Entrepreneurship: Planning for Success

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EntrepreneurshipWhile a big-looking word, entrepreneurship is pronounced just like it looks phonetically (Click HERE to hear).  It is derived from the French word entrepreneur.  Entrepreneurship is developing a business from the ground up.  It begins with an idea.  Then, we have to turn that idea into a money-making business.  This is easier said than done.

Starting Your Own Business: The Entrepreneurship Alternative (downloadable, printable .pdf).  Studying how to succeed in business as an entrepreneur is not an abstract concept.  For many, this becomes a career path.  Let's learn more about business opportunities and look at the fantastic success of Debbi Fields and Mrs. Field's Cookies.

What does it Take to Succeed?

To create and manage a successful business, one needs a variety of skills.  Exactly what it takes depends on the entrepreneur, their background & experiences, and the type of business.  Sometimes it also takes a little luck.  Some people believe there is no such thing as luck -- we just need to be prepared when opportunities come along.

A notable business magazine, Forbes, publishes many articles about being a successful entrepreneur, including The Six Disciplines Entrepreneurs Need To Succeed which includes the following points:

  1. Conducting Market Research:  Doing market research will provide you with key information about the industry in which you operate.
  2. Testing Your Ideas:  Don't just assume things will work. 
  3. Developing Business Plans:  Creating a plan in the beginning forces you to think about and plan for critical issues you will face down the road.
  4. The Art of Negotiating: Knowing how to negotiate is one of the most powerful skills an entrepreneur can acquire.
  5. Saving vs. Spending:  A new business owner should have at least six months of operating costs socked away before going into business.
  6. Mental Toughness: If you’re not resilient, you won’t be able to bounce back from the setbacks that you will face. Every entrepreneur inevitably faces setbacks and failures.

Do You Have What it Takes?  Online Self-Assessments  and Email review assignment sheet, downloadable/printable .pdf)

  1. The Entrepreneur Quiz.  Are You Fit to Be a Manager? Now You Can Find Out With This Interactive Tool
  2. Do You Have What it Takes to be an The Entrepreneur?  Take this informal quiz to see how your personality compares with the popular profile of today's successful entrepreneurs.
  3. Entrepreneur Test.  Take the Entrepreneur Test online to see if you have natural entrepreneurial potential.
  4. Entrepreneurial potential self-assessment.  This questionnaire includes 50 statements, and will take about 10 minutes to complete. There are no right or wrong answers. Your honest opinion is what counts.
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The 10 Myths of Entrepreneurship
  1. 4 Things You Need to Know Before Starting Your Own Business
  2. 10 Legendary Rules from Legendary Entrepreneurs
  3. [The] 15 Characteristics of Effective Entrepreneurs
  4. Advice for Entrepreneurs (Richard Branson)
  5. Entrepreneurship:  Motivation Video
  6. [The] Power of Entrepreneurship
  7. Qualities of Successful Entrepreneurs
  8. Starting Your Own Business for Teens
  9. Young Entrepreneurs and Youth Entrepreneurship

Entrepreneur Resources

  1. 15 Free Online Learning Sites Every Entrepreneur Should Visit
  2. 50 Ways to Start a Business
  3. 100+ Teen Money Making Ideas for Young Entrepreneurs
  4. Entrepreneurial Thinking Activities
  5. Junior Achievement:  Student Center
  6. Kauffman Index of Entrepreneurship Series

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