Take a Chance Gambling With Entrepreneurship

Monday, June 4, 2012 at 6:21pm by Sandy Jones

Have you ever spent hours imagining a design for a sports car or wanted to invent something that would change the way people communicate? Perhaps you have a tendency to always “work smarter, not harder” and make things more efficient. These are strong signs that you might have what it takes to become an entrepreneur.

 

Elements of Entrepreneurship

  • The first element of entrepreneurship is the motivation or desire to be one. As mentioned above, entrepreneurs tend to have a desire to make everything they do better, faster, or more efficient. This is what innovation is all about — the desire for improvement. Identifying this trait is the first key to unlocking the potential for great contributions to our world.
  • After you’ve decided to act on your entrepreneurial nature, draw up a business plan. This process is very similar to writing a good essay. Research, brainstorming, organization; all of those elements are used to create a solid business plan that outlines exactly what you intend to do with your ideas. From this statement, you will have a solid foundation to begin your business.
  • After determining what area of business you want to affect, the next step is to come up with your marketing strategy. What good is an innovated product if nobody knows it exists or why it would be beneficial for them? A marketing strategy answers the question of who you intend to market to and why. Evaluate your audience and compare it to the demand. Knowing where to plug into the market of consumers is the most important part of a successful entrepreneurial endeavor.

 

Types of Business Plans

When evaluating a business plan, you have a few options for where to launch your business from.

  • Home: Many a computer software developer started out working from the comfort of his own home. If your business model is small enough, such as remote management, writing a book, or researching something, your product can be used, marketed, and sold straight from home, reducing overhead costs dramatically.
  • Online: For projects strictly related to computers — software, applications, social networks, website development, etc. — you can utilize the benefits of online management. Supposing multiple entrepreneurs are working with you in the "company," you can share the project data and resources via cloud computing or more basic file sharing. This allows more flexibility to include people from different areas while still keeping overhead costs to a minimum.
  • Small businesses: In some cases, your entrepreneurial pursuit may include a small building. Perhaps you want to start a unique coffee shop or a specialty repair shop. You would need to find a space to rent or buy and strategize about location and appeal. This definitely increases the overhead, but marketing will be somewhat simpler.

 

Successful Entrepreneurs

Several successful entrepreneurs have paved the way for millions more to follow in their footsteps. These individuals have proven how a little innovation and planning can go a long way in making your destiny brighter.

  • Burton M. Goldfield
  • Goldfield was recently selected as a finalist for the Ernst & Young Entrepreneur of The Year 2012 program on June 2, 2012 according to a Market Watch press release from The Wall Street Journal. As CEO of TriNet, Goldfield has created a company that focuses on human resources assistance for other businesses and entrepreneurs. His contributions have allowed others to pursue their own dreams of innovation.

  • Mark Zuckerberg
  • The face of Facebook, Mark Zuckerberg is one of the youngest, most successful entrepreneurs of this time. The 24-year-old dropped out of Harvard, and according to an article by entrepreneur.com, the social network monger has only held one job: CEO of Facebook. The social network was launched in February 2004 and has since exploded in popularity, putting his net worth at more than $17 billion.

  • SpaceX
  • SpaceX is proof that Americans will take over where the government leaves off if deemed necessary. PayPal inventor Elon Musk has the only way to get to the space station now. His company is the first private company to make the roundtrip flight. It seemed our space explorations were temporarily put on hold with the retirement of NASA, but Musk has brought those dreams back to life. The internet and space entrepreneur intends to further his reaches in space and encourages more people in the private sector to dream just as big.

 


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