Entrepreneurs take upon a new venture and assume significant accountability for whatever the outcome gained. They pursue opportunities and make full use of their resources to accomplish. Market entrepreneurs are critical to a capitalist society. Social entrepreneurs on the other hand also include a net social benefit as an objective.
Qualities Of Successful Business Entrepreneurs
Many business entrepreneurs fall short of their desired targets. The significant reason is not short of talent but lack of the significant qualities that drive success. Some common attributes of successful business entrepreneurs are:
- A high level of drive and energy
- Take careful and cautious moderate risks
- Realistic goals
- Long term vision regarding the future of the business
- High self imposed standards motivated by a competitive urge to succeed
- Clear understanding of the finances
- Planning an achievable growth rate
- Ability to network
- Ability to get people to work productively
- Learn from mistakes and failures and use them as stepping stones
- Willing to take more effort
Ideas For Business Entrepreneurs
For those interested in business opportunities, there are business and franchisee opportunities available especially on the internet. There are small business ideas, home based businesses, online-internet business and franchising. Some of the popular ideas for want to be business entrepreneurs or for those who want to expand or diversify can consider the following.
- Start a leaflet business
- Become a consultant
- Open a gym
- Start a web design business
- Start a dog walking business
- Start a book keeping business
- Start a web design business
- Become a wedding/event planner
- Write an eBook
- Start a marketing affiliate business
- Take a retail franchisee
- Become a house sitter / pet sitter
Aspiring Business Entrepreneurs
Those who want to become business entrepreneurs can consider the following guidelines:
- Business requires long flexible working hours and commitment. It is important that the individual is passionate about his venture, so try to work a business idea that you simply love.
- Develop the ability to make correct choices and the right decisions. Utilize the skills of a specialist for achieving better results. There is plenty of professional help and guidance in UK to help you delegate tasks and focus simply on the venture.
- Determination and the will to succeed in a business entrepreneur will help you wade through the tough times.
- Be willing to change and evolve with the times. For aspiring business entrepreneurs with limited finances, it is always a safe option to choose a less risky venture and improve upon it. Entrepreneurial innovation and creativity will provide the require niche that will strengthen the business strategy.
- Try to develop acorn into a mighty oak with less investment but as a more profitable venture.
- Business entrepreneurs can take help and advice from mentors, experienced entrepreneurs and venture capitalists. Such people clarify your vision, warn your from expensive diversions and help you network with like-minded contacts. Business entrepreneurs will benefit from aiming for a symbiotic growth.
- Business entrepreneurs must watch out for emerging trends that are a sure success in the prevailing market conditions.
- Business entrepreneurs can seize every opportunity to promote your business
- Business entrepreneurs must develop the capability to identify and stick to their own trend with courage, it will pay high dividends.
How To Maximize Profit As A Business Entrepreneur
The simple and proven two-way method of maximizing profits as business entrepreneurs is to reduce costs and increase sales.
- Pricing the product is critical. The best strategy is to test market the product at different prices. It will help determine the price-sensitivity of your customers. Business entrepreneurs must arrive at the right price-point that is not too high or low and is competitive.
- Marketing is a costly expense but a necessary one. Ensure that the income generated will cover the investment.
- Control your variable costs and reduce your fixed costs wherever possible. Business entrepreneurs need to keep in the mind that the quality will be intact.
- Business entrepreneurs must make certain that the cash flow is regular and constant. Fluctuations will lead to financial instability.
Business Entrepreneurs And Raising Finance
Business entrepreneurs will always find the need to raise finance to either improve their venture or launch a new one. A strong business plan will help business entrepreneurs achieve this need.
- Friends and family members are the best choice as it is the cheapest and flexible option of raising finance. Business entrepreneurs must make it a habit to return with interest or equity. Beware that the risk is at a minimum as it will destroy relationships otherwise.
- Banks offer loans to business entrepreneurs. They require some sort of surety that will assure them that you have the capacity to repay the money lent.
- Angel Investors are affluent people who invest for a monetary return or a stake in the company. The British Business Angels Association can advise business entrepreneurs regarding such investors who also make good mentors.
Grants And Awards For Business Entrepreneurs In The UK
The British government is promoting business entrepreneurship in the UK. Aid provided to business entrepreneurs include:
- The Prince’s Trust that help young people (between 18-30 years) in England, Wales or Northern Ireland to start their business. Business entrepreneurs can apply for a loan amount of £4000 at low interest rates.
- SME’s in England are eligible for Government Grant for Research and Development. Business entrepreneurs can contact the Regional Development Agencies (RDAs) for details.
- The Government offers subsidised training programs called ‘Train to Gain’.
- Grant for Business Investment (GBI) and Enterprise Capital Fund provide equity to small and medium businesses.
- The Technology Strategy Board offers grants up to 75% to high technology companies.
- Special grants are available for business entrepreneurs who develop and promote products or techniques that are environment friendly.