How to Become an Entrepreneur in Our Century - Essay Example

HOW TO BECOME AN ENTREPRENEUR IN THE 21ST CENTURY Name Institution Date How to Become an Entrepreneur in the 21st Century Introduction Becoming an entrepreneur is one of the easiest things to do in the world. It does not require qualification, good idea, brains or even money to start up. All that is needed of an entrepreneur is to create something that can be recognized in order to generate money consistently. Entrepreneurship has been defined as the process of developing a business entity general from the start up until it’s grown. This process requires coming up with good ideas which will help in developing a successful business model when the entity realises full profits with the ongoing business activities (Stolze, 1999). In order for the entrepreneurial activities being successful the owner needs to act within the entrepreneurship ecosystem (Stolze, 1999). Therefore, become an entrepreneur in the United Kingdom is pretty simple as there is a potential market awaiting when one starts a business entity. Becoming one of the entrepreneurs in the United Kingdom will help me achieve my goals in my life by becoming successful through the creation of my own business organization. The aim of this paper is to provide a help guide for myself while I venture into entrepreneurship. Nature and role of entrepreneurship The nature of an entrepreneurship normally takes the way an entrepreneur wants to tackle their own business entities. As part of starting out a business entity, there are various features that are needed to come up with in the process to be successful (Frank, 2014). Being creative and innovative will help in coming up with a business vision to start what you will be doing. This will provide a guideline on how to conduct your activities to achieve goals and objects of your entrepreneurship (Tom, 2014). The role of entrepreneurship is to ensure that you are the accountable for all activities in the business. Staring from being chief customer officer, you will also hold different occupation in the business organization, including chief financial officer, chief people officer, chief executing officer and chief innovative officer occupation (Frank, 2014). Being responsible in these occupations in the entrepreneur will help in achieving their goals also boosting the growth of the economy in the country as this business venture into an entrepreneur will help set out new services and also generate employment opportunities (Tom, 2014). On the other hand, entrepreneurship process facilitates communication strategy while at the same time improving team work abilities. To achieve business activities roles in entrepreneurship I should commemorate team work functions to boost performance (Tom, 2014). Team work will assure the individuals working together that they can overcome all setbacks that might arise while they are undertaking their projects (Frank, 2014). Communication too is also a subject to be considered in entrepreneurship. This is the backbone of the activities to be carried out in the entrepreneurship process (Tom, 2014). Workers should be communicating to customers in a warm manner so that they can’t disappoint them. They are the customer care agents in the business, hence better communication will help in improving entrepreneurship activities (Frank, 2014). Elements in formulating and evaluating an entrepreneurial business plan The elements behind the successful process of entrepreneurship as we formulate and evaluate a business plan are ideas, market, advertising and marketing, funding and legalities (Jose, 2014). The role of being an entrepreneur normally conjures compared to the attitude of being employed in your own business entity. While formulating the business plan, there is need to evaluate the idea behind coming up with the strategy for entrepreneurship (Jose, 2014). The idea is the first element in an entrepreneur; the greatest idea reveals the path to entrepreneurship. The approach in developing the idea in the entrepreneurial business plan is to be able to know, improve and emulate ongoing activities that will help in becoming successful or solving an existing predicament in the business (Jose, 2014). The market is another vital element to analyse in the business plan for an entrepreneur. This is the place that will define your goals in either becoming successful of incurring losses in your entrepreneurial activities (Jose, 2014). Writing a considerable business plan will ensure the entrepreneur undergoes a whole feasibility study of the market to determine the market’s potential ability to the business. Also other elements to consider are legalities and funding. An entrepreneur should take a clear consideration of the legal procedures to follow so as they cannot follow into the wrong side of the law (Jose, 2014). In funding, they should be aware of who can invest in their business. They are to carry out a research on the background on the potential investors (Jose, 2014). Lastly, advertising and marketing is the last element to consider while formulating and evaluation an entrepreneurial business plan. Inside this element, it is to make sure that your target market is reached (Jose, 2014). The entrepreneur will have to spread the word of their business activities to the public through different media while employing the appropriate communication tools to reveal the organization’s products or services value (Jose, 2014). The marketing tools that entrepreneur can engage on the process to boost the value of their products and services are new technologies and through traditional marketing channels (Jose, 2014). Elements of managing growth and overcoming obstacles in an entrepreneurial environment Planning ahead Planning ahead is one of the elements to consider in order, overcoming obstacles in an entrepreneurial environment. According to research most of the plans that were made for a long period ago have become relevant in today’s activities; hence they will not play a good role in meeting your current goals and objectives (Canada Business Network, 2015). The market conditions keep on changing at all moments, so there is a need to revisit the last plan and update it to meet the current state of the market conditions. When the business entity grows, it is automatic that as an entrepreneur, you need to evolve and suit yourself to the current circumstances you are facing in the entrepreneurial environment (Canada Business Network, 2015). Therefore, being an entrepreneur, there is need to plan ahead to take care of the risks that might arise during your business activities so that you cannot miss new opportunities that will make your ongoing entrepreneurship activities successfully (Canada Business Network, 2015). Cash flow and financial management As part of a business process, having good cash flow and management control process is important. For growth purposes, it is vital to take considerations of the cash constraints which researchers have revealed to be the force behind limiting growth and also providing an avenue for over trading in an organization (Anastassios, 2008). An entrepreneur should be therefore able to take the best uses for all finances, they are generating as part of the business plan that will help in assessing opportunities when they arise. One should be able to know their financial capabilities so that they can be able to pursue better opportunities, even if they lack adequate resources (Anastassios, 2008). Therefore, having this element of being the best cash flow and financial manager in the enterprise will make sure that there is effective control to ensure the growth of business is strategized; hence you will be managing the entrepreneurial environment (Anastassios, 2008). Welcoming change Change is the only feature that makes us to arrive at what we desire while complacency is one of the major elements that can bring threats to a business that is growing (Canada Business Network, 2015). It has been proven to be unwise by assuming that since in the past you have been successful, therefore also in the current time and future you will also be successful too. As a matter of fact, it is better to revisit your last business plans and update them according to the changes in the market conditions so that as an entrepreneur, you can respond to them positively and effectively (Canada Business Network, 2015). An up to date business plans means that you have gone through the business plan and identified the features that needs to be rectified according to the existing market conditions. This is one way of accepting and welcoming changes in the business (Canada Business Network, 2015). Therefore welcoming changes with the entrepreneurial business plan will contribute effectively to managing the rapid growth and overcoming obstacles in an entrepreneurial environment. The right systems Coming up with the right systems will help an entrepreneur to manage the rapid growth and overcoming obstacles in an entrepreneurial environment (Anastassios, 2008). All business activities do rely on the production of relevant and adequate information that relates to customer interactions, financial information and other business contacts. Tasks and responsibilities are delegated to you as an entrepreneur; it will now be your duty to use the correct and appropriate information systems applications to manage all the activities effectively (Anastassios, 2008). The larger your entrepreneurial business entity grows the more complicated you will have to use the right systems that can handle the duties appropriately (Anastassios, 2008). Therefore, many business enterprises find it appropriate to establish their management utilities through the right systems to provide an effective way that will enhance quality control, hence managing the rapid growth and overcoming obstacles in the entrepreneurial environment (Anastassios, 2008). Significant sources of information and assistance including the entrepreneurs Marketing information One of the sources of information that an entrepreneur may come across is through the market analysis. Market play a significant role in establishing marketing strategies and resources can be learnt through it (Jose, 2014). It has been proven that whoever person that either engages in business or entrepreneurial activities will have to obtain information about marketing either unknowingly or knowingly. This is as a result of being in business for anyone who is in business will always obtain information about marketing. The idea behind selling alone was the skill that was called marketing activity. It is in this response that entrepreneurs can gain information a result of marketing (Jose, 2014). They study the market conditions so that they can analyse and come up with strategies to win over it. Therefore, entrepreneurs’ significant sources of information include marketing information. Financial information Whether a business is large or small the entrepreneurs behind the business are always on the forefront to be aware of the financial information that relates to will relate to the exact type of business organization they would like to establish in the market (Tom, 2014). Financial information has been overlooked as the back office in the entrepreneurial development. Therefore, in terms of its significant source of information it is obtained through the study of the other competitors and existing business entities in the region (Tom, 2014). This is as a result that money plays a vital role in establishing and running up a business enterprise. This will ensure that the business entities do have a competitive strategy; hence they will have to come up with financial information that provides a guideline in depicting the market charges and future events which can be achieved through cash flow planning. Therefore the use of financial information in analysing and planning for the business activities assist entrepreneurs to plan for their future prospects (Tom, 2014). Legal information Business activities have been defined as the totality of the economic strategy and also as a commercial life of any entrepreneur in any given state. Business activities can either function on ether a small, medium or a large scale business enterprise (Frank, 2014). The business activities prospectus also can be widened up to either domestic or international basis in which the entrepreneurs will have to understand the legal implication behind engaging their business activities on these bases. As a significant source of information for entrepreneurs, legal information may be relevant to them so that they can establish a business entity that follows the law accordingly (Tom, 2014). They are welcomed to read the journal so that they can be aware of all necessary steps they are expected to follow when they start up their business enterprise. Therefore the use of legal information in analysing business prospects assists entrepreneurs to plan for their future prospects (Tom, 2014). Self-help guide or instruction manual with a global audience in mind The idea Having the right idea is the key to become an entrepreneur in life. For example, all the industries in the world were once an idea in an individual who over thought and put them into practice. As an advance each and every human being in the world is an entrepreneur (Bangs, 1999). The only difference with each other is how to utilize and bring into concepts or ideas. Once there in no support don’t give up, there are a number of setbacks behind the success of an idea (Tom, 2014). To weigh in on your idea you will have to forget all about the deluded opinions and ideas you have always witnessed and have about the value of an idea. Coming up with an idea is the only cheapest thing one can ever come up with, it is considered a worthless but how you will put it to impact positively in your life is what is considered a great idea (Bangs, 1999). Therefore, once you have come up with an idea the next step you will need is an inspiration to start it. Starting Staring an enterprise is more like the role of parenting in life; this is because each individual in life assumes that you know everything that you are going through and what you are doing. The similarity here between the roles being played is that both companies and babies do not come up with a bunch of instructions (Daria, 2015). What you learn is that you stumble across it; this is the learning period in it. For an encouragement as you start your own enterprising entity, most business organizations that are successful today were made through a failing step first. Failing is one of the options that prepare the way for success of an entrepreneur (Daria, 2015). It is therefore advised to take risk in coming up with your own business entity since it can either prosper of fail (Daria, 2015). Therefore, it is wise for an entrepreneur to be ready to survive for a long time while they are investing their meagre successes as they develop their new business enterprises. Extracting yourself Extracting yourself is one of the steps that most business enterprises do not accomplish. Until now the business venture contains one machine which is you. This step ensures that you take a role in the business based on your profession (Bangs, 1999). If studied and became a professional accountant, definitely you need to be the head of accounting in the organization. Most entrepreneurs do not get this hence they become the chief executive officers in their own organizations yet they do not possess the required skills (Bangs, 1999). Taking these chances of your profession to the specific occupation will make sure that you feel essential and to some extend doing what you always love. Therefore, once you have accomplished this strategy you will be on the forefront claiming to own the development of a self sustaining business enterprise (Bangs, 1999). Scale Scale is the final step an entrepreneur should consider in the business occupation. This is like revealing to customers and asking them who wants to be the billionaire. Each question answered correctly increases your chances of becoming rich from the business enterprises or less you will lose everything you have sacrificed for (Daria, 2015). In this step as an entrepreneur, you are not allowed to think that all big or larger companies are the same as the small ones only that they are bigger (Daria, 2015). This should be as a result of organization growing due to changes in culture and rules. The one rule that applies to all business enterprises to remember is that there is no business that can grow indefinitely (Daria, 2015). Therefore, entrepreneurs should come up to scale in order to survive and meet their profitability objectives when the set to venture into business enterprise. Conclusion Entrepreneurship has been defined as the process of developing a business entity general from the start up until it’s grown. Human beings have encouraged taking risk and venturing into entrepreneurship (Stolze, 1999). This process requires coming up with good ideas which will help in developing a successful business model when the entity realises full profits with the ongoing business activities. In order for the entrepreneurial activities to be successful the owner needs to act within the entrepreneurship ecosystem and observes the element of entrepreneurship which are planning ahead, cash flow and financial management, welcoming change and the right systems (Stolze, 1999). Therefore, venturing into entrepreneurship is the best decision where one will enjoy all the benefits of being a boss behind a successful business idea and profits accrued. References Anastassios, D. K. (2008). Basic Elements of Entrepreneurship: Ideas from the Past, Storia Del Pensiero Economico, 2(15), pp. 91-105. Bangs, D. H. (1999). The business planning Guide: Creating a plan for success in your business. 8th Edition. Chicago: Upstart publishing. Canada Business Network. (2015). The challenges of growing a business - and how to meet them. Available from http://www.infoentrepreneurs.org/en/guides/the-challenges-of-growing-a-business---and-how-to-meet-them/ Daria, K. U. (2015). What Are the Elements to Become an Entrepreneur? Demand Media. Available at http://smallbusiness.chron.com/elements-become-entrepreneur-18724.html Frank, S. (2014). The Role of Entrepreneurs: A Global Entrepreneurship Twitter Chat. Available at http://www.cipe.org/blog/2012/11/14/the-role-of-entrepreneurs-a-global-entrepreneurship-twitter-chat/#.VSD6eJOUEQg Jose, C. (2014). Main obstacles and barriers when starting a business. Available at http://www.marketingquery.com/main-obstacles-barriers-starting-business/ Stolze, W. J. (1999). Start up: An entrepreneur’s guide to launching and managing a new business. 5th Edition. Franklin Lakes, NJ: Career Press. Tom B. (2014). Top 10 Elements of Technology Entrepreneurship for High - Growth Innovation, Stanford University. Read More