What advice would you give to someone ready to launch a business with a name and idea in place?
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Asked by Question Bot07/Nov/20111 answer
1 Answer
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Faisal Khan
Answered 07/Nov/2011
So many thoughts and answers come to mind on a simple yet all-encompassing Question like this.
We all will have our own definitions and what we may/may-not think would be the attributing factors/characters that define an Entrepreneur. 1000s of books, lectures, papers, articles, seminars, videos, etc. have been done on the subject.
I will share my definition and experience here.
First of, if you are a budding entrepreneur, you should be ready to take risks. Even a clown can make money, when everything is going up. But what if the tables/circumstances are reversed? Entrepreneurs take risks - and find opportunities where ever they look.
This does not mean, you should be involved in 100s of businesses, it just means, you are flexible and adaptable enough to just about take any job/opportunity and work on it. The challenge of it all it the key ingredient.
As an entrepreneur, you should have a knack for learning, and learning quickly. Life is full of learning and as an "E" you need to learn and grasp very many subject areas (finance is probably top of the list). A person not willing to learn, and invest his/her time towards educating themselves, is a sure recipe for failure.
Another trait of entrepreneurs is to be able to listen. Have an excellent receptive system towards listening, watching, soaking in. Have an open mind, don't be biased on everything. An open mind will provide you with perspective that you might not have otherwise considered.
A very successful CEO I once met, and I asked him for some parting advice, his reply was one I cannot forget. He said, as a businessman - and right at the top, my job is to solve problems. Everyday I come to the office, there is a list of issues, I need to resolve. My ultimate goal is not to add to the list and try to resolve as many problems I can. When I come back the next day, a new list of problems come up and its the same scenario all over again.
The last quality is knowing when to accept failure. Though entrepreneurs are gifted with the gene for being able to solve everything, it takes a polished personality to understand and accept failure and learn from it and move on.
Humility is the key.
We all will have our own definitions and what we may/may-not think would be the attributing factors/characters that define an Entrepreneur. 1000s of books, lectures, papers, articles, seminars, videos, etc. have been done on the subject.
I will share my definition and experience here.
First of, if you are a budding entrepreneur, you should be ready to take risks. Even a clown can make money, when everything is going up. But what if the tables/circumstances are reversed? Entrepreneurs take risks - and find opportunities where ever they look.
This does not mean, you should be involved in 100s of businesses, it just means, you are flexible and adaptable enough to just about take any job/opportunity and work on it. The challenge of it all it the key ingredient.
As an entrepreneur, you should have a knack for learning, and learning quickly. Life is full of learning and as an "E" you need to learn and grasp very many subject areas (finance is probably top of the list). A person not willing to learn, and invest his/her time towards educating themselves, is a sure recipe for failure.
Another trait of entrepreneurs is to be able to listen. Have an excellent receptive system towards listening, watching, soaking in. Have an open mind, don't be biased on everything. An open mind will provide you with perspective that you might not have otherwise considered.
A very successful CEO I once met, and I asked him for some parting advice, his reply was one I cannot forget. He said, as a businessman - and right at the top, my job is to solve problems. Everyday I come to the office, there is a list of issues, I need to resolve. My ultimate goal is not to add to the list and try to resolve as many problems I can. When I come back the next day, a new list of problems come up and its the same scenario all over again.
The last quality is knowing when to accept failure. Though entrepreneurs are gifted with the gene for being able to solve everything, it takes a polished personality to understand and accept failure and learn from it and move on.
Humility is the key.