Business Studies Essay On Business Ventures

Current visions about your potential business venture Regina Murphy-Moore Southern New Hampshire University Operating a company is a stimulating, resourceful, and adaptable way to plan one’s opportunity and come to be an entrepreneur. Apart from making a living, it is about building a new way of life. Becoming an entrepreneur takes foresight, determination, and courage. Some of the characteristics to have when becoming an entrepreneur are: Self-confidence, believing in your business venture, focus on your strengths, being a decision maker, and being leader.

Essay Example on About Business Venture

Self-confidence You need to have incredible self-belief. If you lack that crucial element of confidence in your mental character, then going into business is not for you. Believing in yourself is what gives you the self-confidence that you need to be a good entrepreneur. Bear in mind that many successful entrepreneurs started out with nothing or very little, apart from self-esteem and confidence. Believing in your business venture Question yourself whether you openly believe in the business you are starting interested in.

If you find that you are not entirely convinced about it, you need to continue looking until you can pinpoint one that you feel you will be ready to be committed to it. TO be successful in any business venture, you will have to be attentive nearly 24 hours a day. You will have to continuously shaping it, modifying it, and designing it. Focus on your strengths People have their own strengths, as well as weaknesses. In order to be an efficient entrepreneur, you will want to identify your strengths and concentrate on them.

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You will be able to attain further achievement by outing your strives into the fields of your importance. For instance, if you have human management skills as a strength, you would need to control the know-how, and initiating complete use of it in the business. Being a decision maker When it is time to hire personnel, speak to shareholders, and request for credits, will have to adopt the responsibility of a leader. If you don’t have the skill to lead, you will not be able to be reliable staff. As the head of your company, the people you hire will look to you for support and guidance.

The ability to give the suitable encouragement and management will be the source of your merit to a great extent. Lessons learned from Jack Ma A new business owner should limit the number of business partners and always keep majority of the business. When he did a joint venture with China Telecoms, which had five board seats, and he had only ;o seats (Fanning, R. , 2009). When he tried to suggest things and would get turned down. When he selected employees he spent time telling them his vision of the company.

This makes the more invested than just being employees. Making a team that has value, innovation, and vision (Fanning, R. , 2009). Not giving up, and always having hope. When selecting a name for his company, he selected a name that meant something for him and that was easy to remember for future consumers. The three reasons why he survived where, he had no money, no technology, and no plan. However, these reasons can also be negatives. When starting a new business venture those things are very important in establishing and succeed in your business.