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Business Entrepreneurship

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Every effective and successful business has someone who is the “entrepreneur”.

Merriam-Webster defines an entrepreneur as “one who organizes, manages, and assumes the risks of a business or enterprise”.  Management skills and strong team-building abilities are often perceived as essential leadership attributes for a successful entrepreneur. 

Professor Howard Stevenson, the godfather of entrepreneurship studies at Harvard Business School says, “Entrepreneurship is the pursuit of opportunity beyond resources controlled”.

It has been our experience that every effective and successful business has someone who is the “entrepreneur”. The entrepreneur might be an owner, partner, or employee. For your business to be a leader in your field, you must have the following entrepreneur proficiencies:

Strong Sense of Necessity

All entrepreneurs have a strong sense of necessity or pursuit. This involves a single never-ending focus on any opportunities related to the growth of the business. Do you need to see your business succeed? You must be all in – fully committed to the success of the business with which you are working.

Innovation

The act of producing a product and service that distinguishes itself from competitors in a marketplace where differences are often hard to come by demands a high degree of innovation. Having the ability to look for and identify needs and solutions that others may not notice gives the entrepreneur an advantage.

Opportunity

Entrepreneurs see opportunities and develop actions to grow and expand the business. This might include:

  1. Developing a new product or service.
  2. Building a new delivery model.
  3. Targeting other industries that might use their product or service.

 

While many individuals may have the ability to see possible opportunities, few have the drive to take advantage of these opportunities through actionable steps. An entrepreneur will not only act on an opportunity they see, but they will engage those around them to do the same.

Unique Storytelling Talent

Entrepreneurs have a unique talent to tell their story in a way that creates excitement and a more important commitment to those who will listen. This is very important for the growth of your business – especially for startups. The strongest organizations are the ones that have a firm foundation of support from both team members and patrons. You create this unwavering support by telling the story of why you are doing what you are doing – and why you believe it is important!

Passion

Every entrepreneur has a passion for their company, service, or program. Walt Disney, for example, started drawing characters at the age of seven and never stopped. This is the type of passion that will set an entrepreneur apart from others in the industry. 

Individuals who possess these talents often find themselves in the role of entrepreneur – and if they aren’t occupying that role, they should! Instead of wasting these gifts, make sure that you put them to use when and where you can. 

LUXA Enterprises specializes in HR services, outsource accounting, bookkeeping, and payroll services. We match up with ideal candidates for services by allowing small to midsize businesses to increase focus on their growth through outsourcing. If you want to know how we can help you, contact us today!

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