Dr. Mikel Brown

Entrepreneur Exam

Do you have what it takes to be your own boss? Do you possess the skills to meet the prerequisites of an entrepreneur? Starting a new business is both exciting and rewarding, but it is also full of challenges. The level of commitment that you will need should not be underestimated. Setting up your own business requires your full commitment and nothing less. Can you extradite your time, energy, money, skills and knowledge with no sure-promise that you will succeed?

The Requirements of a Successful Business

The success of your business will partly depend on your mind-set, attitude and skills. This means being honest about a range of issues – your knowledge, your financial status and the personal qualities that you can bring to your new business. Research has shown that there are certain qualities commonly found among all successful business people. Moreover, these qualities are paramount to being successful and having longevity in business.

The Nature of an Entrepreneur

Starting a business is easy; staying in business is a different story altogether. The tools and skills necessary for starting a business may not prove to be at the apex of your list of qualities when it comes to staying in business. The temperament of a successful entrepreneur is one of tenacity and determination so when the financial and personnel storms come and test the resolve of your character and business, you will remain standing with your company when the storm is over.

Core Skills of an Entrepreneur

As a business owner, you need core skills to execute your ideas to ensure that your new business survives in the long term. I can speak from first-hand experience. I am an owner of five different companies and my companies employ over thirty full time employees. My companies’ assets range in the multiple millions and every dime has been earned and appropriately allocated. I have experienced losing hundreds of thousands with one of my companies, but I never stopped moving forward and being creative with producing other streams of income. Therefore, take my advice to heart because it can inevitably help you to avoid making the mistake of going into business ill informed or prepare you for one of the greatest ventures of your life. A typical entrepreneur will have the following key characteristics:

1. Self-Determination – a belief that the results are predicated on your own actions, rather than based on external factors or other people’s actions.
2. Commitment – the dedication and willingness to make personal sacrifices with monies you may have earmarked to other things and through long hours and loss of leisure time.
3. Self-Confidence – a passion and belief about yourself and your product or services.
4. Being a Self-Starter – the capability to work independently, take initiative, and to develop your ideas.
5. Perseverance – the ability to continue despite setbacks, financial insecurity and exposure to risk.

Along with these qualities you must have judgement, which is the ability to be open-minded when it comes to advise from experts in your genre, while bearing in mind your intentions for the business. If you do not have what it take to own your own business, starting a business without these qualities, may take all you own.

UPDATED 07-08-11: Read the conclusion of this article, Go to “Can You Pass the Entrepreneur Quality Test Pt. 2” now.

Recommended Reading:

Invest in your future and stop living in your past. Success is one book away. Watch my brief video on how my book helped people succeed in business.

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Related Posts:

• Can You Pass the Entrepreneur Quality Test Pt.2?
• The Power to Make Decisions
• Are You Dreaming?
• The Law of Exchange Part 2
• The Law of Exchange

Tags: attitude, dedication, employ, entrepreneur, financial insecurity, key characteristics, money, monies, perseverance, personnel storms, prerequisites, self-confidence, skills, starting a business, Success, successful, successful entrepreneur, successful life, ventures

This entry was posted by Dr. Mikel Brown on Saturday, July 2nd, 2011 at 1:13 am and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.