- June 24, 2020
The Skills that an Entrepreneur needs to succeed
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TheSkills that an Entrepreneur needs to succeed
Entrepreneurs often need various skills and experience that help themcreate a market niche that will influence the success of theirinitiatives. In this case, the entrepreneur will need the knowledgeto generate ideas, identify the needs of the clients and determinethe particular market segment that he or she will focus on. Besidesthat, the experience will help in managing the business, organizingthe personnel and competing with the other companies. This essay willreveal how an entrepreneur will need the creativity, innovation,motivation and vision to assist the business venture to succeed.
Motivation tends to influence the success of most entrepreneurs sinceaspects such as money, food, social status and the welfare includejust some of the things that will urge them to succeed. In mostcases, the entrepreneurs will strive to achieve some of these aspectsbecause they create the basic and the secondary needs as well. In theprocess of achieving a higher social class and get enough money, theywill push the organization to get more profitability as well asgrowth (Carsrud & Malin, 24). Besides the primary and secondaryneeds, the internal achievement such as the independence as well asthe escape from poverty tends to be influential in the long-run.Hence, the way that the organizational losses will reduce theentrepreneur’s self-esteem and the social position will push him orher to achieve more in order to maintain the status (Makhbul &Fazilah, 116). In summary, the entrepreneur’s success motivatesthem to reach higher goals in the organization.
The vision is a critical part of the entrepreneur’s journey sincehe or she uses it to create the objectives that guide the business.In this case, the objectives are what dictate the direction that thefirm follows in the process of succeeding. It also reveals thepurpose of the venture and the outcomes that they want to achieve inthe long-run (Åstebro & Peter, 638). Hence, the owner will worktowards meeting the objectives since he or she knows that they aretarget as well. On the other hand, the confidence in the vision showsthat the entrepreneur will be fully committed to achieve all thegoals that the business has. Understanding the vision also enlightensthe owners and reveals how they can lead other employees in achievingeach of the goals they have. To some extent, it also influences theirdegree of motivation since it shows how they are fully focused onhelping the venture succeed.
Creativity is an essential part of the entrepreneur’s successbecause it nurtures ideas that will be implemented into products thatwill generate profits. More important, the entrepreneurs often usesany market niche to create a good or service that will meet the needsof the clients. In this case, fresh ideas tend to stand out, and theywill have less competition and more profits (Pache & Imran, 497).Instead, working on an existing idea means that one will face a stiffcompetition and fewer profits. Besides that, one will spend morefunds in persuading the market and making his or her product moreunique. Hence, an entrepreneur is expected to be more creative inorder to achieve higher success. In fact, an entrepreneur will oftenundertake extensive research as an approach that will accumulatemultiple ideas that they may use to create a newer perspective(Schaltegger & Marcus, 234). All in all, a creative businessperson will acquire more profits if his or her ideas are unique andmeet the interests of the clients.
On the other hand, Creativity and innovation go hand in hand inensuring that the entrepreneurs achieve the success they might want.In particular, the innovation refers to the way that a person willfind a new value of a product that will satisfy another marketsegment. In this case, the entrepreneurs should be creative inobserving goods in the market and evaluating its new perspective(Marques & Cristina, 58). For instance, Twitter, Facebook, andInstagram are all social media platforms, yet, they have differentfeatures. More importantly, the creators of the three channels hadthe same idea of socializing by the added unique elements thatdifferentiate them. In the process, they attracted different marketsegments that have unique characteristics. However, the example showsthat the entrepreneurs fused innovation in their skills to make surethat their ideas were a huge success in the long-run.
In conclusion, the entrepreneurs need a wide range of knowledge andexpertise that will help them master how the market operates. Moreimportantly, the vision, motivation, creativity as well as innovationhave turned out to be the various aspects that enhanced their chancesof success. In this case, each of the skill plays a particular rolethat will push the business into achieving higher goals. The visionsets the plan that entails all the objectives that the business wantsto reach within a given period. The motivation, on the other hand,reveals the rewards that will urge the entrepreneur to work harderand succeed. Besides that, the creativity shows that the entrepreneurneeds to have multiple ideas that will give the business acompetitive edge. Lastly, the innovation works together withcreativity, but, it still insists that they need to package the ideain a unique and a way that will meet the needs of an entire marketsegment too. The proper incorporation of these skills in thedevelopment of the business will guarantee optimum returns.
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