How to become an entrepreneur

The individual attributes of an entrepreneur are shown as different indicators such as the perception of good opportunities for starting a business, the perception of the capabilities to start a business, the fear of failure and the entrepreneurial intention

Entrepreneur working at office desk

In early stages of the entrepreneurship, some potential entrepreneurs might be able to seek and find quickly the good opportunities to start a business and they might think that they have the skills, knowledge and experience to do it. Nevertheless, perception and capabilities not always ends in starting a business. The entrepreneurs also have to assess the opportunity costs, their risks and returns, as well as comparing if it is better to start a business or go for a traditional job (Global Entrepreneurship Research Association, 2017).

Study Yourself as an Entrepreneur

Entrepreneurs have particular personal traits, knowledge and skills that makes them capable of start and operate a business. Previous experience act as an important factor that develop the necessary skills and attitudes to undertake. Their consent about finding good opportunities to grow businesses makes them able to identify opportunities that could generate value for them but also for the society. Ács, Szerb and Autio (2016 as cited in Goma & Martínez, 2017), state that countries require people who can be able to identify business opportunities, and who think that have the required skills to exploit those opportunities.

Self-employed entrepreneur working on laptop with blank screen
Entrepreneurial Process Stages

Motivation to become an Entrepreneur

The motivation to start a business can occur because of different circumstances. Either the desire of exploiting a good opportunity, to increase personal income, to be autonomous, or reach personal goals. Also, another entrepreneurial intention can be because the individual doesn’t have any option to get a job, therefore a necessity-driven entrepreneur is created. Here is where a self-employed is focused to generate income that cover their needs (Goma & Martínez, 2017).

Aiming high impact entrepreneurship

It is essential that the new entrepreneurs get closer to experts on high impact entrepreneurship. This way, they can learn the required skills like leadership, change adaptation, resource and time management, emotional intelligence, teamwork, diversity, international vision, empathy with investors, perseverance, clear goals, product and service market validation, discipline, the will to overcome, initiative, verbal and written communication, among others. All this is required, because better entrepreneurs are needed, instead of more entrepreneurs.  Another possibility for entrepreneurs is to work for startups or any other corporation, and with some gained experience, then look up to start their own business, especially with a team that can complement technical and managerial aspects (Baños-Monroy, et al., 2017).

To keep developing the capacity of entrepreneurship, it should be encouraged that individuals do market research before starting a business, this is to avoid any failure that could have been prevented with a correct planning. As well, the review of experienced entrepreneurs should be added in support programs, to increase the probabilities of success of a project (Amorós & Villegas, 2017).

Businessman in suit
What is Entrepreneurial Culture?

Guidelines to build high impact businesses

In order to foster entrepreneurs that can be able to build high impact businesses, there are some guidelines recommended by Brad Feld in his book “Startup Communities” (Sánchez & Martínez, 2017).

Community Leaders

Entrepreneurs should be the leaders of the community, and not the academics, politicians or fund managers.

Supportive Comunity

Communities should have organized activities that support personal relationships in an innovative and entrepreneurial environment. Parties and networking events are not enough to build this type of relationships.

Entrepreneurs' Pool

Communities should include all type of entrepreneurs, from the experienced ones, the new ones and the businessmen who are searching to take advantage of the opportunities that are created by the markets.

Leaders with social commitment must be found to support the generation of new entrepreneurs in the long-run.

References

Amorós, J. & Villegas, A., 2017. Entrepreneurial Ecosystem: Experts’ Perspectives of Mexico. XXII Congreso Internacional de Contaduría, Administración e Informática.

Baños-Monroy, V. et al., 2017. Monitor Global de Emprendimiento (GEM) Jalisco 2016/2017: Ecosistema de emprendimiento en la Zona Metropolitana de Guadalajara., Zapopan, Jalisco: Tecnológico de Monterrey, Campus Guadalajara.

Global Entrepreneurship Research Association, 2017. Global Entrepreneurship Monitor: Global Report 2016/17, s.l.: s.n.

Goma, E. & Martínez, P., 2017. Assessing Local Entrepreneurial Ecosystems in Mexico: The Case of San Luis Potosí. United States Association for Small Business and Entrepreneurship.

 

🚀 How to Become an Entrepreneur
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