how to become successful entrepreneur essay

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So You Want to Be an Entrepreneur?

• Emily Heyward

One founder’s advice on what you should know before you quit your day job.

Starting a business is not easy, and scaling it is even harder. You may think you’re sitting on a completely original idea, but chances are the same cultural forces that led you to your business plan are also influencing someone else. That doesn’t mean you should give up, or that you should rush to market before you’re ready. It’s not about who’s first, it’s about who does it best, and best these days is the business that delivers the most value to the consumer. Consumers have more power and choice than ever before, and they’re going to choose and stick with the companies who are clearly on their side. How will you make their lives easier, more pleasant, more meaningful? How will you go out of your way for them at every turn? When considering your competitive advantage, start with the needs of the people you’re ultimately there to serve. If you have a genuine connection to your idea, and you’re solving a real problem in a way that adds more value to people’s lives, you’re well on your way.

When I graduated from college in 2001, I didn’t have a single friend whose plan was to start his or her own business. Med school, law school, finance, consulting: these were the coveted jobs, the clear paths laid out before us. I took a job in advertising, which was seen as much more rebellious than the reality. I worked in advertising for a few years, and learned an incredible amount about how brands get built and communicated. But I grew restless and bored, tasked with coming up with new campaigns for old and broken products that lacked relevance, unable to influence the products themselves. During that time, I was lucky to have an amazing boss who explained a simple principle that fundamentally altered my path. What she told me was that stress is not about how much you have on your plate; it’s about how much control you have over the outcomes. Suddenly I realized why every Sunday night I was overcome with a feeling of dread. It wasn’t because I had too much going on at work. It was because I had too little power to effect change.

• EH Emily Heyward is the author of Obsessed: Building a Brand People Love from Day One (Portfolio; June 9, 2020). She is the co-founder and chief brand officer at Red Antler, a full-service brand company based in Brooklyn. Emily was named among the Most Important Entrepreneurs of the Decade by Inc.  magazine, and has also been recognized as a Top Female Founder by Inc. and one of Entrepreneur’s Most Powerful Women of 2019.

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10 Characteristics of Successful Entrepreneurs

• 07 Jul 2020

Multiple factors go into starting a successful business venture, including a strong concept and initial funding. But, perhaps the most important ingredient is the entrepreneur. These are individuals who must transform their ideas into a fully operational business.

If you’re thinking about launching your own venture, you might be wondering if you have what it takes to be an entrepreneur . But first, what’s an entrepreneur, and what do they do?

Access your free e-book today.

What Is Entrepreneurship?

While entrepreneurship is commonly thought of as the process of starting a business, there are several nuances to consider.

In the HBS Online course Entrepreneurship Essentials , entrepreneurship is defined as “the pursuit of opportunity beyond the resources currently controlled.” An opportunity can be a myriad of things, but the course describes it as "a proposed venture to sell a product or service for which customers are willing to pay more than the required investments and operating costs.”

Entrepreneurs —either as individuals or in teams—discover opportunities throughout their personal and professional lives. They form hypotheses on ways to deliver value to customers and perform structured tests to validate their ideas. This often involves recruiting teammates through networking and investing funds to determine how they’ll deliver a product or service at an acceptable cost.

Great entrepreneurs come from all walks of life. In Entrepreneurship Essentials, it’s noted that “there’s no single personality profile, and it’s important to pay attention to the entrepreneurial team, rather than focus on the individual.” And while that's true, there are certain characteristics and skills that are particularly important for entrepreneurs to have when starting and leading a venture.

Here are 10 characteristics shared by successful entrepreneurs.

1. Curiosity

Successful entrepreneurs have a distinct personality trait that sets them apart from other organizational leaders: a sense of curiosity. An entrepreneur's ability to remain curious allows them to continuously seek new opportunities. Rather than settling for what they think they know, entrepreneurs ask challenging questions and explore different avenues.

This is validated in the online course Entrepreneurship Essentials , where entrepreneurship is described as a “process of discovery." Without curiosity, entrepreneurs can’t achieve their main objective: discovering new opportunities.

The drive they have to continuously ask questions and challenge the status quo can lead them to valuable discoveries easily overlooked by other business professionals.

2. Willingness to Experiment

Along with curiosity, entrepreneurs require an understanding of structured experimentation, such as design thinking . With each new opportunity, an entrepreneur must run tests to determine if it’s worthwhile to pursue.

For example, if you have an idea for a new product or service that fulfills an underserved demand, you’ll have to ensure customers are willing to pay for it and it meets their needs . To do so, you’ll need to conduct thorough market research and run meaningful tests to validate your idea and determine its potential.

3. Adaptability

Entrepreneurship is an iterative process, and new challenges and opportunities present themselves at every turn. It’s nearly impossible to be prepared for every scenario, but successful business leaders must be adaptable.

This is especially true for entrepreneurs who need to evaluate situations and remain flexible to ensure their business keeps moving forward, no matter what unexpected changes occur.

4. Decisiveness

To be successful, an entrepreneur has to make difficult decisions and stand by them. As a leader, they’re responsible for guiding the trajectory of their business, including every aspect from funding and strategy to resource allocation.

Being decisive doesn’t always mean being correct. Entrepreneurs need the confidence to make challenging decisions and see them through to the end. If the outcome turns out to be less than favorable, the decision to take corrective action is just as important.

Check out our video on the characteristics of successful entrepreneurs below, and subscribe to our YouTube channel for more explainer content!

5. Self-Awareness

A great entrepreneur is aware of their strengths and weaknesses. Rather than letting shortcomings hold them back, they build well-rounded teams that complement their abilities.

In many cases, it’s the entrepreneurial team, rather than an individual, that drives a business venture toward success. When starting your own business, it’s critical to surround yourself with teammates who have complementary talents and contribute to a common goal.

Related: 10 Tips to Help You Boost Team Performance

6. Risk Tolerance

Entrepreneurship is often associated with risk. While it’s true that launching a venture requires an entrepreneur to take risks, they also need to take steps to minimize it.

While many things can go wrong when launching a new venture, many things can go right. According to Entrepreneurship Essentials , entrepreneurs who actively manage the relationship between risk and reward position their companies to “benefit from the upside.”

Successful entrepreneurs are comfortable with encountering some level of risk to reap the rewards of their efforts; however, their risk tolerance is tightly related to their efforts to mitigate it.

7. Comfort with Failure

In addition to risk-management and calculated decision-making , entrepreneurship requires a certain level of comfort with failure.

“Of startups that have more than one employee, 70 percent survive at least two years, half last at least five years, and a quarter last 15 years,” says Harvard Business School Professor William Sahlman in Entrepreneurship Essentials . “Even then, only a small fraction of the survivors get to be significant employers.”

The reasons for failure are vast and encompass everything from a lack of business scalability to low product-market fit . While many of these risks can be avoided, some are inevitable.

Despite this, entrepreneurs must prepare themselves for, and be comfortable with, failure. Rather than let fear hold them back, they maintain a positive attitude to allow the possibility of success to propel them forward.

8. Persistence

While many successful entrepreneurs are comfortable with the possibility of failing, it doesn’t mean they give up easily. Rather, they see failure as an opportunity to learn and grow.

Throughout the entrepreneurial process, many hypotheses turn out to be wrong, and some ventures fail altogether. Part of what makes an entrepreneur successful is their willingness to learn from mistakes, ask questions, and persist until they reach their goal.

Related: How to Become a More Resilient Leader

9. Innovative Thinking

Innovation often goes hand-in-hand with entrepreneurship. While innovation in business can be defined as an idea that’s both novel and useful, it doesn’t always involve creating an entirely new product or service. Some of the most successful startups have taken existing products or services and drastically improved them to meet the changing needs of the market.

Although innovation doesn’t come naturally to every entrepreneur, it’s a type of strategic mindset that can be cultivated. By developing your problem-solving skills , you’ll be well-equipped to spot innovative opportunities and position your venture for success.

10. Long-Term Focus

Most people associate entrepreneurship with starting a business. While the early stages of launching a venture, such as securing funding , are critical to its success, the process doesn’t end once the business is operational.

According to Entrepreneurship Essentials , “it’s easy to start a business, but hard to grow a sustainable and substantial one. Some of the greatest opportunities in history were discovered well after a venture launched.”

Entrepreneurship is a long-term endeavor, and entrepreneurs must focus on the process from beginning to end to ensure long-term success.

How to Develop the Qualities of an Entrepreneur

There’s no right or wrong way to be an entrepreneur. Characteristics and behaviors like experimentation, persistence, and innovation can be developed with time, experience, and training. As long as you possess the entrepreneurial spirit, you'll be able to seize opportunities and overcome challenges throughout your journey.

Are you interested in learning the ins and outs of entrepreneurship? Explore our four-week online course Entrepreneurship Essentials and our other entrepreneurship and innovation courses to learn to speak the language of the startup world. If you aren't sure which course is the right fit, download our free course flowchart to determine which best aligns with your goals.

This post was updated on August 14, 2023. It was originally published on July 7, 2020.

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Want to find your inner entrepreneur? 13 tips to get started

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13 tips to become a successful entrepreneur

What are the benefits of being an entrepreneur, best advice from top entrepreneurs, how hard is entrepreneurship is it worth it.

Imagine this: your startup has just launched. You've poured a lot of hard work into your new business and hired a stellar team — and now you're ready to share your great products. Your to-do list is long, but you make all these decisions yourself. Freedom and ambition fuel you each day.

This is only a snippet of what it's like to be an entrepreneur . But you won't get there without listening to these smart entrepreneur tips.

Now that you have the entrepreneurial bug, it's time to learn some entrepreneurship tips to help you grow. These tips won't all be ideal for you, but that's okay. Not all of them will teach you how to become successful, but they'll at least make you think about your entrepreneur mindset and what you want to achieve. Think about which ones are attainable now and which ones you'd like to aim for in the future.

Here are 13 tips to teach you how to become a successful entrepreneur:

1. Face your fears

Fears exist for a reason, but they're never unconquerable. You may feel reassured to know that many entrepreneurs start a little hesitant and fearful. What matters is that you channel that fear into purposeful actions . 

Start by making a list of what scares you. Then, consider why each item on your list makes you feel fearful. Follow this up with a brainstorming session and develop strategies to overcome them.

2. Take action

Aspiring entrepreneurs know that nobody is going to do the work for them. No small business owner can flourish without taking action. That means it's up to you to widen your skill sets or reach out to new potential customers . Never be afraid to try something new, even if it's a short-term arrangement.

3. Prepare for financial challenges

Even the best businesses occasionally face financial challenges . Maybe your first marketing strategy didn't work out, but that doesn't mean you should quit. When taking on new projects, you must keep your costs and budgets in mind to prepare yourself for any challenges you might face.

4. Find a trusted mentor

Mentors can be great role models for young entrepreneurs. Don't underestimate the power of the mentor-mentee relationship : someone seasoned and experienced can provide success tips and business advice that may never occur to you. 

Reach out to people on social media apps such as LinkedIn to schedule a virtual or in-person chat to foster a new relationship.

5. Have your goals in mind

It would be best if you had something to work towards achieving . Each day, it's vital to have something in the back of your mind that you're trying to achieve. Successful entrepreneurs always have short-term and long-term goals in mind that help keeps their focus. 

Write your goals down and stick them somewhere you frequently see throughout the day, like the wall in front of your desk. This way, you'll never forget why you work hard.

6. Embrace your mistakes

Your entrepreneurial journey is going to be one big learning curve. As a first-time entrepreneur, you'll make plenty of big and small mistakes . But why let them define you?

Instead, turn setbacks into opportunities to strengthen your business model and yourself. It may take time to learn from costly mistakes , but they won't haunt you forever.

7. Do work that you love

You're an entrepreneur because you want to chase your passion . Frame your days around topics and projects that fill you with the most happiness. Successful businesses don’t need to persuade new customers that they're passionate about their work. Each task might not thrill you, but it makes a big difference when you mix in little things that bring you joy. It’s easy to love what you do when you do what you love.

8. Keep on networking

The industry is always changing, and you need to keep up with those changes as best you can. Networking can enlighten you , help with your challenges, and find you fri ends who can relate to what you're going through. 

It can be uncomfortable initially, but connecting with people over LinkedIn and Twitter can be a great start. Conferences and events are other great places to form connections.

9. Look for tools to use

No need to reinvent the wheel: many tools are available to help you with the tasks involved in starting a company. At the beginning of your startup, you may not want to spend lots of money on working platforms. It's understandable, but many tools are free or have free trials. A website like Hootsuite can help with your social medi a and SEO tactics, saving you time, money, and energy.

10. Create a business plan

The creative ideas and dreams you have in your head are great, but they're only in your head. Developing a business plan means taking those ideas and dreams and putting them on paper. It helps your startup have a focus or mission that's clear. You become more specific with a set plan, which helps you stay organized.

Think about your product or service, company values, goals for the next year and beyond, where your business will operate, and more. 

11. Be frugal with your spending

Learning how to become an entrepreneur includes studying how best to spend your money when your first start out. You'll have to spend money to make money, but that doesn't mean you have the all-clear to spend more than you can afford.

Review your business plan and think about what purchases will most impact your business. Is there a way to achieve your plan for a lower cost without cutting quality? How badly do you need this item? Make an effort to make your money count.

12. Listen to high-quality information

Everyone on the internet has something to say, but not all of it is true or in alignment with your specific interests. Some information might tell you how to become an overnight success but it's far from being achievable or possible.

Rather you should take your time with your research. Read and listen to people with proven experience and who you feel comfortable with. Some entrepreneurs are all about taking big risks , but maybe you're not. Make sure your information is factual and comes from credible sources as well, so your business plan and strategies are thought out.

13. Take care of yourself

The transition to being your boss can be tricky. You may find your work-life balance fading into one significant overload of work . It's important to make mindful decisions to take care of your well-being. 

Find ways to unplug every so often, like going for a walk or eating your favorite food — anything to be kind to yourself and reward yourself for your hard work.

First-time entrepreneurs are in for a radical change. 

Think about your previous 9-5 job and throw it out the window. Company culture is different because you set the company culture. Entrepreneurship doesn't have any set rules on how you should conduct your business, so you have the opportunity to do what's best for you. Your weekends could be in the middle of the week if you want.

Entrepreneurship also allows you to be your most creative self; you're the one thinking of marketing strategies and the next steps for your first business adventure. If you hear some great entrepreneurial tips that work for you, nobody's stopping you from pursuing them. 

While there may be a lot on your to-do list, remember that you don't have to do this alone. The relationships you develop with other new entrepreneurs or through mentors can positively impact your personal and professional life.

If you're looking for a relationship to help your personal and professional life, consider connecting with our coaches here at BetterUp . They're ready to step up, providing tools to help you map out a strategy and maximize your potential. We want to see you succeed in any aspect of your career and life.

Before starting your entrepreneurial journey, know that many people have walked similar paths. They embody entrepreneurial characteristics wherever they go and with whatever business adventure they take on. 

As you begin your journey, listening and learning from people who demonstrate the entrepreneurial spirit is inspiring, motivating, and educating.

To help you with that, here are some tips from successful entrepreneurs:

Vivian Kaye

Before Vivian Kaye launched her own business, she learned the tricks of the trade from working for other startups. She started her first business, Vivian's Decor & Designs, in 2006 as a side hustle and then started working on it full-time. She's also started KinkyCurlyYaki to fill a gap in the market for high-quality hair extensions and loves to share her story with others. 

"I believe that being grateful is the gateway to all successes in life." - Vivian Kaye

Guy Kawasaki

Guy Kawasak i works as an executive fellow at UC Berkeley, a professor at the University of New South Wales, and is the chief evangelist of Canva. He's written thirteen books about how to become an entrepreneur and what entrepreneurs do for the world. Kawasaki gives over 50 speeches a year about innovation, social media, and of course, entrepreneurship.

"Simple and to the point is always the best way to get your point across." - Guy Kawasaki

Syed Balkhi

Syed Balkhi has been an entrepreneur since he was seven years old, when he would sell holiday greeting cards for Eid. In 2009, he created WPBeginner, which is the largest free WordPress resource site. And he didn't stop there. Since he's launched products like OptinMonster and WPForms and has continued to work in e-commerce to develop business solutions for others.

"Perfect is a curse. Innovation is messy. Test, learn, and improve." - Syed Balkhi

Tony Robbins

Tony Robbins is an award-winning author, life and business strategist, philanthropist, and most importantly, an entrepreneur. He works to empower people as they pursue personal development and reach their goals. 

"Setting goals is the first step in turning the invisible into visible." - Tony Robbins

The bottom line is that successful entrepreneurs aren't born overnight. It takes time, hard work, and plenty of discipline to experience entrepreneurial success. You could follow all the entrepreneur tips you read, but success still takes time. You may not feel your success immediately if your business idea doesn't turn out as you'd hoped.

You can expect to face many challenges on your journey as an entrepreneur, including lack of knowledge, the state of the industry, and the employees you've hired. 

It can take some trial and error to get into the groove of what works best for you as a new entrepreneur. 

One challenge that can impact any entrepreneur of any experience level is stress. Small business owners can feel the weight of their business on their shoulders every day. The pressure can be overwhelming. 

The Global Entrepreneurship Model said in their 2020-2022 report that more than half of entrepreneurs said the pandemic made starting a new business more difficult . But at the same time, more entrepreneurs surveyed said that the pandemic has led to new business and entrepreneurship opportunities. They've identified gaps in the market for certain services and have been inspired to take charge and make great products for others.

Knowing what can negatively impact your well-being can help you build strategies to protect it. Your hard work and dedication will be worth it when you value your well-being and energy. Remember, you can't do your best work if you aren't taking care of yourself.

That's where BetterUp can be a helpful support system as you tackle your first entrepreneurial venture. Through a relationship with a BetterUp coach, you can get insight into how to prioritize your wellness, face setbacks with grace, and grow a successful startup.

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Get your promotion. Make your career change. Build the future you dream about. And do it faster with a world-class BetterUp Coach by your side.

Elizabeth Perry, ACC

Elizabeth Perry is a Coach Community Manager at BetterUp. She uses strategic engagement strategies to cultivate a learning community across a global network of Coaches through in-person and virtual experiences, technology-enabled platforms, and strategic coaching industry partnerships. With over 3 years of coaching experience and a certification in transformative leadership and life coaching from Sofia University, Elizabeth leverages transpersonal psychology expertise to help coaches and clients gain awareness of their behavioral and thought patterns, discover their purpose and passions, and elevate their potential. She is a lifelong student of psychology, personal growth, and human potential as well as an ICF-certified ACC transpersonal life and leadership Coach.

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Skills and Behaviors that Make Entrepreneurs Successful

What makes a successful entrepreneurial leader?

Is it the technical brilliance of Bill Gates? The obsessive focus on user experience of Steve Jobs? The vision, passion, and strong execution of Care.com’s Sheila Lirio Marcelo? Or maybe it’s about previous experience, education, or life circumstances that increase confidence in a person’s entrepreneurial abilities.

Like the conviction of Marla Malcolm Beck and husband Barry Beck that high-end beauty retail stores and spas, tightly coupled with online stores, was the business model of the future, while other entrepreneurs—and the investors who financed them—declared such brick-and-mortar businesses were dinosaurs on their way to extinction. The success of Bluemercury proved the critics wrong.

“We’ve always had a hard time being able to identify the skills and behaviors of entrepreneurial leaders”

Despite much research into explaining what makes entrepreneurial leaders tick, the answers are far from clear. In fact, most studies present conflicting findings. Entrepreneurs, it seems, are still very much a black box waiting to be opened.

A Harvard Business School research team is hoping that a new approach will enable better understanding of the entrepreneurial leader. The program combines self-assessments of their skills and behaviors by entrepreneurs themselves with evaluations of them by peers, friends, and employees.

Along the way the data is also allowing scholars to study attributes of entrepreneurs by gender, as well compare serial entrepreneurs versus first-time founders.

“We’ve always had a hard time being able to identify the skills and behaviors of entrepreneurial leaders,” says HBS Professor Lynda Applegate, who has spent 20 years studying leadership approaches and behaviors of successful entrepreneurs. “Part of the problem is that people usually focus on an entrepreneurial ‘personality’ rather than identifying the unique skills and behaviors of entrepreneurs who launch and grow their own firms.”

Complicating this understanding are the many types of entrepreneurial ventures that exist, says Applegate. These can include small “lifestyle” businesses, multi-generational family businesses, high-growth, venture funded technology businesses, and new ventures designed to commercialize breakthrough discoveries in life sciences, clean tech, and other scientific fields.

“These types of ventures seem to both appeal to and require different types of entrepreneurial leaders and we are hoping that our research will help us understand those differences—if they exist,” says Applegate, the Sarofim-Rock Professor of Business Administration at HBS and Chair of the HBS Executive Education Portfolio for Business Owners & Entrepreneurs.

The answers are already starting to come in, thanks to initial results from a pilot test of “The Entrepreneurial Leader: Self Assessment” survey taken by 1,300 HBS alumni. Results allowed the researchers to refine the self-assessment and to create a second survey, “The Entrepreneurial Leader: Peer Assessment.” Both are being prepared for launch in summer 2016.

The team included Applegate; Janet Kraus , entrepreneur-in-residence; and Tim Butler, Senior Fellow and Senior Advisor to Career and Professional Development at HBS and Chief Scientist and co-founder of Career Leader.

Dimensions of entrepreneurial leadership

A literature review combined with interviews of successful entrepreneurs helped the team define key factors that formed the foundation for the self-assessment. These dimensions were further refined based on statistical analysis of the pilot test responses to create a new survey instrument that defines 11 factors and associated survey questions that will be used to understand the level of comfort and self-confidence that founders and non-founders have with various dimensions of entrepreneurial leadership.

These 11 dimensions are:

• Identification of Opportunities. Measures skills and behaviors associated with the ability to identify and seek out high-potential business opportunities.
• Vision and Influence. Measures skills and behaviors associated with the ability to influence all internal and external stakeholders that must work together to execute a business vision and strategy.
• Comfort with Uncertainty. Measures skills and behaviors associated with being able to move a business agenda forward in the face of uncertain and ambiguous circumstances.
• Assembling and Motivating a Business Team. Measures skills and behaviors required to select the right members of a team and motivate that team to accomplish business goals.
• Efficient Decision Making. Measures skills and behaviors associated with the ability to make effective and efficient business decisions, even in the face of insufficient information.
• Building Networks. Measures skills and behaviors associated with the ability to assemble necessary resources and to create the professional and business networks necessary for establishing and growing a business venture.
• Collaboration and Team Orientation. Measures skills and behaviors associated with being a strong team player who is able to subordinate a personal agenda to ensure the success of the business.
• Management of Operations. Measures skills and behaviors associated with the ability to successfully manage the ongoing operations of a business.
• Finance and Financial Management. Measures skills and behaviors associated with the successful management of all financial aspects of a business venture.
• Sales. Measures skills and behaviors needed to build an effective sales organization and sales channel that can successfully acquire, retain, and serve customers, while promoting strong customer relationships and engagement.
• Preference for Established Structure. Measures preference for operating in more established and structured business environments rather than a preference for building new ventures where the structure must adapt to an uncertain and rapidly changing business context and strategy.

While the 11 factors provided some level of discrimination between founders and non-founders, five factors showed statistically significant differences. For example, founders scored significantly higher than non-founders on “comfort with uncertainty,” “identification of opportunities,” “vision and influence,” “building networks,” and “finance and financial management.” Founders also had significantly lower ratings on their “preference for established structure” dimension.

Entrepreneurial leadership differences between founders and non-founders

Although some of the factors—like comfort with uncertainty and the ability to identify opportunities—seemed like obvious markers for entrepreneurial success, the study built a statistically reliable and valid tool that can be used to deepen understanding, not only of founders versus non-founders, but also of differences and similarities among founders who start and grow different types of businesses, between male and female founders, serial founders and first-time founders and founders from different countries.

In addition, a deeper examination of the individual questions that make up each factor provides richer descriptions of specific behaviors and skills that account for the differences in the profile of entrepreneurs who are launching different types of ventures and from many different backgrounds.

Take vision and influence, for example. Although it is a long-standing belief that great leaders have vision and influence, the researchers found that entrepreneurial leaders have more confidence of their abilities than the average leader on this dimension—and that leaders working within established firms actually rated themselves much lower.

Financial management and governance turned out to be another non-obvious differentiator.

“Financial management is a skill that all of our HBS alumni should feel confident in applying,” Kraus says. “Yet among the alumni surveyed in the pilot, those who had chosen to be founders rated themselves as much more confident in their financial management skills—especially those related to managing cash flow, raising capital, and board governance—than did non-founder alumni.”

Self-confidence in financial management and raising capital was especially strong for male entrepreneurs, she says. “Our future research will broaden our sample beyond HBS alumni to enable us to differentiate between those who graduated with and without an MBA, and to assess confidence in raising capital and financial management and a wide variety of other skills by different types of founders and non-founders.”

Efficient management of operations was another crucial, yet less obvious, factor. “While we often think that employees within established organizations would be more confident in their ability to efficiently manage operations, we were surprised to see that it is a distinguishing and differentiating attribute of entrepreneurs,” says Kraus. “All entrepreneurs know that they must do more with less—which means that they must work faster and with fewer resources.”

Differentiating male and female entrepreneurs

The pilot study allowed researchers to examine gender differences. While men and women rated themselves similarly on many dimensions, women were more confident in their ability to “efficiently manage operations” and in their “vision and influence,” while men expressed greater confidence in their “comfort with uncertainty” and “finance and financial management."

Entrepreneurial leadership differences between male and female founders

These differences rang true for Kraus, herself a serial entrepreneur who founded and grew three successful entrepreneurial ventures.

“Successful women entrepreneurs that I know have lots of great ideas, and are super skilled at creating a compelling vision that moves people to action,” she says. “They are also extremely capable of getting lots done with very little resources so are great at efficient management of operations. That said, these same women are often more conservative when forecasting financial goals and with raising significant rounds of capital. And, even if they have a big vision, they are less confident in declaring at the outset that their goal is to become a billion-dollar business.”

Indeed, research confirms observations that women start more companies than men, but rarely grow them as large.

Based on his earlier research, these results also resonated with Tim Butler: “When it comes to self-rating on finance skills, women are more likely than men to rate themselves lower than ratings given them by objective observers. There are definitely implications for educators when lower self-confidence in skills associated with entrepreneurial careers becomes a significant obstacle for talented would-be entrepreneurs.”

The researchers hope to deepen their understanding of male and female entrepreneurial leaders as they collect more data.

Differentiating serial founders and first-time founders

Not all founders are cut from the same cloth, the study underscores. Analysis of the pilot data also revealed important differences between first-time founders and serial founders—those who launch and grow a number of new ventures, such as Elon Musk (PayPal, Tesla Motors, SpaceX) and research team member Kraus (Circles, Spire; peach).

One key difference the research team discovered: serial founders appear more comfortable with managing uncertainty and risk. That doesn’t mean they enjoy taking risks, Kraus says, “but they appear to be confident that they are adept and capable of knowing how to ‘de-risk’ their venture and manage uncertainty from the very beginning."

Entrepreneurial leadership differences between serial founders and non-serial founders

While the data are not yet robust enough to say so with certainty, Kraus believes that serial entrepreneurs often enjoy launching businesses where the risk is highest because of confidence in their ability to manage uncertainty, and perhaps because they enjoy the process of creating clarity from uncertainty.

Other factors that set serial entrepreneurs apart from one-timers include confidence in their skills at building networks, securing financing and financial management, and generating creative ways to identify and meet market opportunities.

FUTURE OPPORTUNITIES

As more people take the assessment and HBS develops a richer data set, scholars, educators, entrepreneurs and those who support them will be able to develop insights that will have a number of payoffs.

“The entrepreneurial leaders we know are constantly searching for tools that can help them become more self-aware so they can be more effective,” Kraus explains. “This tool is going to be uniquely useful in that it was specifically developed to help entrepreneurs gain a deeper understanding of the skills and behaviors that they need to be successful.”

In addition, researchers will be able to examine the data by age, gender, country, industry, size of company, pace of growth, and type of venture “to understand the full range of entrepreneurial leadership skills and behaviors, and how different types of entrepreneurs are similar and different,” Applegate says. “These insights will enable us to do a better job of educating entrepreneurs, designing apprenticeships and providing the mentorship needed.”

The data will also be useful in identifying skills and behaviors needed to jumpstart entrepreneurial leadership in established firms, and in understanding how an entrepreneurial leader continues to lead innovation throughout the lifecycle of a business—from startup through scale-up.

“Today, I often see that the creativity and innovation that was so prevalent in the early days of an entrepreneurial venture gets squeezed out as the company grows and starts to scale,” says Applegate. “But, rather than replace entrepreneurs with professional managers, we need to ensure that we have entrepreneurial leadership and creativity in all organizations and at levels in organizations. We hope that our research will help clarify the behavior and skills needed and, over time, will help us track the entrepreneurial leadership behaviors and skills of companies of all size, in all industries, and around the world.”

Given the critical importance of entrepreneurial leaders in driving the economy and improving society, shockingly little is understood about them. The data and analysis emerging from HBS will provide important insights that can help answer the questions, “What makes a successful entrepreneurial leader and how can I become a successful entrepreneurial leader?”

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How To Be A Successful Entrepreneur Essays Example

Type of paper: Essay

Topic: Entrepreneurship , Bachelor's Degree , Success , Love , Life , Job , Development , Workplace

Published: 03/27/2020

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This work is about successful entrepreneur and some specific characteristics a successful entrepreneur must possess. Today an entrepreneur is one of the spread professions. However not all people know what it represents in particular. From this paper you can find out what a person should do in order to be a successful entrepreneur. Everyone wants to be successful in his life no matter what kind of job he does. In order to be successful in any sphere, first of all, you must be hard-working. You can achieve nothing without hard work in your life. Nothing comes to you like a charm. You must earn it for your labour. All successful entrepreneurs started from little work, they were not born like this. They pass through different phase in their life and achieve their goal. Of course, it is not so easy road, which you must get over. There are ups and downs in any work in life and you should stay strong in order to be a successful entrepreneur. There is great range of people today, who can be the best example of successful entrepreneurs we can learn from. Bill Gates, Michael Dell, Larry Ellison, Ted Turner, Phil Knight, Vince McMahon, Rupert Murdoch and Steve Jobs are one of them, who made the grade and became famous due to their great work. They see any opportunity to make money. We should mind that they are also ordinary people as we are, and any of us could be in their shoes. You should just believe in yourself and never give up. I think that all people are able to do that. I think that first thing that can help us to be a successful entrepreneur is love for your job. It is not only about entrepreneurs, but all jobs in our life. They say “Do what you love or love what you do”. In my opinion, only great desire to work can bring you success. There are a lot of situations in our life everyone face every day, which may be both good and bad. However, none of them must have been a reason for you to stop. You can never know what is in store for you. Whatever happens in your life, you should never quit, if you really love your job. If you fail, just accept your failure as a second chance to fulfill yourself and show that it is not a limit for you stop, and it can only make you stronger. I consider that any failure in our life is the best teacher. It said “do not be afraid to fail, but be afraid not to try”. So just mortgage yourself to a cause. You should remember that anything that's done is done for the best. Secondly, in order to be a successful entrepreneur you must have all characteristics of a leader. This means that first of all you must be ambitious. In case you face any problem during your career path you must have an ambition to solve them easily. Leaders do not stay in one place. They set goal and go ahead to achieve it in any possible ways. Furthermore, you must be patient and be a man of spirit. Never lose your courage and strive for your dream. All famous successful entrepreneurs had kept going to their goals for long time because of their patience. They gathered experience for years and never gave up on their dreams. Moreover, leaders are self-motivated, which is also good step to your goals. They challenge themselves to learn more new things and develop their knowledge constantly. They must be perfect example that other people can set as a role model, who will motivate them and inspire to work hard. Finally, you must be disciplined and well-organized to be a good entrepreneur. You must be ready for any problem you may face in your life career. So you must take your time to plan and organize all your actions and focus on your goals. You must be disciplined enough to achieve your objectives. Evaluate all pros and cons of your job and try to make the right decisions. Do not stuck in one place and develop your abilities and skills. Also value your time and try to spend it to develop your personality.

Allen, K. (1995), Launching New Ventures: An Entrepreneurial Approach, Upstart Bergman, P.T. (2002), The Essential Guide to Web Strategy for Entrepreneurs, Prentice Hall PTR Finley, L. (1994), Entrepreneurial Strategies: Text and Cases, PWS-Kent Publishing

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How to Inspire Entrepreneurial Thinking in Your Students

Explore more.

• Course Design
• Experiential Learning
• Perspectives
• Student Engagement

T he world is in flux. The COVID-19 pandemic has touched every corner of the globe, profoundly impacting our economies and societies as well as our personal lives and social networks. Innovation is happening at record speed. Digital technologies have transformed the way we live and work.

At the same time, world leaders are collaborating to tackle the United Nations’ Sustainable Development Goals , which aim to address issues related to health, education, gender equality, energy, and more. Private sector leaders, too, are recognizing that it makes good business sense to be aware of corporations’ social and environmental impact.

So, how can we as educators prepare our students to succeed in this tumultuous and uncertain—yet hopeful and exhilarating—global environment? As the world changes, so do the skills students need to build their careers—and to build a better society. For students to acquire these evolving skills, we believe educators must help students develop an entrepreneurial mindset.

6 Ways You Can Inspire Entrepreneurial Thinking Among Your Students

An entrepreneurial mindset —attitudes and behaviors that encapsulate how entrepreneurs tend to think and act—enables one to identify and capitalize on opportunities, change course when needed, and view mistakes as an opportunity to learn and improve.

If a student decides to become an entrepreneur, an entrepreneurial mindset is essential. And for students who plan to join a company, nonprofit, or government agency, this mindset will enable them to become intrapreneurs —champions of innovation and creativity inside their organizations. It can also help in everyday life by minimizing the impact of failure and reframing setbacks as learning opportunities.

“As the world changes, so do the skills students need to build their careers—and to build a better society.”

Effective entrepreneurship professors are skilled at nurturing the entrepreneurial mindset. They, of course, have the advantage of teaching a subject that naturally demands students think in this way. However, as we will explore, much of what they do in their classroom is transferable to other subject areas.

We interviewed top entrepreneurship professors at leading global institutions to understand the pedagogical approaches they use to cultivate this mindset in their students. Here, we will delve into six such approaches. As we do, think about what aspects of their techniques you can adopt to inspire entrepreneurial thinking in your own classroom.

1. Encourage Students to Chart Their Own Course Through Project-Based Learning

According to Ayman Ismail, associate professor of entrepreneurship at the American University in Cairo, students are used to pre-packaged ideas and linear thinking. “Students are often told, ‘Here’s X, Y, Z, now do something with it.’ They are not used to exploring or thinking creatively,” says Ismail.

To challenge this linear pattern, educators can instead help their students develop an entrepreneurial mindset through team-based projects that can challenge them to identify a problem or job to be done, conduct market research, and create a new product or service that addresses the issue. There is no blueprint for students to follow in developing these projects, so many will find this lack of direction confusing—in some cases even frightening. But therein lies the learning.

John Danner, who teaches entrepreneurship at Princeton University and University of California, Berkeley, finds his students similarly inhibited at the start. “My students come in trying to understand the rules of the game,” he says. “I tell them the game is to be created by you.”

Danner encourages students to get comfortable navigating life’s maze of ambiguity and possibility and to let their personal initiative drive them forward. He tells them, “At best you have a flashlight when peering into ambiguity. You can shine light on the next few steps.”

In your classroom: Send students on an unstructured journey. Dive right in by asking them to identify a challenge that will hone their problem-finding skills and encourage them to work in teams to find a solution. Do not give them a blueprint.

For example, in our M²GATE virtual exchange program, we teamed US students with peers located in four countries in the Middle East and North Africa (MENA) region. We asked them to identify a pressing social issue in MENA and then create a product or service to address it. One of the teams identified the high rate of youth unemployment in Morocco as an issue. They discovered that employers want workers with soft skills, but few schools provide such training. Their solution was a low-cost after-school program to equip students ages 8-16 with soft skills.

2. Help Students Think Broadly and Unleash Their Creativity

Professor Heidi Neck says her students at Babson College struggle with problem finding at the start of the entrepreneurial journey. “They are good at solving problems, but not as good at finding the problem to solve,” she explains. “For example, they know that climate change is a problem, and they’re interested in doing something about it, but they’re not sure what problem within that broad area they can focus on and find a market for.”

Professor Niko Slavnic, who teaches entrepreneurship at IEDC-Bled School of Management in Slovenia and the ESSCA School of Management in France, says he first invests time in teaching his students to unlearn traditional ways of thinking and unleash their creativity. He encourages students to get outside their comfort zones. One way he does this is by having them make paper airplanes and then stand on their desks and throw them. Many ask, “Should we do this? Is this allowed?” When his students start to question the rules and think about new possibilities, this indicates to Slavnic that they are primed for the type of creative exploration his course demands.

“When students start to question the rules and think about new possibilities, this indicates to Professor Niko Slavnic that they are primed for the type of creative exploration his course demands.”

In your classroom: Think about the concept of “unlearning.” Ask yourself if students are entering your class with rigid mindsets or attitudes based on rules and structures that you would like to change. For example, they may be coming into your classroom with the expectation that you, the instructor, have all the answers and that you will impart your wisdom to them throughout the semester. Design your course so that students spend more time than you do presenting, with you acting more as an advisor (the “guide on the side”).

3. Prompt Students to Take Bold Actions

Geoff Archer, an entrepreneurship professor at Royal Roads University in Canada, says Kolb’s theory of experiential learning underpins the entrepreneurial management curriculum he designed. Archer takes what he calls a “ready-fire-aim approach,” common in the startup world—he throws students right into the deep end. They are tasked with creating a for-profit business from scratch and operating it for a month. At the end of the semester, they must come up with a “pitch deck”—a short presentation providing potential investors with an overview of their proposed new business—and an investor-ready business plan.

This approach can be met with resistance, especially with mature learners. “They’re used to winning, and it’s frustrating and more than a bit terrifying to be told to do something without being given more structure upfront,” says Archer.

Professor Rita Egizii, who co-teaches with Archer, says students really struggled when instructed to get out and talk with potential customers about a product they were proposing to launch as part of their class project. “They all sat outside on the curb on their laptops. For them, it’s not normal and not okay to make small experiments and fail,” says Egizii.

Keep in mind that, culturally, the taboo of failure—even on a very small scale and even in the name of learning—can be ingrained in the minds of students from around the world.

The benefit of this permutation, explains Archer, is that students are writing plans based on actual experiences—in this case, customer interactions. Moving the starting blocks forward offers many benefits, including getting the students out of the classroom and out of their heads earlier, reminding them that the market’s opinion of their solution is far more important than their own. This also affords students more time to reflect and maximize the potential of their minimum viable product or experiment.

In your classroom: Invite students to bring their lived experiences and workplace knowledge into their studies. This can be just as powerful as the more famous exhortation to “get out of the classroom.” As Egizii sees it, “student-directed experiential learning provides a comfortable and relatable starting point from which they can then diverge their thinking.”

4. Show Students What They Can Achieve

For Eric Fretz, a lecturer at the University of Michigan, the key to launching his students on a successful path is setting the bar high, while at the same time helping them understand what is realistic to achieve. “You will never know if your students can jump six feet unless you set the bar at six feet,” he says.

His undergraduate students work in small teams to create a product in three months and generate sales from it. At the start of the semester, he typically sees a lot of grandiose ideas—a lot of “fluff and BS” as he calls it. Students also struggle with assessing the viability of their ideas.

To help, Fretz consults with each team extensively, filtering through ideas together until they can agree upon a feasible one that fulfills a real need. The real magic of his course is in the coaching and support he provides.

“People know when you’re investing in them and giving them your attention and energy,” Fretz says. He finds that coaching students in the beginning of the course helps assuage their concerns about embarking on an open-ended team project, while also supporting initiative and self-reliance.

In your classroom: Design ways to nudge your students outside their comfort zones, while also providing support. Like Fretz, you should set high expectations, but also adequately guide students.

5. Teach Students the Value of Changing Course

A key part of the entrepreneurial mindset is to be able to course-correct, learn from mistakes, and move on. Entrepreneurship professors position hurdles as learning opportunities. For example, Danner tells his students that his class is a laboratory for both aspiring and failing. He advises them to expect failure and think about how they are going to deal with it.

“A key part of the entrepreneurial mindset is to be able to course-correct, learn from mistakes, and move on.”

Ismail believes letting his students fail in class is the best preparation for the real world. He let one student team pursue a project for the entire semester around a product he knew had no potential. Two days before the end of the course, he told them as such. From his perspective, their frustration was the best learning experience they could have and the best training he could offer on what they will experience in real life. This reflects a key component of the entrepreneurial mindset— the ability to view mistakes as opportunities .

In your classroom: Build into your course some opportunities for students to make mistakes. Show them how mistakes are an opportunity to learn and improve. In entrepreneurship speak, this is called a “pivot.” Can you build in opportunities for students to face challenges and have to pivot in your course?

6. Communicate with Students Regularly to Establish New Ways of Thinking

Professor Neck realized that to nurture the entrepreneurial mindset in her students, she needed to provide them with opportunities to do so outside of class. She now encourages her students to establish a daily, reflective practice. She even designed a series of daily “mindset vitamins” that she sends to her students via the messaging platform WhatsApp. Students are not expected to reply to the messages, but rather to simply consume and absorb them.

Some messages relate specifically to entrepreneurship, such as: “How can you get started with nothing?” And others apply to life in general: “What has been your proudest moment in life so far? How can you create more moments like that? What did it feel like the last time you failed?”

In your classroom: Communicate with your students outside the classroom with messages that reinforce the mindset change you are seeking to achieve in your course. Social media and apps such as WhatsApp and Twitter make it easy to do so.

All Students Can Benefit from an Entrepreneurial Mindset

The COVID-19 pandemic has demonstrated that an entrepreneurial mindset is critical for addressing today’s problems. Adapting to risk, spotting opportunity, taking initiative, communicating and collaborating, being flexible, and problem solving—these are ways in which we have responded to the pandemic. And they’re all part of the entrepreneurial mindset. By instilling this way of thinking in our students, we will equip them to handle tomorrow’s challenges—as well as to identify and take advantage of future opportunities.

Thinking about which of these entrepreneurial approaches you can adopt in your own teaching may require you to redesign portions of your courses or even create a new course from scratch. We encourage you to be open to experimenting and trying out some of these ideas. Like the best entrepreneurs, don’t be afraid to fail.

Also, be open with your students. Let them know you are trying out some new things and solicit their feedback. If needed, you can always pivot your class and involve them in the exercise of co-creating something better together. In the process, you will also be modeling the entrepreneurial mindset for your students.

Amy Gillett is the vice president of education at the William Davidson Institute , a non-profit located at the University of Michigan. She oversees design and delivery of virtual exchanges, entrepreneurship development projects, and executive education programs. Over the past two decades, she has worked on a wide variety of global programs, including 10,000 Women , equipping over 300 Rwandan women with skills to scale their small businesses, and the NGO Leadership Workshops—one-week training programs held in Poland and Slovakia designed to enhance the managerial capability and sustainability of nongovernmental organizations in Central and Eastern Europe.

Kristin Babbie Kelterborn co-leads the Entrepreneurship Development Center (EDC) at the William Davidson Institute. She collaborates with the EDC’s faculty affiliates to design and implement projects that support entrepreneurs in building and growing their businesses in low- and middle-income countries.

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How To Become a Successful Entrepreneur

Checked : Luis G. , Grayson N.

Latest Update 19 Jan, 2024

Table of content

The way to success in business is challenging. What does it take to be a successful   entrepreneur ? Robert Kiyosaki, the famous American inventor ,businessman, the author of best-sellers Rich Dad Poor Dad ,Rich Dad’s Cashflow Quadrant, serves an inspiration for many people in the business world. Here are his top success principles .

First of all, Robert Kiyosaki thinks that the more you experience, the smarter you become. His life story proved this .He started several businesses and some of them went bankrupt. After the failure of his businesses he decided to make small investments into real estate and that experience made him a great real estate investor today.

Secondly, Kiyosaki strongly believes that the more you give ,the more you receive. If you create an excellent product for your customers , so in return they will buy more and become your customers. Robert Kiyosaki made a lot of money but he gave a lot of money to the world. According to him, what we think will determine the results in our life. When he was broke, he used this as an opportunity to learn and grow. The main thing you need to do is to change the way you think. As a result, your life will change too. “ Your biggest asset is you”, as Robert Kiyosaki said.

The rule of thumb in business is FOCUS which means Follow One Course Until Successful. That is what Kiyosaki did after a real estate investment seminar in 1997 and he followed it until he became successful. If you want to be rich , you have to stay focused until you achieve a result.

Kiyosaki also considers that hard times bring new opportunities. When things are tough, the economy will go down and there are a lot of opportunities for business. Robert made more money when the economy was in crisis.

Most famous entrepreneurs failed many times before they became successful. For example, the billionare entrepreneur Jack Ma failed his university entrance exams twice and was rejected from thirty jobs before he founded China’s most successful technology company Alibaba. That’s why it is very important to get over the failure if you want to succeed. As Robert Kiyosaki advised not to be afraid to lose.

One of the success lessons from Kiyosaki is to be financially educated. He believes that you have to equip yourself with the necessary financial education if you want to earn income in your business. In his books he teaches how to build passive income which makes you rich.

We Will Write an Essay for You Quickly

Therefore, the key factor for success is to build and acquire assets that will give you passive income.”The Rich Dad company is getting stronger because every year we add more assets”, as Robert Kiyosaki admitted.

Another suggestion from Kiyosaki is to stop saving money and hedge it against inflation.

In his book Rich Dad Poor Dad he says that the rich do not work for money , they use their money to work for them. They work to acquire more assets which provide them with passive income .

Summing it up, if you follow these Robert Kiyosaki’s tips ,you are sure to succeed in your business. If you want to be financially educated, his best-seller Rich Dad Poor Dad is for you.

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Home » Home » Essay » Essay on entrepreneurship (100, 200, 300, & 500 Words)

Essay on entrepreneurship (100, 200, 300, & 500 Words)

Essay on entrepreneurship (100 words), essay on entrepreneurship (200 words), essay on entrepreneurship (300 words), the importance of entrepreneurship.

• Economic Growth : Entrepreneurship plays a crucial role in driving economic growth by creating new businesses, products, and services. It fosters competition and encourages innovation, leading to increased productivity and efficiency in the economy.
• Job Creation : Entrepreneurs are job creators. They not only create jobs for themselves but also generate employment opportunities for others. Startups and small businesses are known to be significant contributors to job creation, especially in developing economies.
• Innovation and Technology : Entrepreneurs are at the forefront of innovation and technological advancements. They constantly challenge the status quo and introduce new ideas, products, and processes, driving progress in various industries.
• Societal Development : Entrepreneurship has a positive impact on society by addressing social problems and meeting unmet needs. Social entrepreneurs focus on creating ventures that tackle issues like poverty, education, healthcare, and environmental sustainability.

Qualities of Successful Entrepreneurs

• Passion and Motivation : Successful entrepreneurs are driven by a strong passion for their ideas, products, or services. They are motivated to overcome challenges and persevere through setbacks, fueling their determination to succeed.
• Creativity and Innovation : Entrepreneurs possess a high degree of creativity and are constantly seeking new and innovative solutions. They think outside the box, challenge conventions, and find unique ways to add value to the market.
• Risk-taking and Resilience : Entrepreneurs are willing to take calculated risks and step out of their comfort zones. They understand that failure is a part of the journey and are resilient enough to bounce back from setbacks and learn from their mistakes.
• Adaptability and Flexibility : The business landscape is ever-evolving, and successful entrepreneurs are adaptable and flexible. They embrace change, pivot when necessary, and stay ahead of market trends and customer demands.
• Leadership and Vision : Entrepreneurs are visionaries who can inspire and lead their teams. They have a clear vision of what they want to achieve and possess the ability to communicate and align their goals with others, turning their vision into reality.

Key Steps in the Entrepreneurial Journey

• Identifying Opportunities : Successful entrepreneurs have a keen eye for identifying market gaps, unsolved problems, and emerging trends. They conduct thorough market research to understand customer needs and assess the viability of their ideas.
• Business Planning : Once an opportunity is identified, entrepreneurs develop a comprehensive business plan. This includes defining their target market, analyzing competitors, outlining their value proposition, and formulating a strategic roadmap.
• Securing Funding : Entrepreneurs often require financial resources to launch and grow their ventures. They explore different funding options such as bootstrapping, seeking loans, attracting investors, or crowdfunding to secure the necessary capital.
• Building a Team : Entrepreneurship is rarely a solo journey. Successful entrepreneurs build a team of skilled individuals who complement their strengths and contribute towards achieving the company’s goals. They understand the importance of delegation and collaboration.
• Execution and Iteration : Entrepreneurs turn their ideas into action by executing their plans and continuously iterating their products or services based on customer feedback. They are agile and adaptable, making changes and improvements as they learn from the market.
• Scaling and Growth : As the venture gains traction, entrepreneurs focus on scaling their operations. They explore opportunities for expansion, enter new markets, and invest in resources to support growth while maintaining a strong customer-centric approach.

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22 Successful Entrepreneurs Share What Inspires Them to Keep Going These founders share how they stay motivated when times get tough.

By Nina Zipkin • Jun 13, 2019

There is no one right way to get inspiration. It is deeply personal and derives from what is important to and what drives you. But no matter where you find it, it is often an integral part of what keeps you going when times get tough.

We asked 22 entrepreneurs to open up about the things, actions and people that make them engaged and wanting to make a difference.

Here is what they had to say.

Providing the opportunity to be an entrepreneur to everyone

Name: Harper Reed

Company: Modest (now PayPal)

Inspiration: The democratization of access, of giving people opportunities. One of the main reasons I was so excited when we sold our company to PayPal is because PayPal has been doing this for a while: giving people access to things only large companies with resources and wealth are able to accomplish. Hearing our CEO speak about these things is inspirational, because he believes that this is a huge part of PayPal.

Hard work throughout the entire company.

Name: Chieh Huang

Company: Boxed

Inspiration: The folks in our performance centers who do a very difficult job. My life at Boxed started there -- the CEO was packing boxes at the start, too. There are a lot of people counting on us to make the right decisions to make sure that we do well, so they can put food on the table and that inspires me.

Read more about Huang: The Surprising Reason Why This Founder Says Not to Be Afraid of the Competition

Passionate people

Name: David Perkins

Company: High West Distillery

Inspiration: Being around passionate people. They are always contagious for me and they get my juices going. And they come from all walks of life, not just famous artists or musicians.

I remember a summer job I had in college where I worked in a warehouse as a puller and packer. It's about the most boring job you could ever imagine. I really liked one of the older guys that worked there as he was super intelligent, and we always had great conversations at lunch. He rode the forklift around with a big smile and would tell me to do my best and be the best at the job I was doing, no matter what. He exuded passion for his job when he was on the warehouse floor. It made everyone feel good. I think of him all the time when I interact with anyone on the job.

Read more about Perkins: This Founder Ditched His Career at 40 and Turned a Hunch Into Millions

Customer feedback

Name: Heidi Zak

Company: ThirdLove

Inspiration: I think what inspires me the most are our customers. I specifically set aside time to read customer chats, reading the positive comments of course is awesome, but I also get a lot of value from the things that we can improve on. I read those conversations and get inspired to do things better, change things and develop products based on that feedback. That inspires me every day.

Read more about Zak: This Founder's Best Advice for Entrepreneurs: To Succeed, Entrepreneurs Need to Get Comfortable with Being Uncomfortable

New opportunities

Name: Jennie Ripps

Company: Owl's Brew

Inspiration: I am inspired by the fact that every day is a new day. I really think that there is an opportunity in every day, especially when you're building a business. You never know what is going to come, and I get really excited when I wake up.

Read more about Ripps: The One Thing This Entrepreneur Does Each Day to Stay Productive

Audacious ideas

Name: David Bladow

Company: BloomThat

Inspiration: I'm really inspired by Elon Musk. I think he gets people to think bigger and shoot for these outlandish feats that are good for humanity. Having people thinking about ideas that are audacious is a good thing to spur people on. I'm not shooting to land people on Mars, but it's good for people in general.

And my grandpa. He was from North Dakota, had an eighth grade education and hopped a boxcar to California to make a success out of himself. He started a couple of furniture stores, and at the peak of his career had 10 stores. He was a guy who started with nothing. I always was inspired by his courage.

Read more about Bladow: This Founder Has 3 Simple Tips to Achieve Maximum Productivity

Getting involved in the community

Name: Jeff Chapin

Company: Casper

Inspiration: I'm inspired by good citizens, people who contribute to their communities. So much of society relies on good citizens to function, but it's not talked about all that much. They're everywhere in the country, filling holes that our government can't fill. I am blown away by dedicated people helping hold society together.

Read more about Chapin: Behind a $100 Million Mattress Startup, Casper Co-Founder Shares Advice on Finding Success as an Entrepreneur

Empowering others

Name: Gavin Armstrong

Company: Lucky Iron Fish

Inspiration: Making change and empowering people. I'm a big believer in the power of one -- that one person, one action, can have a ripple effect that can make a difference.

Read more about Armstrong: This CEO Has Helped Thousands -- and He's Just Getting Started

The world’s ability to change

Name: Oliver Kharraz

Company: Zocdoc

Inspiration: The fact that change is possible. If we look back at what's been achieved in the face of incredible odds, it's amazing. The fact that our forefathers were able to get rid of a well-entrenched dictatorship that had an entire continent for a few thousand years and then establish something new on a concept of mutual checks and balances and understanding of human nature. It set an overwhelming precedent. Compared to that, whatever problems I face seem extremely solvable.

Read more about Kharraz: This Founder Says to Succeed You Need to Question Everything

Name: Tim Chen

Company: Nerdwallet

Inspiration: I'm really inspired by the possibility of change and how to seize that. I believe those things start with a combination of proving something is possible, telling the right people about it and then pick up the torch and carry on from there. The right way to think about it is planting the seeds of what is possible and enabling a lot of people to go after it.

Read more about Chen: Nerdwallet's Founder Shares the Worst Advice He Ever Got

Traveling and getting out of your comfort zone

Name: Kara Goldin Company: Hint Inspiration : One of the reasons I love to travel is because I find new inspiration in each trip I take. When you travel, you not only encounter so many different cultures and ways of life, but you also meet so many new and interesting people who can teach you completely unexpected life lessons and be the inspiration for your next great idea. I've often come back from a trip with a completely fresh perspective on my business, and it helps me ensure we're always innovating and being creative.

Read more about Goldin: The Entrepreneur Behind a $90 Million Company Shares How You Can Get Past the Naysayers to Build a Successful Business

Working together to solve problems

Name: Bea Fischel-Bock Company: Hutch Inspiration: My co-workers. I know how lucky I am to go into work every day working on a mission and a solution that we all feel so passionately about. I can't think of better inspiration than that.

Read more about Fischel-Bock: This Founder Shares Why In Order To Learn Fast, You Need to Fail Fast

His team’s commitment to one another

Name: Daniel Lubetzky Company: KIND Inspiration: I love how the KIND family works together, with a commitment to each other and to excellence. There's great energy across our team. You can feel it in the hallways of our office, and it inspires me to be better.

Read more about Lubetzky: How a 9-Year-Old Taught This Super Successful Entrepreneur About Taking Risks

People who lead with both intelligence and humility

Name: Carrie Dorr Company: Pure Barre Inspiration : People who possess great intelligence and depth with an equal amount of humility. That combination is hard to come by. I find it very inspiring to be around people who are trying to live their best lives and evolve mentally and physically.

Read more about Dorr: This Founder Shares How to Tailor Your Schedule to Fit Your Brain

Courage and friendship

Name: Bastian Lehmann Company: Postmates Inspiration : My mom. She is such a strong woman. She has dealt with her life and raised my brother and me in a remarkable way. Courage is something that drives me and inspires me when I see that in people. Friendship inspires me and being exposed to beautiful things, whether it's on a hike or in a gallery.

Read more about Lehmann: This Founder Shares the One Trait He Looks for in Every Hire

Being exposed to art and culture

Name: Randi Zuckerberg Company: Zuckerberg Media Inspiration: Definitely art, theater and culture. Anytime that I want to feel inspired I go to the theater. I spent so much time in my life building platforms, and it's easy for techies to forget that platforms are nothing without art to go on them.

Read more about Zuckerberg: Why Everyone Can Use Randi Zuckerberg's Number One Focus Tip

Honest customer feedback

Name: Jordana Kier Company: Lola Inspiration : I would say our customers. They are so vocal and passionate. They are brutally honest, so they share what they love about our brand, but they also say what they want improved or what they want next. The worst thing we could have is indifference. Feeling the passion -- that's awesome to me and very inspiring.

The fortitude of women who came before

Name: Katrina Lake Company: Stitch Fix Inspiration: On my Japanese side, my grandmother. She grew up in Japan and she relocated here, learned English and lived independently in Minnesota. She saw this future for herself and against all odds made it happen.

On my American side, there was my great grandmother. Both she and her sister lost their husbands early in life. They were in this tough situation of both being single moms with multiple kids, and they combined their households and raised a bunch of great kids. Those examples have always helped me have a wide lens of what's possible in life and to be able to believe in things that might be hard.

Read more about Lake: Stitch Fix Founder Explains Why the Worst Piece of Advice She Ever Got Was to Raise A Lot of Money

Giving people the tools to learn

Name: Luis von Ahn Company: Duolingo Inspiration: That has changed over time. At first what inspired me was to work on hard technological problems. I didn't particularly care about the impact, I just wanted to solve difficult problems. Now, the main thing that inspires me is the impact something can have. With Duolingo, what inspires me is our mission: trying to give people language education.

Making women’s lives easier

Name: Tracy DiNunzio Company: Tradesy Inspiration: Our customers and team. I don't know how I got so lucky to have them all in my life. I think knowing that we're touching millions of women and making their lives a little easier, a little more affordable, empowering them to look and feel the way they want is endlessly inspiring.

And then watching our team learn and grow, get better, get stronger and be the talented and incredible people they are, just makes it exciting to come to work every day. Read more about DiNunzio: This Successful Entrepreneur Shares The Trick That Helps Her Tell The Difference Between Being Productive and Being Busy

Constantly working to make the world better

Name: Alexa von Tobel Company: LearnVest Inspiration: I believe that we were put on this earth to make the world a better place, and I believe that if we are capable of making the world around us better, we should. So, I think what inspires me is this deep belief that every day the world can be better -- and to raise the bar of the standard of living for people.

Read more about Tobel: This Entrepreneur Shares Her Surprising Secret to Fighting Decision Fatigue

The power of nature

Name: Tina Sharkey Company: Brandless Inspiration: Nature. I live right by a redwood forest, and I'm inspired by trees, the power of nature and the reminder that we are just a small speck of sand in the larger universe. It puts everything in perspective.

Read more about Sharkey: This Successful Entrepreneur Shares How to Find Opportunity Where It Seemingly Doesn't Exist

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What Entrepreneurs Should Do to Become Successful Research Paper

Introduction, success in entrepreneurship, works cited.

An entrepreneur is an extremely crucial element in the contemporary business world. He or she is an individual who puts into effect initiative through organizing a given activity in an effort to take benefit of an opportunity. An entrepreneur is also a decision maker and settles on what to be produced, the manner of production, and the quantity of a good or service to be produced.

An entrepreneur is also a risk taker. This piece of work gives a critical look at the concept of entrepreneurship and the aspects that surround it. Much emphasis will however be given to the issue of how success could be achieved in the field of entrepreneurship. Research shows that there are common qualities and characteristics that can be depicted in entrepreneurs who have been successful. However, the most significant factor that contributes to their success is their dedication and commitment in their work.

There is much that is contained in entrepreneurship. It is more than just starting a business. Entrepreneurship entails a process through which people discover opportunities, allocate resources, and create value. Creation of value is an incredibly crucial aspect in business. It could be achieved through the identification of the unfulfilled needs or thoughts, the identification of opportunities that are aimed at bringing positive change.

Entrepreneurship also entails taking business problems as opportunities and identifying ways of solving the problems, as well as the customers who pay to have the problems solved. Success in entrepreneurship is determined by the capability of an entrepreneur to identify opportunities that exist in the marketplace, initiating change, and creating value through provision of solutions to problems (Collins 17).

To become a successful entrepreneur, an individual has to possess some characteristics or perform some certain activities. For instance, the individual should be enthusiastic and action oriented. Creativity and dedication are key factors that enhance success in entrepreneurship.

According to Branson (102), it is not right for an individual to enter into a business venture with the main aim of making money or profits, but rather a business ought to be engaging, enjoyable, and allow for maximum input of creativity. However, despite the fact that successful entrepreneurs should not necessarily be motivated by profit, they should regard it as a standard through which achievement or success is measured.

To be successful, an entrepreneur should value the virtue of self reliance, and to be always in a move to strive for distinction through excellence, as well as favor challenges that are of medium risk, that is, those that are neither too ruinous nor easy. Above all, an entrepreneur should be highly optimistic and committed to ensuring that everything is undertaken in the best manner possible, thus achieving maximum success in various business ventures.

Setbacks should be viewed as a bargain priced tuition that helps in getting valuable business lessons through firsthand experience. Shortcomings and failures that have been experienced in the past should not be brought into the present since they are capable of hindering success, and they may even affect the future negatively. Success in the business, on the other hand, should be taken as a driving force towards attaining greater accomplishments (Collins 101).

Entrepreneurs should also do the following in order to become successful. One should think about success. There is a need to dream positively be successful. One should have a clear vision of what is supposed to be achieved. Entrepreneurs should also be passionate with what they do. Passion is crucial in attaining success in everything that an individual does. It is relatively easier to achieve success if one loves what he or she does.

It is natural that human beings are more persistent in their pursuit of goals and objectives that regard things they love. Passion in a business venture cultivates patience and hard work which in turn allows for overall success in business. It is a good idea for an entrepreneur to be gregarious. This is because business is all about dealing with people, and thus the need to be able to handle them in an appropriate way. One should therefore be free to share ideas, products, and services, as well as have fun in doing business.

An entrepreneur should also be confident. This will allow for effective handling of challenges, and thus coming up with solutions to various problems. Confidence also fosters risk taking and identification of opportunities, an aspect that would not be possible in its absence.

To be successful, an entrepreneur should also have a sense of ownership. This entails taking responsibility for getting things done with appropriate care and attention. An entrepreneur should take pride of getting a solution to a problem rather than seeing it as someone else’s. An entrepreneur should be in a position to teach other people how to take charge. The entrepreneur should use individual accountability as an element through which teamwork, profitability, and overall success is to be achieved.

As a leader, an entrepreneur should learn to be good at communication. This is because the most significant element in a business is the human element and communication should be used as a tool through which successful relationships with people can be established. As part of communication, an entrepreneur should also learn to listen to what others say.

This can be seen even in Branson’s leadership where he considers every idea he gets irrespective of the position of the individual or the circumstances surrounding the conversation. To be successful, an entrepreneur ought to focus on his or her strengths, work hard, and have the willingness to learn (Collins 12).

Successful entrepreneurship entails a combination of a variety of aspects. Identification of an opportunity and coming up with ways of exploiting it in an appropriate manner is essential. Branding is, for example, a crucial aspect in business. We find Branson taking his time to come up with an effective brand name, Virgin, not as an instant source of profit but as an aspect that is able to bring a considerable level of success in the business.

Branson believes that business is a win-win venture. Successful entrepreneurs should go an extra mile in the course of carrying out their business activities. Corporate social responsibility is an example of a concept that is worth investing in. A good example is the involvement of Branson in the process of curbing global warming.

Although this aspect would not be beneficial to his business initially, it could contribute to the company’s profit margin in future. Commitment and dedication are key attributes to a successful entrepreneur without which some opportunities would remain unexploited and some problems unsolved (Anonymous par 3).

Although all the above named factors are significant in allowing entrepreneurs to achieve success in their ventures, dedication and commitment remain to be the overall factors that drive all other success factors. To be successful, entrepreneurs should dedicate themselves to the realization of their plans, dreams as well as visions. This idea of being purpose-driven allows success to be achieved in all spheres of an organization and thus there is an overall success.

Dedication allows entrepreneurs to target a goal, determine the objective, refine the brand, and more so, narrow the margin of error. An entrepreneur should be dedicated to attain a positive outcome and be ready to do whatever it takes to achieve the desired result. An entrepreneur should be ready to act beyond the call of duty for the purpose of attaining success that will be beneficial for all the parties involved.

From the above discussion, it is evident that the concept of entrepreneurship is extremely crucial in the field of business. It is through entrepreneurship that success in business is achieved through identification of problems, opportunities and determination of the best ways to deal with them in an effort to create value.

Despite the fact that there are various common behavioral traits and similarities that exist among successful entrepreneurs, it is clear that the most significant reason for success in entrepreneurship is the dedication and commitment exercised by the entrepreneurs. This is an element that is associated with a lot of benefits, both short term as well as long term. This, therefore, follows that without dedication of the entrepreneurs, achievement of maximum success in a business would not be possible.

Anonymous. “Branson Bets Billions to Curb Global Warming” msn.com , 2011. Web.

Branson, Richard. Losing My Virginity . London: Virgin Publishing Ltd, 1998. Print.

Collins, Jim. Good to Great . New York: Harper Collins Publishers, 2001. Print.

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IvyPanda . 2019. "What Entrepreneurs Should Do to Become Successful." December 13, 2019. https://ivypanda.com/essays/what-entrepreneurs-should-do-to-become-successful-research-paper/.

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Bibliography

IvyPanda . "What Entrepreneurs Should Do to Become Successful." December 13, 2019. https://ivypanda.com/essays/what-entrepreneurs-should-do-to-become-successful-research-paper/.

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