Factors Paper by Grace Agustin

Factors Paper by Grace Agustin
January 14, 2014

Listed below are some of the factors of a successful entrepreneur, to be successful does not mean to have all these qualities but rather a combination of these can help build and grow a successful business.

Factors I do possess to be a Business Entrepreneur:

a.    Knowledge.  It can be taught and learned.  An entrepreneur has to have knowledge on business issues for business they start.  I may not have the knowledge right now but I think through researching, reading, and listening to successful entrepreneurs will surely give me some ideas and insights.

b.    Intelligence.  Intelligent enough to manage all possible situations and be able to give right solutions on the problem.

c.    Patience & persistence.  There are things that cannot be done perfectly on the first try.  I am patient to try it again and not to easily give up on something.

d.    Teamwork.  I can be a good player in a group.  An entrepreneur not only can lead others but also a team player to achieve success in the business.  An entrepreneur cannot do all the works alone; he/she will need somebody to achieve something.

e.    Self-confidence.  Self-confidence to start and manage my own business.

f.     Calculated risk.  Any business and endeavor has a risk, but having enough knowledge, study, preparation, plan and proper implementation. A risky business can become a calculated risk.

g.    Honesty and Integrity.  In doing business, profit is not everything.  We must consider that in doing so, we are not abusing anybody.  We were able to deliver what are the right and ethical business standards.

h.    Luck.  Luck really is not a real factor to be an entrepreneur.  But it's a real luck that we are "lucky" having the right situation in a right place in a right time.  For me it's not luck but I call it "favor", given that the intention is good through prayers luck can be a favor.  I remember somebody saying that "Work as hard as you can as if there is no God" and "Pray as hard as you can as if you cannot do the work".

Factors I do not possess to be a Business Entrepreneur:

a.    Willingness to take action.  This is one of the most important factors to be an entrepreneur.  Actions are something that leads entrepreneurs to success.  It is true that it may be the most important factor but unfortunately it's the one lacking on me.  I know that being an entrepreneur; I should take action on what is in my mind.  The world today has many ideas envelope in each individuals mind, but the courage on who will do it take credit of that idea.  I am willing to take action, but I think I am afraid and lack the initiative to do it.  I have it all in my mind but I always need a push on my back in order to do it.  I think I have to improve on this factor if a wanted to be an entrepreneur.

b.    Creativity.  I don't have enough creative thoughts to be unique but I think with the help of others, the needed creativity in the business can be achieved.  If I cannot be the originator of that creativity, then get somebody to do it!

c.    Skills & Talents.  Skills I might not have right now, but skills can be acquired with time and practice.  Talent is something inborn in an entrepreneur, but sometimes talent can be replaced with right knowledge.

d.    Experience.  Experience can be an added factor to be an entrepreneur; it is something that will increase business potential energy.  Previous experiences may help in building a successful business.  I do not have entrepreneurial experiences right now; I think having or lacking of it can be both advantageous and disadvantageous as an entrepreneur.  Knowing how to position myself and being smart-aggressive is a counter of my being inexperienced.

e.    Connections.  The more connections mean the more possibilities for building a successful business.  Through socialization, networking, social networking, connections can be achieved.

           

            The factors mentioned above are not complete, there are still more and more that needed to be a business entrepreneur.  For me the idea here is to know your strengths and weaknesses, work on it, my weaknesses might turn-out to be my strengths or the other way around.  There is no finish line on being an entrepreneur, I just have to begin on being one and then undergo the process to be an entrepreneur.