What Is Small Business Entrepreneurship – Small business entrepreneurship is the process of creating a small business – and taking on the financial risk and enormous amount of work involved – in the hope of making money. This is often a decades-long journey and does not always lead to success.
No matter how long the journey, you have to start somewhere. If you want to be a successful entrepreneur but don’t know where to start, this blog is for you. In this post, I’ll cover the basics of small business entrepreneurship and show you how to get started on the road to success.
What Is Small Business Entrepreneurship
I was once a small business owner myself, so I have some relevant experience to draw from. To illustrate the business basics discussed below, I’ll share some examples from my own career. Read on to learn more.
From Entrepreneurship To Entreprenology
Before starting a sole proprietorship or limited liability company (LLC), you need to understand the “why.” Why are you starting this business? Why are you interested in this particular expression of small business entrepreneurship?
The “why” doesn’t have to be profound or world-changing, although it can be. You just need to be motivated. The answer to my “why” question was simply that I wanted to find a way to protect my income after making money selling home improvement services. That “why” was enough to lead him to a company that now manages more than 60 commercial properties, employs approximately 200 people, and generates more than $100 million in annual revenue.
You may find the “why” in the list above, or you may need to do some soul searching to find it. Either way, you need to figure it out before you move on.
What does an entrepreneur do? What sets them apart from the rest of the world of work? They find a way to keep going against incredible odds. They put in the work necessary to succeed and don’t let fear or risk stop them. I like how Elon Musk puts it:
Small Business Entrepreneurs
“If something is important enough, or you think something is important enough, even if you’re scared, you go ahead.” – Elon Musk
It’s not something you’ll hear in a business fundamentals course, it’s about having an idea and starting a business
Small business enterprise. You must be the developer of the strategy behind your business endeavors. You have to find the product or service that the market really needs, come up with an idea to fill that need, and take all the risks involved in bringing that idea to life.
In other words, not everyone who owns a sole proprietorship or LLC is a small business owner. Owners who become successful entrepreneurs are self-motivated, focused, committed to lifelong learning, able to develop human relationships and ready to ask for help from experts. You need these qualities, and if you don’t have them naturally, you need to develop them.
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One characteristic I would add to the list is that they are willing to sacrifice. This is one of the most common failures of those who do not succeed as a small business owner. In the first years of my company, I had to sacrifice my own time to an extreme extent to overcome various business problems. Hartman Income REIT Management Inc. Building I take every spare moment from my personal life. I didn’t get married until I was 42. Waiting this long to get married was a huge sacrifice, but it gave me the time I needed to build my business.
There is no roadmap or complete guide to business fundamentals that provides a detailed list of what to do when breaking into a small business. However, I can share with you some basics that you will almost certainly have to deal with as you move forward in your business.
What does an entrepreneur do to differentiate his business from others? They develop a unique vision and strong core values. I encourage you to spend a lot of time developing a vision and core values for your company. The right choices can lead to decades of financial success.
For example, I have emphasized biblical principles and honoring God among Hartman Income REIT Management Inc.’s core values. It means caring deeply about our customers, investors and employees, honoring our commitments, staying accountable and celebrating achievements that advance our corporate vision. These guiding principles have helped us create a leasing experience that customers can’t find anywhere else.
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Who is already doing what you are planning? You need to understand your competitors before making major decisions about your company. Analyzing your competition gives you direct, actionable insight into market gaps, things you could be doing better, and saturated parts of the market.
If you take a long, hard look at the competitive landscape, you’ll also see what works. Note the key factors that determine success in the industry you are about to enter. Imitate them, but always look for ways to innovate.
Who is your audience? Know your customer as well as yourself. With a deep understanding of your customers, you can predict their behavior and shape your business strategy to meet them where they are.
To define your target market, first imagine the person who you think would benefit the most from your product or service. Ask yourself about their circumstances – their background, income, age, location, values and beliefs. Answering these questions is an important task, regardless of whether your customers will be other businesses (B2B) or individual consumers (B2C).
Entrepreneurship For Small Business Development
How will you finance this? Financial planning is usually one of the most important parts of running a small business. The first question to ask is where the funding is coming from. Will you have investors or is this bootstrap? Would you personally finance it? In either case, how do you plan to accomplish this before you have a stable customer base?
It is also important to look to the future in this step. Are you investing large amounts of money in the long-term expansion of your company? Will it be able to create enough value to satisfy its investors? Answer questions like these honestly, and if the answers don’t stick, adjust your strategy.
How long do you need to do this job? This may be the most important step in building a business strategy: establishing a timeline. Be as specific as possible. A complete business plan with a specific time frame keeps you and all other stakeholders accountable. Without a timeline, you can’t set proper goals. Goals are the key to moving any business forward.
Remember to be realistic about your time frame. Planning a new entrepreneurial venture is exciting, but don’t be so overzealous in your goal setting that you start making mistakes and setting unrealistic expectations.
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Millions of people leave their jobs to find something new. Many of them end up on the path of small business entrepreneurs. Those who have already made the leap didn’t know anything you didn’t. They didn’t know it was the perfect time to quit their job because no one knows.
Those who succeed in their new ventures will share this experience: they have carefully considered the points discussed in this article and clearly defined the path to their business goals. All you need to do is understand the basics of your business and build a clear and specific business strategy. Every great entrepreneur started somewhere. Make sure you start on solid ground.
Al Hartman is Chairman, Chief Executive Officer and Chairman of the Board of Hartman Advisors and CEO of Hartman Income REIT Management, Inc. Learn more about Al Hartman and follow Al Hartman on Twitter and LinkedIn. A new venture with the most risk and the most reward. The process of starting a business is called entrepreneurship. An entrepreneur is often seen as an innovator, a source of new ideas, goods, services and business/or processes.
Entrepreneurs play a key role in every economy, using the skills and initiative to anticipate needs and bring good new ideas to market. A business that proves successful by taking the risk of creating a startup will be rewarded with profits, fame, and opportunities for continued growth. A failed business results in losses and less penetration in the markets for those involved.
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Entrepreneurship is one of the resources that economists classify as an integral part of production, the other three being land/natural resources, labor and capital. An entrepreneur combines the first three of these to produce goods or provide services. They usually create a business plan, hire staff, acquire resources and financing, and run and manage the business.
Entrepreneurs often face many obstacles when building their company. The three most challenging for most of them are:
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