14 answers
Anita
Student
Banjup, Western Australia, Australia
1
Question
Asked
1659 views
How can i be the best entrepreneur ?
How can i be the most successful entrepreneur and have my own business that i will run and control and be the number one in town?
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14 answers
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
350
Answers
Spanish Fork, Utah
Updated
Katherine’s Answer
Hey Anita, the two best resources I know of for building a business are:
Dave Ramsey's book EntreLeadership
And this workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng)
You might also like Ken Coleman's book From Paycheck to Purpose for ideas.
Dave Ramsey's book EntreLeadership
And this workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng)
You might also like Ken Coleman's book From Paycheck to Purpose for ideas.
Rebecca Tang
Banking
1816
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear that you would like to be an entrepreneur. Have you thought about what industry you would like to start your business?
Below are my suggestions :
1. Think about the industry you have interest or strength
2. Do some analysis on the industry, e.g. entry criteria, competition status, any alternative / substitute?
3. Attend industry relevant course and management course
4. Work in the industry some time to understand the operating model and establish people network
5. Start the business online first if possible
6. Define long term business plan and breakdown into some milestone. Review the business plan on regular basis.
Hope this helps! Good Luck!
Below are my suggestions :
1. Think about the industry you have interest or strength
2. Do some analysis on the industry, e.g. entry criteria, competition status, any alternative / substitute?
3. Attend industry relevant course and management course
4. Work in the industry some time to understand the operating model and establish people network
5. Start the business online first if possible
6. Define long term business plan and breakdown into some milestone. Review the business plan on regular basis.
Hope this helps! Good Luck!
Francisco Escobar Iniguez
Financial Analyst
5
Answers
Round Rock, Texas
Updated
Francisco’s Answer
This is a very specific question and it is hard to assess without knowing what type of business you have or plan to have. However, it would be great to have strong fundamentals in finance and strategic thinking. You could also read some book by successful entrepreneurs as well as listen to podcasts related to your industry.
Ana Sofia Marengo
Financial Analyst
2
Answers
Panama City, Panama
Updated
Ana Sofia’s Answer
Hello!
What I suggest is first of all get out of your comfort zone , next make a FODA Analysis , and this would give you like a direction in what would you be good , next make your plan to start! , face your fears!, take action , prepare the financial challenges, have your goals in mind, do work that you love , this is SO IMPORTANT!!
What I suggest is first of all get out of your comfort zone , next make a FODA Analysis , and this would give you like a direction in what would you be good , next make your plan to start! , face your fears!, take action , prepare the financial challenges, have your goals in mind, do work that you love , this is SO IMPORTANT!!
Travis Marsh
Financial Analyst
1
Answer
Hopkinton, Massachusetts
Updated
Travis’s Answer
Hello Anita,
I strongly suggest seeking out a mentor who can provide valuable insights into the world of entrepreneurship. It would be a great idea for you to explore local entrepreneurship clubs or even delve into online communities that cater to your interests. Moreover, I also urge you to consider enrolling in accounting classes. This will equip you with a solid understanding of financial ratios and various financial transactions, which are crucial in running a successful business.
Wishing you all the best!
I strongly suggest seeking out a mentor who can provide valuable insights into the world of entrepreneurship. It would be a great idea for you to explore local entrepreneurship clubs or even delve into online communities that cater to your interests. Moreover, I also urge you to consider enrolling in accounting classes. This will equip you with a solid understanding of financial ratios and various financial transactions, which are crucial in running a successful business.
Wishing you all the best!
Kipp Meleen
Business Transformation
1
Answer
Saratoga Springs, Utah
Updated
Kipp’s Answer
Success in business begins with you. How much do you desire your business to thrive? If you're clear about your goals, do you have a roadmap to reach them? What skills and knowledge do you need to acquire? I've discovered that the journey to success isn't always a linear one. The strategy of 'test and learn' is a crucial element of success. Remember, change is the only constant - what works today may not work tomorrow. If you have a brilliant idea, invest some time in research. Consult with someone who can assist you in crafting a business plan and guide you through the financial aspects. Consider gaining experience in the business field you're interested in. You'll realize that while starting a business isn't necessarily difficult, it does demand dedication and hard work. Establishing a reputation for consistent excellence is vital for business success, particularly in customer-facing businesses. This requires meticulous attention to detail, resilience when things don't go as planned, the flexibility to adapt and overcome, and above all, an unwavering belief in your capabilities.
Ingrid Judge
Sr Analyst
2
Answers
Hampton, Georgia
Updated
Ingrid’s Answer
Hi Anita,
Congratulations on your journey and exploration into being an entrepreneur. Entrepreneurship is a major driver of growth, innovation, and wealth building.
* Pursue something you're passionate about and have a clear vision for your business.
* Stay informed about industry trends, and market changes, and continually improve your skills.
* Join associations related to your business and attend tradeshows
* Expect setbacks and failures; resilience is crucial for overcoming challenges.
* Be flexible and open to adapting your strategies based on feedback and market demands.
* Build a strong professional network; connections can provide support, advice, and opportunities.
* Understand the financial aspects of your business, manage resources wisely, and monitor cash flow.
* Prioritize customer satisfaction and feedback; understanding your customers is key to success.
* Communicate your ideas, values, and goals to employees, partners, and customers.
* Surround yourself with a skilled and motivated team; delegate tasks and empower your employees.
* Embrace innovation and experiment; staying ahead often involves taking calculated risks.
* Success may take time, so be patient and persistent in your entrepreneurial journey.
Congratulations on your journey and exploration into being an entrepreneur. Entrepreneurship is a major driver of growth, innovation, and wealth building.
* Pursue something you're passionate about and have a clear vision for your business.
* Stay informed about industry trends, and market changes, and continually improve your skills.
* Join associations related to your business and attend tradeshows
* Expect setbacks and failures; resilience is crucial for overcoming challenges.
* Be flexible and open to adapting your strategies based on feedback and market demands.
* Build a strong professional network; connections can provide support, advice, and opportunities.
* Understand the financial aspects of your business, manage resources wisely, and monitor cash flow.
* Prioritize customer satisfaction and feedback; understanding your customers is key to success.
* Communicate your ideas, values, and goals to employees, partners, and customers.
* Surround yourself with a skilled and motivated team; delegate tasks and empower your employees.
* Embrace innovation and experiment; staying ahead often involves taking calculated risks.
* Success may take time, so be patient and persistent in your entrepreneurial journey.
Houcine Lakhchach
Career Development Specialist | U.S Department exchange Alumnus | EFL/ESL trainer | Program manager
139
Answers
Kenitra, Gharb-Chrarda-Beni Hssen, Morocco
Updated
Houcine’s Answer
Hi there,
To become the best entrepreneur and establish a thriving business, start by identifying your passion and niche. Choose a venture that resonates with your interests, ensuring a sustained commitment. Conduct thorough market research to understand industry dynamics, competitors, and your target audience. Develop a well-structured business plan that outlines your goals and strategies. Building a strong network is crucial—connect with mentors, advisors, and fellow entrepreneurs to gain insights and support. Embrace a continuous learning mindset, staying updated on industry trends and evolving technologies. Foster adaptability and resilience, as challenges are inevitable in the entrepreneurial journey. Prioritize customer satisfaction, delivering value through your products or services. Consistent dedication, strategic planning, and a commitment to personal growth will propel you towards becoming a successful entrepreneur and achieving a prominent position in your local business landscape.
To become the best entrepreneur and establish a thriving business, start by identifying your passion and niche. Choose a venture that resonates with your interests, ensuring a sustained commitment. Conduct thorough market research to understand industry dynamics, competitors, and your target audience. Develop a well-structured business plan that outlines your goals and strategies. Building a strong network is crucial—connect with mentors, advisors, and fellow entrepreneurs to gain insights and support. Embrace a continuous learning mindset, staying updated on industry trends and evolving technologies. Foster adaptability and resilience, as challenges are inevitable in the entrepreneurial journey. Prioritize customer satisfaction, delivering value through your products or services. Consistent dedication, strategic planning, and a commitment to personal growth will propel you towards becoming a successful entrepreneur and achieving a prominent position in your local business landscape.
Martha Kramer
Corporate Training, Communications
334
Answers
Stamford, Connecticut
Updated
Martha’s Answer
Hi, Anita - entrepreneurship can be exciting, challenging, satisfying, and exhausting all at the same time. I recommend the article below for terrific tips and links to other references.
But, first, I recommend thinking carefully about the business you want to run. It has to fill a need that isn't being filled (or filled as well) now and has to be something that interests you, and appeals to your strengths. This will take research to make sure there is a niche for what you want to do. If you find that it already exists, you may still be able to distinguish your business, but you need to thoroughly understand your market.
Then I recommend finding a business plan template and writing down your thoughts for all aspects, such as operations, production or service provision, finance, marketing, sourcing, sales, etc. Writing it down is important because it will force you to think through the whole business, help you uncover gaps or inconsistencies, and give you a roadmap for what to do next. Plus, you may want advisors or, eventually, funders, and they will want to see your business plan.
Good luck!
Read these tips - https://www.indeed.com/career-advice/career-development/how-to-be-a-success-entrepreneur
But, first, I recommend thinking carefully about the business you want to run. It has to fill a need that isn't being filled (or filled as well) now and has to be something that interests you, and appeals to your strengths. This will take research to make sure there is a niche for what you want to do. If you find that it already exists, you may still be able to distinguish your business, but you need to thoroughly understand your market.
Then I recommend finding a business plan template and writing down your thoughts for all aspects, such as operations, production or service provision, finance, marketing, sourcing, sales, etc. Writing it down is important because it will force you to think through the whole business, help you uncover gaps or inconsistencies, and give you a roadmap for what to do next. Plus, you may want advisors or, eventually, funders, and they will want to see your business plan.
Good luck!
Martha recommends the following next steps:
Nic Beigel
Financial Analyst
4
Answers
Hopkinton, Massachusetts
Updated
Nic’s Answer
Hi Anita,
I actually attended a college that specializes in entrepreneurship (Babson College) and although I learned a lot of skills about how to become successful in entrepreneurship, my number one takeaway was that you NEED to be passionate about the business you are launching if you want it to be successful. Entrepreneurs are unique because they are working and thinking about their businesses around the clock, and if the passion is not there, neither will the success. That being said if you want to become and entrepreneur but don't have a business you are passionate about, try working for an entrepreneur who is passionate about their business. You will learn a ton from them and working alongside a person that has that much passion for something may help you discover a passion of your own.
Aside from the passion side of things, successful entrepreneurs communicate well, have good foresight on future implications on their business, and are very organized and decisive in their planning /decisions. A general rule of thumb is everything takes longer, is harder, and is more expensive than you expect, so building that into your plans will help you manage expectations better.
As and entrepreneur, it is easy to get tunnel vision on your business and get too caught up in the potential for your business and miss out on the inherent risks. Taking a step back and analyzing your business from a critical point of view is important for getting perspective on the risks of your business as well as the opportunities. For this it may be helpful to have a trusted advisor that can ask you these critical questions. This is also where strong communication skills comes in.
My final piece of advice is you want to surround yourself with work partners who have knowledge on things that you do not. One person cannot possibly have all of the knowledge necessary to launch a successful business, so hiring people who have skills that you do not will pay massive dividends.
Hope this helps!
I actually attended a college that specializes in entrepreneurship (Babson College) and although I learned a lot of skills about how to become successful in entrepreneurship, my number one takeaway was that you NEED to be passionate about the business you are launching if you want it to be successful. Entrepreneurs are unique because they are working and thinking about their businesses around the clock, and if the passion is not there, neither will the success. That being said if you want to become and entrepreneur but don't have a business you are passionate about, try working for an entrepreneur who is passionate about their business. You will learn a ton from them and working alongside a person that has that much passion for something may help you discover a passion of your own.
Aside from the passion side of things, successful entrepreneurs communicate well, have good foresight on future implications on their business, and are very organized and decisive in their planning /decisions. A general rule of thumb is everything takes longer, is harder, and is more expensive than you expect, so building that into your plans will help you manage expectations better.
As and entrepreneur, it is easy to get tunnel vision on your business and get too caught up in the potential for your business and miss out on the inherent risks. Taking a step back and analyzing your business from a critical point of view is important for getting perspective on the risks of your business as well as the opportunities. For this it may be helpful to have a trusted advisor that can ask you these critical questions. This is also where strong communication skills comes in.
My final piece of advice is you want to surround yourself with work partners who have knowledge on things that you do not. One person cannot possibly have all of the knowledge necessary to launch a successful business, so hiring people who have skills that you do not will pay massive dividends.
Hope this helps!
Glen Mbaku
Financial Analyst
2
Answers
Austin, Texas
Updated
Glen’s Answer
Hello Anita, it's wonderful to see your enthusiasm to prosper as an entrepreneur and business proprietor. Here are a few key points I recommend you prioritize initially.
1. Identify the product or service you wish to offer
2. Determine who your ideal customer or target market is
3. Construct a comprehensive business strategy
4. Strive to deliver outstanding customer service
By honing in on these four elements, you're setting yourself up for success as a business owner, attracting a multitude of customers. Wishing you all the best in your future endeavors!
1. Identify the product or service you wish to offer
2. Determine who your ideal customer or target market is
3. Construct a comprehensive business strategy
4. Strive to deliver outstanding customer service
By honing in on these four elements, you're setting yourself up for success as a business owner, attracting a multitude of customers. Wishing you all the best in your future endeavors!
deborah kania, bfa, mba
Marketing
65
Answers
New Bern, North Carolina
Updated
deborah’s Answer
Hello Anita! As someone who has started and run a business, here is what I've learned to be successful entrepreneur:
1. Pick a business that matches your passion
2. Develop a business plan
3. Provide EXCEPTIONAL customer service!
4. Put efforts into sales and marketing - selling skills are important You will be the #1 salesperson, unless you hire one.
5. Recordkeeping/Bookkeeping - track income and expenses carefully, and manage cashflow. This is essential to knowing how the business is doing financially, and then make sound decisions/adaptations to ensure continued success.
You canNOT be a successful entrepreneur alone. Build a support team from the start: Family, friends who will be supportive; Accountant, banker, mentors, other entrepreneurs in your community; Employees.
Also, it is hard work and take lots of your time especially early on. But, it is so rewarding to build something!
Best wishes on your future business!
1. Pick a business that matches your passion
2. Develop a business plan
3. Provide EXCEPTIONAL customer service!
4. Put efforts into sales and marketing - selling skills are important You will be the #1 salesperson, unless you hire one.
5. Recordkeeping/Bookkeeping - track income and expenses carefully, and manage cashflow. This is essential to knowing how the business is doing financially, and then make sound decisions/adaptations to ensure continued success.
You canNOT be a successful entrepreneur alone. Build a support team from the start: Family, friends who will be supportive; Accountant, banker, mentors, other entrepreneurs in your community; Employees.
Also, it is hard work and take lots of your time especially early on. But, it is so rewarding to build something!
Best wishes on your future business!
Kevin Lee
Financial Analyst
2
Answers
Hopkinton, Massachusetts
Updated
Kevin’s Answer
All depends on the product you're selling. Make sure you have a solid product and consumer experience, and chances are you'll be okay.
A healthy amount of initiative is required to succeed as well. As an entrepreneur you'll have to be a self-starter to make progress on your goals.
A healthy amount of initiative is required to succeed as well. As an entrepreneur you'll have to be a self-starter to make progress on your goals.
Calvin Saboorian
Director - Real Estate
34
Answers
New Orleans, Louisiana
Updated
Calvin’s Answer
Thank you for your inquiry. Engaging in entrepreneurship indeed necessitates a certain degree of risk-taking, ideally measured and calculated risk. My recommendation would be to find a mentor, particularly one who has expertise in the fields that pique your interest.