the enterprise. This enterprise could be a business which is normally associated with peculiar initiatives and foreseeable risks. An entrepreneur is also an employer of productive work or in other words of labor. He is also the contractor who deals with or initiates the process of entrepreneurship.The entrepreneur is the person who is responsible for running the system which is in place in a normal process. He is the one who organizes the whole process. Entrepreneur creates or sells a product and/or service so that he could earn a considerable profit/benefit. The entrepreneur is the risk bearer and an organizer within the business enterprise. More than anything else, an entrepreneur is a leader by sheer definition. An entrepreneur wants to achieve high since his ambitions are always at the top.He is a person who believes in dedication and hard work. (Drucker, 1985) These people like to work for their own selves rather than working for some other business. They believe in quality of work and take acceptance for responsibility which is a hallmark of a true leader. These entrepreneurs believe in a positive approach and give rewards whenever they deem fit. Their thinking is more on the lines of providing excellence towards work and they are good organizers as far as work ethics are concerned.They want to make a profit and this profit helps them to accomplish more and more in their passage towards success and achievements. (Ramsay, 2004) Some of the well known entrepreneurs have included names like Ben Cohen of the Ben & Jerry’s Ice Cream, Elisha Otis related with elevators, Ted Turner with the media field, Sam Walton concerned with the departmental stores and lastly Alan Sugar with the science of computers. (Watkins, 1998) Eff ective entrepreneurs know how to make use of their team members and during this while contribute in their own capacity towards team building.Entrepreneurial effectiveness within an organization could be improved if there is a general understanding that the entrepreneurs know their work well and also discern the exact basis for the workers who fall short on the knowledge curve. This would enable them to get the best out of these individuals and turn them into the strengths within the shortest possible time. (Versi, 2006) What spiral of knowledge does is to increase the awareness level of the entrepreneurs when it comes to their working methodologies and the ways and means through which they bring value to the different processes and activities of the organization.  (Gannon, 1987)The knowledge organization makes best use of the knowledge that it has and it does not let go on the opportunities which come in its way every now and then. There is a definitive need to outline the salient points which a entrepreneur must know in order to get the work done from the knowledge base and indeed the whole of the knowledge organization and it is only when there is a mesh of knowledge activities and the entrepreneurial effectiveness.  (Halal, 1996)Team building is one of the most significant aspects that come under the functions of an entrepreneur and he needs to make sure that he is the leader for all the activities and tasks that are happening under his vigilant eyes. Team building is all the more important because the entrepreneur needs to take decisions in line with the knowledge that his team can deliver under crunch situations and also because he has to take the company forward all this while.Thus it is imperative on his part to understand that the strengths and weaknesses of the team members are equally crucial and his requirement takes more ground in this whole equation when a difficult situation crops up. (Hocker, 2001) Thus a good team is only built when the lea der (entrepreneur) knows his team members pretty well and turns the weaknesses of different individuals within the team into their strengths and not only that but also in the strength of the team overall.  (Harper, 2003)An entrepreneur can only be termed an effective one when he understands his resources and what his team members can possibly do to their maximum in those available resources. Only then there is a sense of empathy and understanding amongst the team members and consideration towards the leader of the team which in this case is the entrepreneur himself. Thus, a good team is developed when there is complete harmony in the activities of the team members and there is basically a synergy amongst all of them.This synergy can only be encouraged by the team leader, which in this case is through an effective and considerate entrepreneur. (El-Amin, 2003) Being labeled as an entrepreneur is a social stigma, more so in the West where the same is attached with social injustice an d immoral etiquettes. In addition, being called as an entrepreneur of some business or corporation asks for the person to be termed as a tyrannical ruler who is ruling the lives of the employees and workers working under him. Oppression and entrepreneurship thus end up being each other’s synonyms.On the other hand, being called as an entrepreneur of an enterprise would be looked upon at in a very esteemed and reputable manner within a third world nation. (Economy, 2003) There are differences in the cultural mechanisms so as to speak. A conflict within an organization can take place due to differing personalities of the employees or in their attitudes that lead in their linkage with each other. This could also happen due to their norms and behaviors which might not be liked by any one party (person) and thus lead to a conflict of thoughts, ideas, actions and eventual behaviors towards each other.There is a degree of power when we speak of the entrepreneur in terms of the same over his subordinate or the employee who is working under him in a direct or an indirect capacity. In the end, it would be proper to state here that if the entrepreneurs are true to their jobs and know what they expect from the workers working under them, then it is duty bound on the part of these employees to be truthful about their work and apprise the entrepreneur as to where they have been lacking and what plus points have thus been achieved.  (Rogers, 2001)All said and done it is to the entrepreneur himself as to how best he can toe along the workers on those lines and till what extent he can drag them but in the name of a genuine organizational gain. A good entrepreneur can only be made if he is respected by one and all. (Milner, 2004)