Entrepreneurial Self-analysis for Change
The entrepreneurial process entails a movement from a present lifestyle to forming a new enterprise. It takes a great deal of energy to change or leave a career or lifestyle and do something new and different.
A new venture refers to an entity that carries a new idea with an intention to invoke changes in the existing equilibrium of the market.
Generally, any new enterprise is treated as a new venture but entrepreneurial new venture obviously involves an innovative project that would add something of new utility or service with the product or production of goods or generation process of services.
Under this context, entrepreneurial process involves the following phases:
Individuals tend to start businesses in familiar areas. But two environments are particularly good for spawning new enterprise. They are research and development and marketing.
Individuals develop new product ideas or processes while working with technology and often leave their company to initiate their own ventures.
On the other hand, individuals engaged in marketing becoming familiar with the market and customers’ unfulfilled wants and needs and they frequently leave their organization to start new enterprises to fill these needs.
Sometimes, stronger incentives to overcome the inertia and leave a present lifestyle to create something new comes from a negative force disruptions such as retirement, relocation of duties or jobs, personal dislocation, and completion of educational degree.
Entrepreneurship will give a person or group of persons to become the owner of a new business venture in the future.
The possibility of being your own boss would give you great satisfaction and a sense of achievement. The entrepreneur/ entrepreneurs would want to make the business successful and profitable. The mam responsibility for the success of a business or enterprise lies with its owners-entrepreneur.
A small business owner/entrepreneur must have a number of attributes and skills in order to properly plan his or her business or enterprise and make it successful during the first difficult years of its operation.
The exercise of the entrepreneurial self-assessment profile will allow you to examine your own trails and characteristics and assess your potential to become an entrepreneur of 3 new ventures. Business ownership is a very demanding career that affects every aspect of life.
For this reason, it is important that you consider the personal commitment that will be required and skill that you possess and need to develop proper attitudes. The desire to succeed and the self-confidence to achieve the goals you set for yourself is essential for your own survival as an entrepreneur.
Besides having the proper attitude towards business ownership, you also need the necessary skills to assess the profitability of your business ideas, to set up and operate your business.
Business skills are those skills necessary for the successful operation and maintenance of a small business. Finally, the success of your future business depends on your .expertise to produce goods and services to your customers.
Your own technical skills, as well as those of your employees, must achieve high-quality standards because you will be completely liable for the quality of workmanship of your product.
Repeat business from customers is very much dependent on this quality. It is your responsibility to ensure that when you decide to become your own boss, you should have acquired sufficient experience to handle the contracts you will get.
You cannot pass the buck to anyone.
So, make sure that you know’ what you will be doing. Dr. B. Albert Friedman has developed a set of self-assessment questionnaire to help you assess yourself in respect to those characteristics which are needed to successfully start and operate a business. It is given below. So, complete it to know’ your strengths and weaknesses as a prospective entrepreneur.
