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Business Strategy

The Spirit of Entrepreneurship – Do You Have What it Takes?

Entrepreneurship is a fundamental and ever-growing component of today’s economy. More and more people choose (or are forced) to become entrepreneurs. Entrepreneurship is often a difficult undertaking, as a vast majority of new businesses fail. The success of a business is determined by a combination of many factors. I would, however, argue that key to all this is the attitude of the entrepreneur – or what I would call the spirit of entrepreneurship. Unfortunately not everyone has it. The following questions act as a guideline to see if you have it:

  1. Passion. Do you have an overwhelming passion for business? This is the number one attribute of a true entrepreneur. People without passion do not generate enthusiasm and faith in any business venture.
  2. Preparation. Are you wiling to do the necessary preparation? Many people have a basic idea and then want other people to do all the necessary footwork as well as take the risks. Scheming is not entrepreneurship.
  3. Mindset. Do you have a solution oriented (can do) mind-set? If you see every problem as a mountain then stay away from running your own business.
  4. Risk taking. Are you willing to take calculated risks? If you are risk averse then you should rather work for a big corporation, government or an entrepreneur – nothing wrong with it.
  5. Commitment. Are you willing to do everything that it takes to make a business venture successful? Are you willing to go the extra mile? A genuine entrepreneur has an attitude of never giving up – if they fail they just try something else.
  6. Listen. Are you willing to listen to good advice? Entrepreneurship does not mean that you should have a foolhardy attitude or that you have universal expertise.
  7. Responsibility. Are you comfortable that the buck stops with you? Are you willing to lead from the front? If you blame other people for your mistakes then entrepreneurship is probably not for you.

Copyright© 2009 – Wim Venter


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by Wim Venter

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