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Self responsibility has become the word of the 1990s.  Even as people interact with others in their personal or work life, their style can be described as enterprising.  They are constantly monitoring what is happening in the world globally, nationally and locally.  They search for opportunities.  When necessary, they are prepared to make a sacrifice. They have the ability to withstand setbacks.  Whether self-employed or on an organization's payroll, they enjoy what they do. 

Employers are increasingly looking for people who have the ability and confidence to work both independently and on a team to excel during this time of rapid change.  Working within an organization, entrepreneurs demonstrate leadership, first of themselves, then situations and others. They take calculated risks on behalf of their organization.

Following are some entrepreneurial characteristics:  good organizational and time management skills, enthusiastic, great endurance (not giving up easily and working long hours to meet deadlines), plenty of initiative, ethical, requires no supervision, does not procrastinate, good at planning, able to set and achieve goals, thrives on taking appropriate risks, deals with stress effectively, confident, able to take rejection from others, sense of humor, resourceful, able to network well, comfortable asking for help and support, flexible, resilient, able to deal with ambiguity and adversity, good at developing alternatives when problem solving, creative in generating new ideas, able to and enjoys making own decisions, able to see a problem as a challenge and a mistake as a learning experience, able to take long-term perspective and see the big picture, practices positive visualization.  Success in business is determined by managerial skills and entrepreneurial behavior. 

According to the US Government, 52% of all US workers work in small business and more jobs are created by small business than large corporations.

Traits of Successful Entrepreneurs

Personality
How high do you score on the following characteristics of successful entrepreneurs?  Key traits are optimism, self-esteem, good health, initiative, creativity, vision, trustworthiness; desire for autonomy; ability to communicate, organize, solve problems, make decisions, and deal with and orchestrate change; copious amounts of endurance, tenacity, and energy; willingness to take calculated risks.  Will your business require you to work alone, without other people around?  If so, can you prosper?  Will you have the necessary support from friends and relatives?  Can you handle competition?  Can you thrive on the unexpected?  Are you an excellent strategist?  Review strengths identified in your assessment results.  Does there seem to be a fit?

Motivation
What rewards or advantages would you like to get from your own business?  What is motivating you to seriously consider this option now?  Are you looking for economic independence, the opportunity to realize your own ideas, the freedom to act and make your own decisions, or the possibility to work when and where you want (be in control of your life)?  Are you being realistic?  Money may come in later, probably not in the beginning.  Your customers’ needs will actually determine what decisions you make and to a great extent, the location and hours of service. 

Business Acumen
Do you have what it takes to run a business if you do not have a partner or associates helping with some of the aspects?  If you lack expertise in one or more areas, out-sourcing may be a solution.  Areas include: financing, merchandise/services, pricing, sales, customer credit, advertising and promotion, employees, facilities, equipment and supplies, purchasing, operating procedures, insurance, record keeping, tax and legal issues, government regulations.

Experience
Since there is such a high failure rate for new businesses, you will want to reduce the risks as much as possible.  You will need to identify business opportunities relating to your skills.  Are you able to analyze consumer needs and marketplace trends in order to decide upon which products and services are needed and which you have the capability to provide?  Do you want to focus on (1) producing goods and services; (2) selling or buying and reselling goods and services produced; or (3) providing investments for the production and selling of goods and services (venture capital)?  Test the market.  Is there a demonstrated need?  What code of business ethics will you adopt (for example: maximizing profits while fulfilling social responsibility regarding environmental pollution)?  Presenting a professional image will help you gain the confidence of your clients.  Your customers will make value judgments based on personal interactions with you, as well as upon your telephone service, stationery and business cards.  You will need to find your niche, and provide a high level of customer service. 

Business/Marketing Plans

Decide upon a business name and register it if necessary.  Write a business plan and update it regularly to determine if you are meeting your goals.  Good guides for writing a plan are available. How will people hear about you in order to check out your products or services?  Complete a marketing plan so that you can get the best value for advertising dollars.  Practice so that you will be able to (1) describe your business in 20 seconds or less, and (2) end with a strong close to encourage a sale.  Study what impact, if any, international trade will have on your business.  Develop a vision for 2-3 years into the future so that goal setting will be easier.  Modifications to the plan can be made when necessary.  Will you be successful alone, or do you need one or more other people to join with you as you work toward a common goal?  Whatever you choose to do, you will need to have a passion for the work to get you through the rough times. Being able to laugh and have fun will make your work much more pleasurable.

Financing

With a little capital, it is possible to start a small business.  You could begin on a part-time basis while employed elsewhere.  There have been interest free loans available through government sources for both summer and on-going (permanent) jobs.  Check to see what programs are currently being sponsored.  Perhaps you could finance the start-up and operating costs with your own savings, or with a loan from a friend or relative.  What will the initial financial repercussions be on your family?  What will you have to give up? 

Telecommuters

Decide if the work you want to do could be done from your home.  It is a more economical way to begin.  However, by working at home, you will have your work there 24 hours a day and 7 days a week.  Will you be able to establish some balance in your life?  What percentage of time would you like to set aside for personal, recreational, educational and other activities?  Telecommuting is becoming a way of life for many people through their own choice, or by companies wanting to reduce the number of employees working at their business location.  For the telecommuters, there are similar pluses and minuses.  You will also need to work out an arrangement with your employer regarding your projects, reporting method, hours available, and performance evaluation.

Communication Tools for Small Business
 

Your Qualifications

Visit the following site at the University of Waterloo, review the information provided, and consider the questions presented.

http://www.cdm.uwaterloo.ca/Step1_7.asp

Then complete the quiz "Am I an Entrepreneur?"

http://www.wd.gc.ca/eng/tools/xindex.asp

Consider the results.

• What are your entrepreneurial strengths? 

• What weaknesses do you need to be aware of and compensate for?

• Managing Change:  Undertaking new ventures and trying new methods or ideas are part of the entrepreneurial spirit.  List examples of changes that you initiated.  Briefly define the problem, need, or situation that led you to consider the change.  Explain what you did and describe the outcome.