Pin Me

Entrepreneur Criteria: Do You Have It?

written by: •edited by: Ronda Bowen•updated: 4/1/2010

What makes a successful entrepreneur? Beyond the dream of owning and running your own enterprise, what are entrepreneur criteria must-haves? Jean Scheid, owner of two businesses, takes a look at successful entrepreneur criteria.

  • slide 1 of 3

    It Starts With a Vision

    Bursting With Bright Ideas by FPSurgeon For myself, becoming a business owner started with a vision. I knew I wanted to own a business and I knew what I wanted to do. Once your business vision is forefront on your mind at all times, you’re ready to begin your entrepreneur dream.

  • slide 2 of 3

    Basic Entrepreneur Criteria: Do You Have What It Takes?

    Business industry experts say some people have that special entrepreneurial criteria necessary to start a business. Here are some of the most common elements of successful entrepreneurs:

    • Learning As You Go – Your trip into business ownership is a fun yet wild journey. Things you thought you knew can turn into mishaps and even errors in judgment. Those who learn from those mistakes and turn them into real triumphs will succeed as entrepreneurs.
    • You Don’t Know It All – If you think you know all there is to know about business, you’ll find out fast you don’t. Those who can adapt, seek advice, and make changes in market applications and tough economic times will go farther than those who seek no help.
    • I Need Some Help – Whether you open an independent or franchise business, when you realize you need help and seek it, that’s a golden trait of an entrepreneur. Those who muddle along and try to figure out everything on their own may find themselves behind the eight ball or out of business fast.
    • Analyze to Change – Knowing your market and realizing that markets change are also good character traits. The business owner who never changes, or doesn’t offer what their customers or market demand, will surely find himself or herself at the bottom level of the entrepreneurship ladder.
    • Not Going It Alone – Most small business owners will need some type of startup funds, partners, investors or venture capitalists to help them realize their business vision. Successful entrepreneurs are prepared with business plans and real market data to gain those partnerships to succeed.
    • Hey Look at Me! – The entrepreneur personality is usually an outgoing personality, however, once your business is open, if you rely on others to be the face of your business, you really aren’t in business. You are just funding a business. Sense of pride in ownership is tops in being a successful entrepreneur.
  • slide 3 of 3

    Finding that Entrepreneur In You

    Even if you don’t possess all of the entrepreneur criteria listed here, you can still find the entrepreneur in you. Websites like Young Entrepreneur offer all sorts of free tools and advice to help you along your business owner path.

    Browsing the Entrepreneur Channel right here on Bright Hub can help you with:

    Writing a Simple Business Plan

    Business Startup Ideas for Less Than $1,000

    Best Franchise Opportunities for 2010

    Along with those business ideas, you’ll also need to know how to estimate your opening balance sheet, perhaps seek a Small Business Administration Loan, and learn how to manage your cash flow.

    To business experts, having a certain entrepreneur criteria may be the most important tool, but for some, with a little guidance and determination, that small business vision can spark into starting your own business if you seek some advice to help your business grow.