Creating homegrown young inner-city entrepreneurs
Farrah Gray/NNPA Columnist
Issue date: 7/25/10 Section: Business
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If it is your dream to become successful, achieve financial independence, earn a lot of money and become a millionaire in five years. My advice? Become an entrepreneur. History is full of entrepreneurs who saw a need, met it and made a fortune in the process. More than half of the world's self-made millionaires are entrepreneurs or self-employed professionals.
Of course, there is another side to it. Those who have squandered away their life's savings did so, trying to start or run a business. So, why is it that some people succeed in business, while the rest fall flat on their faces? What makes an entrepreneur successful? What traits and characteristics best describe that unique person who directs his rags-to-riches story through sheer grit, perseverance and enterprise? Here is what businesspeople themselves have to say about what it takes to become a successful entrepreneur.
Entrepreneurs are persistent and determined to succeed, because their own money and ego are at stake. Successful entrepreneurs are passionate about their business. Their overwhelming passion for their work helps them overcome exacting challenges and find solutions for insurmountable problems that come in their way.
One doesn't need to posses an MBA or PhD to succeed in owning a business. In fact, there are a lot of entrepreneurs who did not even finish secondary education. And not all of them are geniuses. Studies show that most self-made millionaires have average intelligence. Nonetheless, these people reach their full potential and achieve financial and personal goals in business because they are open to learning new things.
Entrepreneurs think of problems as opportunities for improvement and sources of new ideas. With the traditional employment track seemingly on the decline, entrepreneurship is fast becoming a catching trend. Running your own business is a creative, flexible and challenging way to become your own boss and chart your own future. But, before you take the plunge, do understand what it will demand of you and whether you are prepared to give what it takes.
The lure of entrepreneurship is undeniably strong for many but it is important that you go into it for the right reasons. Being miserable in your job does not automatically make starting your own business the best idea in the world. In fact, it could be the worst reason of all to get into business. Do remember, finding another job is certainly far easier than running a business.
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