Most people would regard an entrepreneur as a person who owns a business to make money for him or herself. From a narrow perspective this notion is not incorrect. Being an entrepreneur however, entails more than being able to make money. It is also about a person who need to determine for himself his personal wealth and freedom; thus the need for having his own business.
Having this particular mindset is of great importance to an entrepreneur. He has to believe in his ability to determine his own destiny and the speed at which he wishes to achieve his goals; especially financial goals. He is passionate which gives motivation to his quest.
However, having a passion is not enough to be successful in business. One has to aware of what one needs to know and the skills to acquire to be a successful businessman. Having worked for a successful entrepreneur is extremely helpful; otherwise you can learn from one who has done it successfully already.
An entrepreneur has to understand the two essential concepts of ‘leverage’ and ‘assets’. The concept of leverage explains that by yourself alone you cannot achieve very much. You have to harness other resources such as money, people and technology to multiply your effort. These resources can be viewed as ‘assets’. Assets are what you aim to create when starting an enterprise. They are also what would provide you with perpetual wealth if you manage them cleverly.
The two required skills for an entrepreneur to succeed are, namely, marketing and finance. Without the first, you wouldn’t know what people need and what you have to provide them with, as a solution, to make yourself money. A good understanding of finance is equally essential. You have to know what money you need to start and to sustain your business until it has the assets to maintain itself and to grow. This means knowing what are ‘a P&L’, a ‘Balanced Sheet’ and a ‘Cash Flow Statement’.
It is relatively easier nowadays to be an entrepreneur by starting an Internet Marketing business. It requires very little resource to start and sustain. Internet Marketing also allows you to leverage other people’s knowledge and resources easily. It still requires a great effort to succeed but you are faced with much lesser risks. You can do it part-time whilst still working.
Wishing you every success! Louis Lim
If you wish to start being an entrepreneur with the internet, the author’s resource box provides you with the lead to a simple program to start making money online.