Getting over the fear of entrepreneurial pitfalls
Farrah Gray/NNPA Columnist
Issue date: 9/13/09 Section: Business
2. Entrepreneurs often struggle to define a niche business plan instead trying to serve all markets. Focus on the top three unique talents that separate the business from competitors.
3. Many rush into costly financing instead of slowly building the business by maintaining a solid foundation that is not overextended or living beyond their means in massive debt.
4. It is common to fear pursuing new ideas outside the popular views but finding new opportunities can enable companies to grow.
Many entrepreneurs fear a personal lack of knowledge. While not everyone is an expert in public relations, sales and marketing, these seemingly lofty skills can be learned or contracted. Books and Internet sources are free at the library and courses are available that teach hands on practical skills. Lack of knowledge and information is only limited by your imagination. It is smart to gain knowledge and ideas by listening carefully to other successful business owners and community mentors.
Successful entrepreneurs always remember to pursue their dreams. They practice and learn root knowledge truly understanding the hands-on pieces that make up the business equation. Great entrepreneurs stay in motion constantly moving forward to capture valuable assets both intellectual and monetary.
The ultimate business owner is always improving things never being afraid to fail in the process. Time management is one of the principle skills successful entrepreneurs must learn. For example, the average person in the United States watches 4 hours, 35 minutes of television per day. Imagine if the time were used for reading, exercising or family events. By managing our time better we can literally capture an additional 24 hours or one day per week of productivity. Whether its community service or sales presentations, instinctive entrepreneurs will deliberately focus their time on actions that generate value.
Research shows, the average worker spends about 25 percent of their time at work dealing with failures. This fact highlights the importance of careful planning that sets up a clear direction before jumping into a project thus reducing the failure rate. The odds that a person will lose on the average slot machine in Las Vegas are about 92 percent guaranteed. However by first educating themselves through skilled sources, entrepreneurs can use collective best practices to increase the odds of predictable rewards.
At times, life's many obstacles seem insurmountable but new opportunities are gained by redirecting failures using the basic qualities of innovation, knowledge and the art of learning to survive failures.
Farrah Gray is the author of "The Truth Shall Make You Rich: The New Road Map to Radical Prosperity," "Get Real, Get Rich: Conquer the 7 Lies Blocking You from Success" and the international best-seller "Reallionaire: Nine Steps to Becoming Rich from the Inside Out." He is chairman of the Farrah Gray Foundation. Dr. Gray can be reached via email at fg@drfarrahgray.com or online at www.drfarrahgray.com.
3. Many rush into costly financing instead of slowly building the business by maintaining a solid foundation that is not overextended or living beyond their means in massive debt.
4. It is common to fear pursuing new ideas outside the popular views but finding new opportunities can enable companies to grow.
Many entrepreneurs fear a personal lack of knowledge. While not everyone is an expert in public relations, sales and marketing, these seemingly lofty skills can be learned or contracted. Books and Internet sources are free at the library and courses are available that teach hands on practical skills. Lack of knowledge and information is only limited by your imagination. It is smart to gain knowledge and ideas by listening carefully to other successful business owners and community mentors.
Successful entrepreneurs always remember to pursue their dreams. They practice and learn root knowledge truly understanding the hands-on pieces that make up the business equation. Great entrepreneurs stay in motion constantly moving forward to capture valuable assets both intellectual and monetary.
The ultimate business owner is always improving things never being afraid to fail in the process. Time management is one of the principle skills successful entrepreneurs must learn. For example, the average person in the United States watches 4 hours, 35 minutes of television per day. Imagine if the time were used for reading, exercising or family events. By managing our time better we can literally capture an additional 24 hours or one day per week of productivity. Whether its community service or sales presentations, instinctive entrepreneurs will deliberately focus their time on actions that generate value.
Research shows, the average worker spends about 25 percent of their time at work dealing with failures. This fact highlights the importance of careful planning that sets up a clear direction before jumping into a project thus reducing the failure rate. The odds that a person will lose on the average slot machine in Las Vegas are about 92 percent guaranteed. However by first educating themselves through skilled sources, entrepreneurs can use collective best practices to increase the odds of predictable rewards.
At times, life's many obstacles seem insurmountable but new opportunities are gained by redirecting failures using the basic qualities of innovation, knowledge and the art of learning to survive failures.
Farrah Gray is the author of "The Truth Shall Make You Rich: The New Road Map to Radical Prosperity," "Get Real, Get Rich: Conquer the 7 Lies Blocking You from Success" and the international best-seller "Reallionaire: Nine Steps to Becoming Rich from the Inside Out." He is chairman of the Farrah Gray Foundation. Dr. Gray can be reached via email at fg@drfarrahgray.com or online at www.drfarrahgray.com.
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frasi
posted 9/21/09 @ 1:17 PM EST
It is important to understand the most common characteristics associated with successful entrepreneurs as well as the elements associated with the "dark side" of entrepreneurship. (Continued…)
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