Entrepreneurs are innovators who modernize human civilization and bring life-changing products and services to the masses. Furthermore, global interest in entrepreneurship has grown exponentially over the past decade. According to the Global Entrepreneurship Monitor 2018/2019 report, 62% of people believe that entrepreneurship is a good career. If you are looking for a career in entrepreneurship, now could not be a better time.
So, the question is what sets an entrepreneur apart from regular people? And most importantly, what does one need to do to start a successful career in entrepreneurship?
In this article we are going to discuss about it. These are ten tasks that make a successful entrepreneur.
decision making
Making quick, efficient and informed decisions is an important function of an entrepreneur. Entrepreneurs often deal with startups and there are many issues involved that require thinking on their feet and what is best for the business in the long term.
According to Vidur Gupta, co-founder of Spectrum Talent Management,
“Time wasted can be costly and therefore decision-making must be quick and effective.”
Entrepreneurs rely on their knowledge, experience and business skills to make decisions on various aspects of their enterprise such as product strategy, management philosophy, hiring, marketing, organizational structure, project feasibility, budget allocation, and more. Without sharp decision-making skills, an entrepreneur’s venture cannot achieve the desired goals.
take the initiative
The ability to take initiative separates an entrepreneur from the rest of the crowd. The world is constantly changing, and when a problem needs to be solved, entrepreneurs step in. Recognizing this gap and taking the initiative at the right time helps the entrepreneur to build a successful business.
Moreover, once they establish a startup, an entrepreneur has to take the lead in various aspects of the business like production, planning, management, etc. Doing so enables them to adopt new techniques, innovate, improve productivity and differentiate. In a highly competitive market
Entrepreneurship Tasks – 10 Tasks of a Successful Entrepreneur
Entrepreneurs are innovators who modernize human civilization and bring life-changing products and services to the masses. Furthermore, global interest in entrepreneurship has grown exponentially over the past decade. According to the Global Entrepreneurship Monitor 2018/2019 report, 62% of people believe that entrepreneurship is a good career. If you are looking for a career in entrepreneurship, now could not be a better time.
But entrepreneurship is easier said than done.
So, the question is what sets an entrepreneur apart from regular people? And most importantly, what does one need to do to start a successful career in entrepreneurship?
In this article we are going to discuss about it. These are ten tasks that make a successful entrepreneur.
decision making
Making quick, efficient and informed decisions is an important function of an entrepreneur. Entrepreneurs often deal with startups and there are many issues involved that require thinking on their feet and what is best for the business in the long term.
According to Vidur Gupta, co-founder of Spectrum Talent Management,
“Time wasted can be costly and therefore decision-making must be quick and effective.”
Entrepreneurs rely on their knowledge, experience and business skills to make decisions on various aspects of their enterprise such as product strategy, management philosophy, hiring, marketing, organizational structure, project feasibility, budget allocation, and more. Without sharp decision-making skills, an entrepreneur’s venture cannot achieve the desired goals.
take the initiative
The ability to take initiative separates an entrepreneur from the rest of the crowd. The world is constantly changing, and when a problem needs to be solved, entrepreneurs step in. Recognizing this gap and taking the initiative at the right time helps the entrepreneur to build a successful business.
Moreover, once they establish a startup, an entrepreneur has to take the lead in various aspects of the business like production, planning, management, etc. Doing so enables them to adopt new techniques, innovate, improve productivity and differentiate. In a highly competitive market
Innovation
“Innovation is the relentless drive to disrupt the status quo and develop new ones where few have dared to go.”
– Steven Jeff, marketing and business expert
For an entrepreneur, not being creative and experimenting with new ideas is a surefire way to shut down their business before it gets off the ground. An entrepreneur understands the importance of challenging the way things are done and creating new ways of doing business. Doing so allows the entrepreneur to become an industry leader and solve people’s problems more efficiently.
The ability to innovate also allows an entrepreneur to keep up with rapidly changing technological trends. Doing so enables them to make the best use of the latest innovations and gives them a competitive advantage.
risk taking
Entrepreneurship is full of risks and uncertainties, but an entrepreneur must be willing to navigate dangerous waters to start a business and make it productive. Only a visionary entrepreneur who can see his destination in this risk landscape can muster the courage and take the necessary risks.
An entrepreneur also understands that taking risks for the sake of taking risks is foolish. They use their experience and knowledge to collect data, predict the consequences of their decisions, and then take risks accordingly.
Managing resources
Entrepreneurs have limited resources, especially in the startup phase of things. Only an entrepreneur who can manage resources well at this stage can take the business to new heights.
The ability to manage resources means that an entrepreneur knows how to identify the talent in their team and how to delegate responsibilities to bring out the maximum potential that each employee has. An entrepreneur recognizes the raw talent in their employees and guides them to transform into their most productive selves.
Besides managing human capital, an entrepreneur also knows how to manage financial capital. They understand which part of the business will yield the most profit and allocate capital accordingly.
Management
Management is an essential function that helps entrepreneurs to utilize human capital for the benefit of the enterprise. Management is the skill of getting things done by working with and through others. It includes planning, organizing, staffing, controlling and directing.
Many promising organizations with large budgets and talented teams fail due to poor management, while many small startups with limited capital and small workforce succeed due to good management.
marketing
A good entrepreneur knows how to create a product or service, but more importantly, they understand how to deliver that product or service to people. That’s what marketing is all about.
Marketing includes consumer research, surveying, brainstorming, product planning, packaging, pricing, advertising, promotion and distribution. An entrepreneur knows all these functions and performs them efficiently to make the enterprise successful.
Identifying business opportunities
When a business is up and running, many new opportunities open up depending on time and demand. It is the task of the entrepreneur to identify these opportunities and use them for the benefit of the organization. These opportunities allow the entrepreneur to expand the business, such as
- Adding a new product or service,
- Expanding their reach with growing demand,
- Identification of gaps where competitors are absent.
It requires competitor analysis, knowledge of the latest market trends, communication with existing customers, outreach to potential customers, and in-depth understanding of one’s industry. Having expertise in these areas allows an entrepreneur to efficiently identify new business opportunities.
Creating jobs
An entrepreneur understands how their business is not only going to benefit them financially but also benefit society as a whole. Consequently, employment generation is the main function of an entrepreneur.
“According to this research, business startups are responsible for about 20% of the total job creation in the United States.”
Entrepreneurs identify areas of the business where they need help from fellow human beings and then create opportunities for people to do those jobs. As a result, their business supports many individuals and families. Plus, good entrepreneurs go a step further than just creating jobs. They care about the needs and preferences of their employees and help them bring out their best selves for the benefit of all.
Creating and sharing wealth
Starting an entrepreneurial venture gives way to a network of economic activities that creates wealth. Some entrepreneurs get initial capital from family, friends or banks, while others are at a stage where investors are interested in their product. Everything from manufacturing to marketing creates economic activity when a business is running.
Moreover, the entrepreneur takes care of his employees’ salaries, rent, interest, contractual obligations, wages and other expenses. All these are paid from the income generated from the business and consequently, the wealth is distributed among the different sections of the society.
last word
Any entrepreneur with the skills, knowledge and experience to master these ten tasks can put any venture on the path to success. New entrepreneurs can learn and practice these tasks to become the best version of themselves and realize their true entrepreneurial potential.