Assignment on Successful entrepreneurs

By: ABC

Date

Background

Entrepreneur is called owner of entrepreneurship. He is a person who manages and organizes any enterprise. It is necessary to consider success story of entrepreneur that what he have done differently from other that led its organization towards success.   Few steps are required to follow by entrepreneurs to be successful in the business. This paper is written to analyze success story of entrepreneurs. In this paper, I highlighted reasons of its success. I also described challenges faced by entrepreneur during this journey. Purpose of this report is to give others lessons from that success story. I also learned from positive approach that entrepreneur used for business success.

Reasons for success

Every success has reasons behind it. Success of entrepreneur also follows by some reasons. These reasons are desire to do something. An entrepreneur that have desire to do something can lead its business towards success. It is the desire that results in best results. Entrepreneur has passion to do his business in successful way. (Brwon, 2012)Second step is goal setting. Every important business requires setting of goals, after setting goals he must work on it. Entrepreneur that I considered was problem solver. Every entrepreneur should have quality to solve problems by taking appropriate steps for his business. Managing business is not free from challenges. He was having all leadership qualities. He was self-motivated. Self-motivation is necessary for success of every business. Entrepreneur should have knowledge of market in which he is operating.

Life is a learning process of entrepreneur should learn from ups and downs of business. Ability to learn from mistakes was another reason for his success. He was more concerned with listening than talking. It is reason for success of every entrepreneur that he should listen more and speak less. Listening others is an art. Everyone does not have this art. Every decision should be followed after listening to other people as well. He was also innovative. Entrepreneur should have ability to think in creative way. He should generate new ideas for his business. With the passage of time every business requires innovation in it. Another important step he used for his business was to know his customers. Customers are heart of every business. They decide success and failure of every business.  For gaining competitive advantage in the business, focusing on customers can play successful role. Money should be managed in effective way (Hull, 2012).

Every business has requirement of integrity and ethics. For building good reputation of business, all requirements of business should be followed. Business image is a key to success. It is responsibility of every entrepreneur to throw positive image of his business towards other concerned person.  Another reason for his success was understanding value of network of peer. Entrepreneur can never be successful without this network. Relationship with business and financial partners, resources and peers should be managed effectively (Hull, 2012) A clear competitive advantage should be developed. Entrepreneur should have done something different in his business as compared to competitors. Do not cheat customers in any way. Always deliver them promised product or service. Customers cannot be compromised in any cost.

Challenges

 No business can be free from challenges. Best approach is to learn from business challenges. I also discussed challenges that entrepreneur faced during his success. First was selection of business. He faced challenges in selection of right business. Another challenge that he faced was have little financed for his business. He solved this problem by taking loan from bank. He used these challenges in positive way for his business success (Brwon, 2012).

Disappointments

He was disappointed with behavior of negative people. He was disappointed in managing those people. The people who feel satisfaction and always try to your failure are most irritating people. People go beyond the way in competition. They do not feel happiness in success of others. They used unethical means in business environment (Brwon, 2012).

What entrepreneur would have done differently?

            He took positive approach and learned from his mistakes and challenges of business. Positive approach is necessary for minimizing stress level.  Problem should be solved in positive way so that some lesson can be learned from that problem. This positive approach took him towards success. He also found completive advantage in his business for attracting customers. Differentiate your business from others is the trick that entrepreneur used for success of his business. Another different approach was time management ability (Hull, 2012).   

References

Brwon, P. B. (2012). How To Become A Successful Entrepreneur. Retrieved June 25, 2015, from http://www.forbes.com/sites/actiontrumpseverything/2012/11/28/how-to-be-a-successful-entrepreneur/

Hull, P. (2012, June 12). Qualities of Successful Entrepreneurs. Retrieved June 25, 2015, from http://www.forbes.com/sites/patrickhull/2012/12/06/qualities-of-successful-entrepreneurs/

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