Every freelancer dreams of becoming a rich entrepreneur.
Recently I found one quote about 3 types of entrepreneurs.
Different types of entrepreneurs are:
- Productive entrepreneurs focus first on growing the profit.
- Unproductive entrepreneurs are focused first on dividing the profit.
- Destructive entrepreneurs are really only interested in stealing the profit.
Before we analyze the characteristics of successful entrepreneurs, we need to little bit think about unproductive entrepreneurs.
What is Unproductive Entrepreneurship?
Unproductive Entrepreneurship is the process of designing, launching, and running a new business where entrepreneurs are usually involved in behavior such as tax avoidance or illegal business and mainly focused on dividing profit instead of growing business profit.
Productive Entrepreneurship
Productive entrepreneurship is the process of creating a new business, where entrepreneurs are focused on growing their business profit and who are less involved in behavior such as tax avoidance or illegal business and show a higher level of entrepreneurial orientation. A common characteristic of most entrepreneurs is that they: accept the risks involved in starting and managing a business.
Characteristics of successful entrepreneurs
- Passion and inspiration
If you do not approach your work with passion, you may run out of inspiration to progress. You must enjoy your job to achieve your goals easily and achieve success. Inspiration, which helps you take your job seriously and keep your focus on it, also protects you from doubting its success.
- Entrepreneurial trait – Risk-taking
While taking risks can sometimes pay off, it’s important to approach each risk with Plan B. Calculate how much the risk you take can impact your business, time, and money. Do not avoid risk at all costs, but manage it efficiently.
- Self-discipline – an important characteristic of an entrepreneur
As a coach and entrepreneur, you are your own boss, and it is up to you to invest all the hard work necessary to develop a successful business. You need to understand how important it is to work hard now to enjoy the fruits of your labor later.
- Planning – the key to any success
It is important to keep in mind that you have limited time and resources. To make the most of what you have, planning is a key thing to help you stay up to date with each situation while at the same time allowing you to track activities and their realization.
- Competitive advantage
If you know the market in which you operate, your customers, and your opportunities, you have the advantage of standing out in the market. Being flexible and willing to adapt to your target group’s needs can help you understand what is important and necessary to those you want to work with and be the first to meet those needs.
- Reputation
You represent and live your brand. When you are confident in your business and the services you provide, you will build a reputation that will provide you with clients who keep coming back and recommending your services.
- Money management
You need to pay attention to the cash flow to help you with your initial business purchases (technology, inventory, promotion ). It is also necessary to be paid and to have regular inflows so that you can continue your business venture without hindrance. By maintaining a positive balance between your inflows and outflows, you will keep the management of your money under control.
- Expertise – one of the most important characteristics of an entrepreneur
Do you want your customers to rely on you when it comes to solving their problems? No matter what niche of coaching you operate in, make sure you are up to date with industry trends, information, and knowledge to stay relevant in the market.
- Customer orientation
When you are a beginner in entrepreneurship, you cannot have a constant influx of new clients. Orientation and attention focused on existing clients will ensure their return and allow you to cope with changes in other fields more easily.
- Take care of yourself.
Entrepreneurial work requires dedication, time, and a lot of work. To develop a successful business, which does not happen overnight, you must take care of yourself. Whether it is your dream, free time, or personal development, as an entrepreneur and expert, it is essential that you are always at your best and thus ensure that your business stays on track.
Demographics in entrepreneurship
Entrepreneurship in countries with a younger workforce dominates those in countries with an older workforce. The youngest age demographics ( 57% are under the age of 44 and 29% of them are between the ages of 20-34) are the most likely to be entrepreneurs. The older countries’ entrepreneurship rate is lower than that of middle and younger countries at every age. This implies that the propensity to become an entrepreneur at any given age is lower when it has a higher median age. Based on education, 28% of entrepreneurs have at least one college degree, and 55% of all entrepreneurs graduated in the top 10% of their high school class.
The image is taken from the book: DEMOGRAPHICS AND ENTREPRENEURSHIP.
After leaving Wells Fargo Bank in 2014, Daniel began a career as a finance consultant, advising companies and individuals on economic policy, labor relations, and financial management.
At Nimblefreelancer.com, Daniel writes about personal finance topics, value estimation, budgeting strategies, retirement planning, and portfolio diversification.
Read more on Daniel Smith's biography page.
Contact Daniel: daniel@nimblefreelancer.com
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