Entrepreneurs are frequently thought of as national assets to be cultivated, motivated and remunerated to the greatest possible extent.
Entrepreneurs can change the way we live and work. If successful, their innovations may improve our standard of living. In short, in addition to creating wealth from their entrepreneurial ventures, they also create jobs and the conditions for a prosperous society.
The following are six reasons why entrepreneurs are important to the economy.
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Ravaging through the rough, grunting and seeking out the next victim….Scavenging anyone and anything that comes in the way…
No, we aren’t describing the latest wildlife channel special about predatory beasts in the jungle. We are referring to the angry, stressed, tense new entrepreneurs on a tight deadline. At this stage in the startup journey, fresh-faced founders may get a little anxious, as the viability of their new startups is dependent on each deadline. Sure, you could argue that it is just the passion coming through, but this attitude could cost a new entrepreneur his/her business.
If your actions are making your employees cower in fear of being the next stop in your slaughter trail, these are a few pointers to help you:
The ultimate goal of every entrepreneur is to succeed – and to be happy doing it. But not every entrepreneur gets to achieve it. Indeed, hundreds of new businesses are launched every year but success eludes most of them.
One reason is that entrepreneurs are faced with some of the most difficult questions on a daily basis – and how they answer them could depend on if the startup sinks or swims.
To ensure success, here are the three most important questions entrepreneurs must answer.
1. What are my goals as an entrepreneur? Most entrepreneurs find it difficult to separate their personal goals from their business goals. And that makes sense. Think about it, entrepreneurs are often trying to turn their personal passion into a business – and just need to find others to help achieve their goals. While I get that sometimes they are linked, the ability to separate your goals can help you focus your personal growth and the success of your business at the same time. So set goals.
Entrepreneurs from early stage startups have to pitch to investors to raise financing, and many entrepreneurs are inexperienced or terrible at making the presentation. As a venture capital and angel investor who has heard many pitches, I’ve compiled a list of mistakes and things to avoid if you are an entrepreneur seeking angel or venture financing.
Mistake #1: Sending me your executive summary or business plan unsolicited.
Investors routinely discard or don’t read unsolicited emails. They get hundreds if not thousands of such emails, and they can’t spend the time sifting through them all to find that diamond in the rough. But what they will pay attention to is a referral from someone in their network — a lawyer, an entrepreneur from one of their portfolio companies, or a fellow venture capitalist.
So, you’re never first to raise your hand during meetings and you’re uncomfortable schmoozing with strangers at networking events. Does that mean you’re doomed to fail in the business world?
Not even close, shy one.
Those on the quiet side tend to be good listeners, giving them a serious edge over their more talkative, sometimes oversharing counterparts, says etiquette coach Jacqueline Whitmore, founder of The Protocol School of Palm Beach.
Compared to other workers, entrepreneurs tend to enjoy an advantage in financial literacy. The know-how required to invest, organize, and save funds for a business often applies well to personal finance management, so these individuals run a “tighter ship” at home.
But this isn’t always the case. Business owners can lose their way financially by going to one of two extremes: Tying their personal finances too closely to their business resources, or running their personal finances quite differently from how they manage company money.
An unbalanced approach in either direction can lead to financial difficulties in the form of squeezed budgets and damaged credit. On the other hand, entrepreneurs who can strike a middle ground between these extremes enjoy greater financial security and success in their business and personal lives.