This is an article on Critical Success Factors for Winning Entrepreneurs. It denotes the definition of an entrepreneur for business and his scope of performing roles. An entrepreneur is the key to modern enterprise. He undertakes the risk of a new enterprise. This report has jist on entrepreneurial checklist for starting a new business as outstanding entrepreneur. Furthermore, it also discuss on major impediments to successful entrepreneurship. Besides, this report introduces a term Intrapreneur who perceived an opportunity, assembles the resources & obtains sponsorship to move forward in an existing organization.
U.S. Market for small businesses and incubators is rapidly growing and approximately 1 million small businesses start up each year. Small businesses are responsible for 60% – 80% of new jobs annually. About 87% of new graduates will join in business at next 5 years.
Entrepreneurs are the founders of businesses. They create a new business even facing the risk and uncertainty for earning profit to maximize them and gathering the necessary resources to capitalize on them. Major barriers to become a successful Entrepreneur are: No passion, Lack of marketing, No reward, Poor product idea, Inflexible processes and bureaucracy, Fuzzy scope, Poor commercialization process, Weak leader, Poor execution, Low service idea, Low risk tolerance, Lack of decisiveness.
Also, the successful Entrepreneurial/ Intrapreneurial checklist is applicable for a variety of factors like Customers, Business, Competitors, Management, Risk and Capital. For Customers, justification should be come by identifying Who are our customers?, Who are our most profitable customers?, Who could become our customers? Again for Business issue, confirmation must end on What is the vision of the business?, Is it Realistic? Inspirational? Doable? Measurable?
What is present business? Core competencies?, Who is business differentiators?
Another important factor Competitors where clarification should be depicted for Who are our competitors?, Who will become competitors? In terms of business management, a successful entrepreneur must have idea on How does management pursue opportunities?, How does management view innovation? Empowerment?, How does management accelerate and sustain innovation? Risk is the feature of business and it is stated that no risk no gain. Risk can be managed by answering How does management pursue opportunities?, How does management view innovation? Empowerment?, How does management accelerate and sustain innovation? Lastly for Capital, an entrepreneur must find the solution on How should business fund its growth and capitalize? Debt, Equity? Sources?
To start a new business, an ideal entrepreneur can go through a set of procedures one after one. At first, he / she must identify the opportunity and assess market, prospects and customers. Secondly, an entrepreneur must develop the concept or prototype for own business and then write a plan for business. After then, he or she can determine the available resources, required structure and governance support. To execute the business operation smoothly, he or she will acquire the efficient, flexible management and financial team. Next, he or she will implement plan and balance the growth. Finally, entrepreneur can do transition, harvest or Exit the Venture.
Here are few steps to invest as a entrepreneur of a business for the rapid growth:
? Suspects and Creating Awareness.
? Marketing Readiness through segmentation, targeting, trigger Events, Product validation.
? Sales Lead generation for strategy and process.
? Content Development by Blogging, Webinars, Videos, Social Media Publishing.
? Lead Engagement for Inbound, Outbound, Lead Nurturing and calls for action.
? Lead scoring and analysis and judge the qualification.
? Business Proposals.
? Decision for satisfied customers.
An entrepreneur is a personnel who is concern for an opportunity and develop an organization to cope that opportunity. The key personality traits of successful Entrepreneurs start from focusing customer and continue with taking risk, persist with principle, refocus the limitations, willing to guarantee debts with passion and become champion by pragmatic and realistic manner. He is responsible for continuous improvement of business by attracting new customers every day.