Invefox

Do you have what it takes to be an entrepreneur? Here are 22 characteristics that set successful entrepreneurs apart: 1. Commitment and perseverance Starting a business venture requires total personal sacrifice. Entrepreneurs put a lot of physical and mental effort into developing their ventures.Total immersion into business by entrepreneurs can overcome obstacles and setbacks. Commitment is demonstrated by their intense dedication to the job. To overcome the business challenges of surviving in the start up, stay alive and finally grow means not giving up Entrepreneurs work long hours and regard their firm by far as the most important element of their lives, with possible exception of their families. The stronger commitment has enabled some entrepreneurs to overcome difficulties, which defeated other people who treat those difficulties as impossible to solve obstacles.Commitment also compensate for personal shortcomings.       2. Determination to f...

Entrepreneurship   constitute people who have the ability to see and evaluate business opportunities, gather the necessary resources, take advantage of them and initiate appropriate action to ensure success.Successful entrepreneurs ought to have the vision or ability to see opportunities.below are seven (7)   definition of entrepreneurs by different scholars 1.       Schumpeter (1934) defined an entrepreneur as someone who acts as an agent of change by bringing into existence a new combination of the means of production. The means of production include capital, equipment, premises, raw material, labour and—more recently—knowledge. Knowledge can be considered as the capacity to understand and use information and processes. 2.       Kirzner (1973), saw an entrepreneur as a seeker of imbalances, which he/she seeks to remove by any means of his/her entrepreneurial activity . 3.       Casson (...

  20 Questions Before Starting So you’ve got what it takes to be an entrepreneur? Now, ask yourself these 20 questions to make sure you’re thinking about the right key business decisions: Why am I starting a business? What kind of business do I want? Who is my ideal customer? What products or services will my business provide? Am I prepared to spend the time and money needed to get my business started? What differentiates my business idea and the products or services I will provide from others in the market? Where will my business be located? How many employees will I need? What types of suppliers do I need? How much money do I need to get started? Will I need to get a loan? How soon will it take before my products or services are available? How long do I have until I start making a profit? Who is my competition? How will I price my product compared to my competition? How will I set up the legal structure of my business? What taxes do I need to pay? What kind of insur...

10 Steps to Starting a Business Starting a business involves planning, making key financial decisions and completing a series of legal activities. These 10 easy steps can help you plan, prepare and manage your business. Step 1: Write a Business Plan Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully. Step 2: Get Business Assistance and Training Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business. Step 3: Choose a Business Location Get advice on how to select a customer-friendly location and comply with zoning laws. Step 4: Finance Your Business Find government backed loans, venture capital and research grants to help you get started. Step 5: Determine the Legal Structure of Your Business Decide which form of ownership is best for you: sole proprietorship, ...

Entrepreneurs with a new product idea must decide whether to pitch the concept or provide an actual prototype. Which works best? In trying to secure financial backing for a new product, independent innovators generally face the question of how much to invest in development before showing it around. Should they create, say, a working prototype (and maybe even generate sales) or pitch the idea for the product and see if there is enough interest to go further? Which is the better strategy for young innovators? What are the pros and cons of each? Can the risks be measured and mitigated?     “The pitch or spec dilemma touches any independent inventor looking to sell a new product, technology, or concept” Harvard Business School’s Hong Luo, an assistant professor in the Strategy Unit, studies entrepreneurship in Hollywood. Like other entrepreneurs, screenwriters struggle with the decision of how to advance their product. Should they pitch just a story line fo...