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Qualities
of an Entrepreneur
Deciding to
start a franchise is a
brave decision that has the potential to really pay off. Managing a
franchise can be difficult and rewarding, but
just like any business –
the owner of the franchise will need to have certain qualities.
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The qualities of an entrepreneur
relate perfectly to running and owning a franchise.
Research
has shown the majority of businesses that fail are due to human
factors. This evidence proves how important the required skills are to
the success of the business.
The six main qualities of an entrepreneur are discussed in detail below:
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The
6 Qualities of an Entrepreneur
1. Be Positive
Entrepreneurs
need to look at everything positively. This will help to have a good
frame of mind and not cause the Entrepreneur to become discouraged. For
example: Instead of being concerned over threats, they could be
searching for ways to turn the threats into opportunities.
We all need to have a mindset like this:
I have not
failed. I've just found 10 000 ways that won't work. - Thomas Edison
2. Persevere
Many
people give up after their first problem or failure.
Have you heard the
saying - If you fall off the horse, you must get back on. The same
applies to a starting a business. A very important part of being an
Entrepreneur is to not become disappointed when negative things happen.
Entrepreneurs need to plan for problems and have strategies to
deal with problem that might occur. The road to success is a
challenging one!
3. Be Creative
Try to
think of new ways to do this and to discover innovative products and
methods of completing a task. Entrepreneurs need to always be on the
look out for business opportunities that they can use. Creative
thinking has played a key role in the development of various products
that have become huge hits and money makers.
4. Identify Opportunities
Entrepreneurs
need to seize any opportunities that come their way. The saying the
early bird eats the worm really applies to this. Opportunities are not
always obvious and so you might need to research and do some homework
to strike it.
5. Accept Risk
As with
any business, there is always the aspect of risk. In terms of an
Entrepreneur, accepting risk is important and a must have. Some risks
in a business can be eliminated eg: Customers not paying their
accounts, answer is to only accept cash sales. Risk can be eliminated
for example:
loss of stock due to theft or fire, answer is
insurance as the stock will be covered. Another thing that can be done
to reduce the risk is to install an alarm to reduce the loss of stock
and damages if a break in occurs. Risk is a necessary part of any
business, the only difference is how the owner/Entrepreneur deals with
the risk. The manner in how risk is dealt with, will separate a
successful Entrepreneur from a fly by night Owner.
6. Hardworking
What
you put in is what you get out. This is very true and so it highlights
the need from a Entrepreneur to put effort into the business and to
keep on trying. The more that is done during research, production,
marketing etc, will result in the business becoming a resounding
success.
Starting your own business
or running a franchise
is an adventure and so with these 6 Qualities in mind, any budding
entrepreneur will be able to into the business world and succeed.
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