An entrepreneur will exhibit special qualities
Do you have the personal assets required to be an Entrepreneur?
Starting your own business can be both exciting and rewarding with certain advantages, such as being your own boss, having control of your own schedule and being successful at something you enjoy. Being successful demands hard work, creativity and sound planning. It also involves some form of financial investment. You must determine whether or not owning a business is right for you and your family, because it really is a family commitment.
Entrepreneurs often have similar qualities. The following are examples of personal assets that are essential to strengthening the odds of success for your business.
- Calculated risk taker
- Avid learner
- Hard worker
- Resilient (able to grow from failure or change)
- High-energy level
- Problem solving skills
- Strong management and organizational skills
For more information, visit the U.S. Small Business Administration.
The first step to starting a business is to come up with an original idea. So, begin to think creatively. Write down a list of new ideas. How can those nagging problems be solved? What new opportunities do you see, and how can you take advantage of them? Even if you never considered yourself particularly creative, you can learn skills that will help you become a successful entrepreneur!
If you want to improve your creativity, focus and learn as much as you can about whatever really interests you. Talk to others who have similar interests. Imagine different ways to solve old problems and decide if any are reasonable options. Keep an open mind. Don’t toss out ideas before thinking them through, and you will begin to see possibilities!
Always be open to new ideas with simple and straightforward thinking. Don’t set yourself up for failure by tackling more than a reasonable plan and be prepared to work long and hard hours.
If you are ready to start a new business, you must have developed an idea about a product or service that you want to market. Think about your past experiences and what you enjoy doing. Dream big and don't be intimidated. The process of writing out your business goals could lead you to think about strategies not considered before. Having your business objectives written down allows you to refer to them at any time. When you’re done, you will have a more realistic idea of the effort your new business will require, and whether you want to keep going at this time. This will also help you not lose sight of your original focus once you do start your business (and are working 24/7).
If you would like help with thinking through that new business idea or developing your business objectives, visit the MSU Product Center website and look over the various services that are available to you. Potential entrepreneurs can request personal and direct contact from a Product Center innovation counselor.
Whether you are a budding entrepreneur or an established company, the Product Center is your key to the front door of MSU’s vast and varied technical expertise, research, outreach and educational services.