What Makes A Good Entrepreneur?

So many people dream of owning their own business. Some of them take the plunge and start their own business, only to find this dream quickly turning to a nightmare.
According to the latest statistics from the Small Business Administration (SBA), "two-thirds of new employer establishments survive at lease two years, and 44 percent survive at least four years." This is slightly better than the "half of small businesses fail in their first year" statistic that is sometimes thrown around. Nevertheless, a large percentage of small business do fail in their first few years. Rather than focus on why that happens, I want to highlight what characteristics can contribute to the success of a small business. Life experiences, parental influences, career displacement and education are all importnat factors when looking at the success (or failure) of a small business venture. So lets start with the first item, life experiences. Obviously someone who has plenty of experience in the field they hope to open a small business in will benefit help contribute to the success of that business. But thats not always the case. A person who starts out washing dishes in a restaurant, moves up to cook or server, assisitant manager, then manager may feel they know all it takes to own and operate a business. While the skills they have learned on the way may indeed help, they may often find themselves simply working for themself, and not really living the dream like they once imagined. It is the person that is willing to take classes, to read about what it takes to become a good entrepreneur that will succeed. There is so much more than simply owning and operating a business to be successful. One needs to know about marketing, accounting, and innovation to truely allow for growth of their business. So i'd say one personality characteristic to be a success in a small business is the hunger for knowledge for ways to improve and grow the business. One shouldn't be content with the status quo. They may soon find their parking lot empty.

Parental Influences can be effect on a business owner. My parents are both small business owners, as were my father's parents. I have learned a lot about the ins and outs of business, and tried to apply some of that knowledge to my business when I operated that. A few of the most obvious ways a parents support can help a small business owner be a success are: Investment, Advice, Guidance, Support. Monetary investment is a huge way parents can contribute to a potential small business owner's success. Also, would be business owners should listen to their parents advice, and not think that they can do it all themselves. One should not be afraid to follow parental guidance, afterall if the parent had been in business before, they may know some pros/cons of owning a business. And parental support can be very important emotionally. It takes a lot to quit ones job and prepare to go into business for one's self.

What better motivation to start a business than to lose your job? Of course if you are working at an auto garage, and you get laid off because business is down, you might consider the low economy and not open a garage in that neighborhood. But if you are suddenly unemployed because of streamlining or industry relocation, then what better time to consider opening a small business for yourself? Sudden career displacement can be a key factor in inspiring entrepreneurship.

As eluded to earlier, education can contribute to the success of a small business. BUT I want to clarify that. To me, one does not have to have a degree in Small Business to be succesful. It certainly coudln't hurt to have a formal education from a higher institution... but there are numerous small business owners who never went to college. My mother is a prime example of that, and she owns and operates succesful retail store on Amelia Island, Florida. I think that a way education can really improve the odds of being a success in business, is that entrepreneurs should seek ways to educate themselves in ways specific to improve their business. Specific marketing research, demographic research, and surveys just to name a few examples can greatly educate the business owner on how to target a certain market, and to improve their existing business.

It takes courage to go out on a limb and start a small business. And there are several personality characteristics that help contribute to that business's succes. One should definitely examine themself, their strengths, and weaknesses prior to opening a business. And never fall to contentment. Contentment the potential ruin for small business. Not saying that you have to change the core aspect of the business, but the competion will be gunning for you, so know yourself, know your business, and stay on top.