Drug testing

Four Steps to Entrepreneurship

As more and more people start or consider starting their own business, it is important that they understand the core steps that are required to launch successful ventures. These steps include spotting, assessing, selecting and executing upon opportunities.

Spotting Opportunities

The first step to entrepreneurship is identifying opportunities. The entrepreneur must be able to spot an unmet need. Oftentimes this need is seen through an inefficiency in the market ? something that doesn't work quite the way the entrepreneur would like it to. As a result, the entrepreneur figures out a potential solution and the opportunity is born.

Assessing Opportunities

Many entrepreneurs keep a journal that details the myriad opportunities they come across each day. While it takes a creative skill set to identify opportunities, it takes an analytical skill set to assess them. Each opportunity should be assessed to, among others, determine its likelihood of success and the financial and human resources required to execute upon it.

Selecting Opportunities

One of the biggest risks in selecting the wrong opportunity is opportunity cost; that is, the cost of having to forego another opportunity which may have been wildly successful. Entrepreneurs should assess their potential opportunities and come to a firm decision regarding which one to execute upon. Once selected, the entrepreneur cannot second guess themselves. To do so would lessen their focus and drive towards the selected opportunity, both of which are critical in achieving success.

Executing Upon Opportunities

Execution, or the ability to generate the most value out of an opportunity, requires a unique combination of creativity, passion, persistence, focus, responsibility, intelligence, planning and energy. The entrepreneur needs to know what tasks must be accomplished and be the main driver in seeing that these tasks are completed in an appropriate manner.

Understanding the four steps to entrepreneurship enables entrepreneurs to better understand the path that they are embarking upon. It is a path filled with potential pitfalls, but also filled with tremendous excitement, satisfaction and potential to build enormous value.

Since its inception, Growthink Professional Business Plans has developed over 200 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know. For more information please visit http://www.growthink.com or visit our venture capital placement site at GTS Venture Capital.

limousine chicago service
In The News:

10 Secrets of Successful Entrepreneurs

Running a one-person business is a creative, flexible and challenging... Read More

Financial Strategies for Transitioning from Salaried to Solo

7 Financial Strategies for Transitioning from Salaried to SoloA 40's... Read More

CHINESE TAKE-OUT: Oriental Business Principles Demystified For Online Enterprises

"The expectations of life depend upon diligence; the mechanic that... Read More

Increasing Business BIGTIME with a Successful Referral System

What I've discovered from most of my small business clients... Read More

Double Your Income Automatically

It is a common known fact that it is far... Read More

Traits of The Successful Entrepreneur

Want to know why certain people succeed and others don't.... Read More

Entrepreneurial Ongoing Education Advice

I would like to give some advice to all the... Read More

Needs Versus Wants For Entrepreneurs

How often do the words "I need" come out of... Read More

What Part of Handwriting on the Wall Dont You Understand - They Dont Hire People Over 50

In a recent talk to the Detroit Economic Club, President... Read More

How To Find Focus And Turn Your Talent Into A Thriving Professional Business

There are tons of books and articles available to help... Read More

Online Women Entrepreneurs Need To Pace Themselves

Saving time means pacing yourself, being organized, and always prioritizing... Read More

Achievements Outweigh Education and Experience

Q: When it comes to succeeding in business, which do... Read More

The Danger Of Hate

As you have shown an interest in starting a business... Read More

Strategies for Overcoming Obstacles to Discovering Your Gifts

What are the unique gifts that differentiate you from other... Read More

Find Out If You WILL Be Successful As a Franchisee?

Will I be successful as a franchisee?One of the soundest... Read More

Outcomes - Thats What You Need to Focus On

Successful business owners and managers need to be very clear... Read More

Can You Make Money Without Money?

When I ask why you don't start your own business,... Read More

Are You Sure You Want To Start Your Own Business? Part Two of a Series

Why, exactly, do you want to go into business for... Read More

Veteran Entrepreneurs Are Growing In Ranks

When I'm not running my own business, writing articles about... Read More

Franchising Companies Need New Franchisee Checklists

When franchise companies are moving fast in the market place... Read More

Ex-Yankee Pitcher Pitches Barter As Powerful Business Tool

Mission Viejo, CA - June 14, 2005 - Bob Meyer,... Read More

What It Takes To be An Entrepreneur Series: Action

Many people have the professed desire to be their own... Read More

Rx for Falling Corporate Profits

Once again the squeeze is on as renewed inflation worries... Read More

5 Tips to Step Boldly into the World & Set Yourself Apart from Others

"Real champions believe in themselves even when no one else... Read More

For Business SUCCESS... Listen To The Voices of Experience

Discover the pitfalls of owning your own business BEFORE... [you... Read More

led wholesaler commercial lighting Pete's produce ..