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In the Footsteps of an Entrepreneur

It takes the ultimate business skills for one to become an entrepreneur. Whether an

individual engages in a small business or one that is diverse, they must have the right knowledge,

skills, and attitude of how to run it effectively. An entrepreneur must know how they can start up

a business, run, and market it to acquire an advantage in the industry. Entrepreneurship has its

pros and cons, which a business person has to understand. Understanding businesses will enable

us to learn about how it is to be in the footsteps of an entrepreneur.

Interviewing a real estate business owner gave details about running a small business.

The business entails buying, selling, managing, and investing in real estate property. The

entrepreneur in a real estate business can lease out or sell the property. Real estate companies

offer consultation services to individuals also, concerning a property. In the interview, the real

estate entrepreneur dealt with providing real estate expert appraisal services handled land

development projects and did property management services.

Becoming an entrepreneur is driven by different forces depending on an individual.

Entrepreneurship has more flexibility, and therefore it requires less demand. There are no

restraints in starting up one’s business as an individual becomes his or her boss. Other

individuals also desire control over their businesses, which drives them to become entrepreneurs.
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The urge to build a legacy makes individuals get into entrepreneurship. Another drive for

engaging in entrepreneurship is the hunger for success.

Choosing a business depends on different factors, including how one can get the capital.

An individual can select a business idea by following their passion. Expertise in the field one has

to venture in also enables them to choose a business. Knowledge about the competition of a

business in the market can be a great aid in selecting a business. Furthermore, one requires

knowing about their financial status. A person can get starting capital from their savings, venture

capital investors, small business administration loans, and funding from friends and family.

Crowdfunding through the internet can provide one with loans.

Starting up a business entails coming up with a strategic business plan. A business plan is

a useful tool, as it enables an entrepreneur to evaluate their success in the market. It provides the

business person with appropriate steps to achieve the laid business goals and objectives.

Preparing market research is also essential as an individual can evaluate the competitive

advantage of that business. It helps in analyzing the external and internal factors affecting a

business (Nunn &McGuire, 105). Financial projections also enable one to plan their capital in the

business.

Running a business for an entrepreneur involves a lot of steps and strategies. For

instance, it scales an entrepreneur on how they work and their relationship with workers. The

number of employees depends on the size of the firm or business. A bigger firm would attract

more employees. Getting workers bases on factors such as the minimum wage one pays them

and also the working conditions for the business. A company with favorable working conditions
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would attract more and skilled workers. Keeping employees motivated requires offering rewards

for good work, empowering them, encouraging teamwork, and providing supportive leadership.

Effectively managing a business entails practicing the best business management style.

Each management style, however, has its advantages and disadvantages. A business owner has to

evaluate which method best suits their business before practicing any. The type of business and

employees would affect the kind of management style. However, the supportive leadership

management style would see employees being more productive. Both accounting and legal firms

help an individual to run their business. Accounting firms oversee the financial tasks, while the

legal firms ensure the company works under the stipulated laws and regulations.

One needs to employ technology in their business for it to run effectively. Businesses are

applying technology to help in their smooth running. The technology ensures increased

productivity in a company and enhances efficiency (Attaran, Sharmin & Kirkland, 1). The

automation of a business process through the help of apps and software is also possible. With

technology in business, communication becomes more accessible, and business mobility gets

enabled. For instance, a website would help an entrepreneur to monitor and manage their

services.

Marketing a business is a crucial strategy in ensuring its success. Marketing businesses in

the modern world incorporates the use of social media. Most customers can access the services

or products of a business through social media platforms. Advertising the company on social

media can enable it to get the awareness of many individuals. Through marketing, the business,

customers can get attracted to the business. Moreover, an entrepreneur should ensure they

maintain a high level of customer satisfaction and offer quality products and services.
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Competitors exist in the business market, and an individual has to ensure their business

can sustain competition. The most significant competitors in a company are those that offer

similar products and services. For a business to be different from its competitors, it has to

provide quality and premium products for the customers. It also has to create a memorable

culture and ensure top-notch customer satisfaction.

The success of a business depends on both external and internal factors. Some of the

points include the ability to have a good marketing strategy, competitive advantage in the

market, financial assistance, and protective policies. The environment or locality of business also

influences its success. The culture of the people near and within the business can impact success.

Also, developed infrastructure and policies enable a business to become successful.

Aside from those factors, an entrepreneur needs to possess specific business skills for the

business to succeed. For instance, they need to be useful planners, time managers, self-driven,

creative, team workers (Kerr et al., 288), and possess ethics. Ethics benefit everyone involved in

a business. They enable a business to build a good reputation in the market. Furthermore, ethics

can attract customers and can help the company get support in times of controversies.

Self-employment has its advantages and disadvantages. Self-employment provides

financial stability and independence for entrepreneurs. It enables one to engage in a variety of

projects and makes one value their skills. On the other hand, self-employment makes one

socially isolated, lacks paid leaves, and is time-consuming since one has to work all the time. In

case I started a business today, I would put in more time and more hard work to ensure its

success. For people who want to start a business, they must plan for their business effectively

and have dedication.

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In conclusion, engaging in the footsteps of an entrepreneur helps one understand

entrepreneurship. Entrepreneurship has its strengths and weakness. A successful business,

therefore, has to ensure that it has enough capital for it to start and run. The business owner has

to attract employees by ensuring they offer a good working environment. An entrepreneur has to

have effective characteristics for the business to prosper and possess good ethics. Self-

employment has its advantages and disadvantages and an entrepreneur has to weigh both of

them.
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Works Cited

Attaran, Mohsen, Sharmin Attaran, and Diane Kirkland. "The need for digital workplace:

increasing workforce productivity in the information age." International Journal of

Enterprise Information Systems (IJEIS) 15.1 (2019): 1-23.

Kerr, Sari Pekkala, William R. Kerr, and Tina Xu. "Personality traits of entrepreneurs: A review

of recent literature." Foundations and Trends® in Entrepreneurship 14.3 (2018): 279-

356.

Nunn, L., and B. McGuire. “The Importance of a Good Business Plan”. Journal of Business &

Economics Research (JBER), Vol. 8, no. 2, Feb. 2010, doi:10.19030/jber.v8i2.677.