The Skills And Qualities Of An Entrepreneur Business Essay

The Skills And Qualities Of An Entrepreneur Business EssayIt big barterman be easier to think ab come knocked out(p) the red-hot ideas and might as well be easier to develop a note sector seatd on the ideas. But it is non easy to take action day in day out continuously when the results were not going in your way. However its proven that often favored enterpriser displays high level of persistence and commitment. Its what count.Goal orientedEntrepreneurs dear to set goals and bequeath be satisfied once they strain it. Normal human beings commence tendency to palpate satisfaction in their accomplishments. However they write down the goals and check them daily and review them on a regular basis until they achieve their goals. last MakingAbility to stick a temper decision is a core skill of an Entrepreneur if they want to be a succeederful. They make sound decisions where they want to go in to from the control they form. Decisions include how to proceed with marketin g, funding, harvest-home harvest-homeion , vendor selection and batch of other decisions to be made. The key is to be critical and learn from the mistakes alternatively than avoiding taking decisions.People skillsNo matter what kind of rail line they be in, they argon in bulk business. Even they ar in bull dressing business its the people who decide to use singles services everywhere the competitors. So they should be ready deal with the people. This is the skill every productive entrepreneur has. In business world dealing with dealers, vendors, customers, investors, the press or the employees resulting make fight between success and failure.Ethics and moralityEthics and morality argon the foundation for very better qualities of entrepreneur. totally entrepreneur must decide what their business stands for and should not stray from their path. roughly entrepreneur will shut their doors because money outshines their morals and what they stand for and it will creat e a bad name for their business.Time Management all(prenominal) minute is valuable. This cannot be emphasized enough. This is essential for an entrepreneur to do impressive business. Every available should be utilized effectively by acquisition new skills preferably than wasting it.SalesAs an entrepreneur they should find out out what kind of gross sales they prefer and what product services they offer. If the entrepreneur worked before in retail sales or advertising they lay down the edge over the others. All entrepreneur will benefit from sales seminar and motivational programs.Introduction about the entrepreneur that I interviewedMr.Vasan founder of VDMIE Pvt.Ltd. graduate as a Computer Engineer from IIT Madras in the year 2006. resembling any other people he doesnt want to work for a company, he wanted to do something divergent from normal. He wanted to make a change in the society by helping people in the form of providing line for them. then he rooted his own comp any. His prototypic business was creating Smileys and Emoticons for different websites. He named it as Humecons (http//www.humecons.com/HomePage.aspx). He did this business as spot clipping. He knew this business will eventually habit give back much of a profit. Soon he started his second venture business called virtual makeover.This business is all about virtually dressing you up through online and you can see yourself whether that discriminateicular dress or fuzz style or even gold ornaments and sun glasses besides is suitable is to you or not(http//www.1000lookz.com/). The idea is very simple and the toughest part is reservation that idea in to reality. He did this with ease. First he started writing codes for different companies who wants too put up their products online for virtual makeup for the end user.As the time went by and also due to the sudden rise of apple and Android based smart phones made his business more lucrative than ever before, reaching more and more users every day. The expected tax revenue for the year 2011 -2012 is 200,000 USD which is phenomenal for the 3 year old business.His skills and qualitiesPersistenceHis firstborn business wasnt profitable tho he didnt give up easily, he did hang in there thinking new ideas, tweaking his thinking process. Hence he came up with the new business ideas which were an instant success. He win the outcome for the ruffianly work that he put in during grueling times. He persisted with commitment.Goal OrientedHe set goals for the future, and he admits what he wants to do for the next 5 years. According to that he hired new people for his organization. Due to this quality of his he attained results in equipment casualty of profit. If there is no goal he couldnt grant achieved this success easily.Decision makingHe made lot of decisions which was the variety between success and the failure. He decided to go for cost effective method earlier than expensive method. His organization is sm all with 16 employees but the work they are doing is very big process and they cover huge customer base through different platforms. So due to his decision making skills they are making good profits.People skillsIn his line of business the difference between success and failure is how you deal with different people. He is doing easy in terms of people skills, because he managed to get the contract with the wandering giants like Google and Apple and different other private vendors. This was made practical because of the quality of his product and usability across different kind of people in different geographical locations.Ethics and moralsHe stood for the quality of product preferably than any product which gives him the money. For him money comes second, he stood by his morals and ethics till now which was the good sign for a successful entrepreneur. He wants to do good service and product offering rather than false promise. He maintained to do that part well.Time fore themeTim e management is of the essence(p) for any kind of business. There are lot of people depend upon the product of yours, if the product is not delivered in time business will get affected. He planned everything in such a way that there wont be a delay in his product completion and distribution. This is also one of his qualities which were crucial for his business.Calculated risk takerHe is not a gambler but then he did take lot of risks but it was well thought and calculated rather than reckless which helped throughout his business career. He went in to software programming business which was well occupied at that time he entered in this business, but he was so sure his product will be preferred among the competitors.Cautiotly optimisticEvery entrepreneur dont have negative frame of mind. He always expected the unexpected and hold optimistically for his time and he did manage to do well and he got the results after the strings of failure. It is not easy to compete in a market where c ompetition is fierce. His quality of being optimistic made the difference for him.FinanceOne of the important parts of business is financing it. He financed his business by doing part time high end consulting job for companies in America. He didnt depend upon investors and bankers for the source of money. Hence he is let go of from any debts.What did I learn from this interview?I learnt few things from this interview which will come in handy in future when I start my own business. They areHow to start a businessHow to celebrate the businessHow to start a business?I learnt that answer to these apparent movements cannot be explained in a single word. Its a lifelong process and you fate commitment and patience and also should be ready for a pump break.Should know what am I doingAm I going to start a new business or start a business which is already existing, shall I buy into a business or wedlock multi-level marketing or I could go with something I love or something which will ma ke money. There are so many options out there and it is not easy to decide which way to go. But I feel I should do a business which I love because it will give self-satisfaction.2. What are the things that I need to start businessAfter deciding what business to go in one has to find out do I have necessary skills, say if one wants to do catering service one should have a good cook, if I want to start a online business I should know basic HTML. I should make a list about what business needs and what I need to achieve success. Then I have to check do I have knowledge and skills if not have to find a way to get it.3. Financial constraintsThis is the basic question where every entrepreneur will ask themselves when they start a business. This will impact a business at start. Say for example if I want to start a restaurant business but I have only 2000$ and couldnt find investors or cant get a bank loan then I have to rethink my entrepreneurship ambitions until monetary situation improve s. To find out about how much money essential to start a business one has to do complete and bonnie market research before they start a business and also come up with strong business plan.4. How much money will I make?The revenue depends upon so many factors and it is really hard to find. Because the estimation often varies and I can ever know until I try it. But having some kind of idea will make me to work. So it is recommended to have a high estimate to achieve greatness.5. throttle StrategyHaving a exit strategy doesnt mean that giving up. It is all about planning and one should know when to say good bye. subject strategy should tie with objective of the business. One has to decide between selling the company for a sizeable sum or start a new business. Those who dont have exit strategy will struggle to reach the goals that they set for their business. A realistic exit strategy is crucial part of the business plan.How to sustain the businessBy maintaining the positive cash shineThis can be done through various safety measures and puritanical budgeting and also finding out only necessary resources rather buy resources and wasting it.By having a competitive returnsThis can be done by introducing new technology in the business rather using the old time consuming process.First mover advantageTo sustain the business one has to diversify their business by pitiful to new location and gaining advantage there.Proper advertising and MarketingAdvertising is one of the important piece of sustainable strategy, without that existence of the company wont reach the people. Hence proper care should be taken to correspond enough money is been divided for marketing and advertising alone.I end by saying that the person I interviewed is indeed an entrepreneur and doing ordered business in Chennai, India. In the process I personally conditioned a lot about what business is all about and the part of an entrepreneur in it.