When the CEO of the online reputation services team founded the company, they knew that they have always wanted to become an entrepreneur and were finally able to make this dream of theirs come true. An entrepreneur is someone who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of this. When it comes to the skills and characteristics of an entrepreneur the following three have been given: entrepreneur’s are innovating which means that they can offer a new product or service that applies a new technique or technology, opens a new market, or develops a new form of organization for the purpose of producing or enhancing a product. Running a business is a characteristic of entrepreneurship since you are setting up a business to make profit from an innovative product or process. Risk taking is also a major key in entrepreneurship since risk means that the outcome is unknown and therefore allows entrepreneurs to work under a certain degree of uncertainty and they cant know the outcomes of many of the decisions that they have to make.
Just like the founder and current CEO of ORM, when you become an entrepreneur there are five main advantages to this which include being your own boss, accommodate a desired lifestyle, achieve financial independence, enjoy creative freedom and you are also able to use your skills and knowledge in order to make your business successful. In order to know whether or not entrepreneurship is something that is right for you, you can assess this by asking yourself the following questions:
- Am I a self-starter?
- How good am I at making decisions?
- How well do I plan and organize?
- How will my business affect my family?
- How well do I get along with different personalities?
- Do I have the physical and emotional stamina?
- Is my drive strong enough?
One thing about entrepreneurial ventures is that entrepreneurs own not all small businesses. There are actually three different types of small businesses, which include salary-substitute firms, which is in place to provide owners with incomes similar to those that they’d be earning while working for employers. There are lifestyle firms, which is being able to earn a living while pursuing a particular lifestyle, which often reflect on ones hobbies. There are entrepreneurial firms, which bring innovative products to market, and the owners are simply people who recognized an opportunity and developed a product to satisfy needs of certain customers.