• Makings of a Successful Entrepreneur

    bookmark_border Haroon Shahzad    access_time  

    According to small American companies' administration, from the mid-90s, small businesses have typically created 60 to 80 percent of the network of new work in the United States. Besides that, it is found that in the immediate years, net jobs were created after the recessions of 1990-1991 and 2001, which came from employment generated by small businesses with less than 500 employees, as a result of entrepreneurs creating their own business ventures. That's why it would be seemed to be a good way to stimulate economic recovery by promoting entrepreneur and their companies.

    To do it, the decision makers must understand the origins and motivations of the founders of these companies. You must also understand what inhibits or motivates others to start a business from scratch and become an entrepreneur. By studying about anatomy or workings of an entrepreneur, can easily provide some information about the motivations of the founders of high-growth companies, as well as their socio-economic, pedagogical and family aspects backgrounds. Many of them who turn out to be technology entrepreneurs are from a middle-class family, doing online work, studying or giving online exams such as the CPA exam with the CPA exam prep materials.

    By doing, learning and experiencing all the required skills and expertise, they turn out to be entrepreneurs. Many of them have parents who are less educated than they are, although they start their first activities when they are only in their teenage life. Their primary reasons for starting a business are financial lacking or resources or being emotional challenged. They wanted to create wealth and they had one entrepreneurial idea on which they wanted to capitalize. Many have said that they always wanted their company someday and this was the motivation which really drove them to be successful entrepreneurs.

    Experience, Luck and Management

    If we try to explore and study the founders of a successful company, their opinions and observations also contributed to their own path and what influenced them towards their success or failure of their companies. Many of them were real risk takers that is why it is important to understand what entrepreneurs think, believe and hope. To have more information on their workings, it is also important enough to understand how much were they supported which made them make it on their own. Entrepreneurs are driven from the aspects of social, political and economic conditions that promote their entrepreneurship skills and determination more effectively.

    A survey on 549 companies and their founders in various fields, including aerospace and Defense, Information Technology and Electronics, Healthcare and services; found that many founders of such companies were determined because of their past experiences. While our research cannot be generalized with the entire population of entrepreneurs in the world, it should however illustrate the origins of entrepreneurs in the fields that we expected. By interviewing the founders of companies that had gone beyond the start phase, it was also found out that most of them had a combination of experience, luck, happiness and management. Some of them are even quoted saying that these three was the key to success. When asked the founders of the companies to rate the importance on a number of factors which has mostly affect the success of their business and their companies, most of them answered faith.

    Some of them have said that faith is extremely important for their success. Other factors listed by other respondents include work, stamina / determination, timing, spouse, abstention and support, optimism, ingenuity and the willingness to risk everything for success of something that they believe in. Entrepreneurship is considered stressful, with unexpected challenges as respondents were asked to list the most affecting factors. The most common and highly rated factors were the stress to run a business; the difficulty of keeping balance in life challenges with understanding and developing products for ever-evolving markets; Problems with government regulations, taxes and the costs of employee benefits; and lack of knowledge on raising capital.

    Motivations and Success for Both Men and Women Entrepreneurs

    Previous experiences gain momentum for the success. Assessment of their chances of success depend on their motivations and determinations. Women have also rated their profession and corporate networks are even more important contributions to their success compared to men. After all,

    When asked about the most important potential difficulties faced by entrepreneurs, women were more

    probably the challenge to mention, to protect their intellectual capital of the company, while men tend to worry about the financial uncertainty associated with being a part a startup and a lack of available mentors.

    Many of the gender differences described here indicate the support and the encouragement of key persons can especially work in favor of women in their efforts to start a successful technical/non-technical companies. This discovery suggests that these efforts to promote female entrepreneurship

    Should ensure that women have access to mentoring and support networks that see how well these contributors are important to their success. Main factors that motivate an entrepreneur to become a successful entrepreneur are:

    Entrepreneurs are mainly motivated by five and psychological factors, in particular:

    1. The desire to create wealth

    2. The desire to use the entrepreneurial ideas that they had

    3. The attraction of the startup culture

    4. An old desire to run his business

    5. Not like working for someone else

    To become a successful entrepreneur, both encouragement and determination is especially important for women as compared with men. However, it can be difficult to determine as who is motivated more to become entrepreneur.

    Only a few men or women entrepreneurs were motivated start their business simply because they were outside of job. Some of them wanted to see the technology that they have developed affects market place or change its dynamics in their favor, but it was still the second less mentioned reason. The problems of balance of life were considered as one reason which has low representation of women among entrepreneurs. Sex differences are statistically significant in life circumstances of these successful men and women as successful companies grow with entrepreneurs who are just over forty. Equally successful men and women entrepreneurs founded their first successful companies when they had two to three number of children.

    These observations point out to successful entrepreneurs of both sexes have similar living conditions. In addition to a balanced life, some studies point out that women want to be treated fairly and improvement of the payment and that these wishes would motivate the transition from management to Entrepreneurship. This logic could be reflected to some degree to answer to the explanation of the workings of a successful entrepreneur.

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