Question

DO YOU THINK YOU HAVE THE CHARACTERISTICS TO BE A SUCCESSFUL SMALL BUSINESS OWNER-COMPARE AND CONTRAST.

Interview 0ne or two business owners. Ask them to describe the characteristics they think are necessary for being a successful entrepreneur.

Using your finding, write a report that includes the following:

a. A profile of a successful small business owner?

b. A comparison of your personal characteristics with the profile of the successful entrepreneur?

Answer 1

The word entrepreneur is a very strong word. They are the people who are the running the entire universe, Be it sir Richard Branson, Elon Musk, Jeff Bezos, Mrk Zuckerberg Mkesh Ambani or Ratan Tata. Every individual named here are different in most of the aspect but one thing in common that they all are successful and all of them are entrepreneur. well, they are all owner of the big businesses.

a. profile of a successful small business owner?

Sol:- Majority of businesses in most of the economy are the micro, small and medium businesses. roughly 95% of businesses are accounted for small business.

The leadership, vision, drive are the common traits among small business owners.

Passion

successful entrepreneurs are very passionate about their business. they fell deeply about their product, their people, their service or ultimately their mission. the passion give them the stamina to go for extra mile to bring change in the society by their business.you can consider it as fuel for running the successful business.

Dynamic

one of the most important aspect of a small business owner is to understand the dynamics of everyday changing marketplace and market space. They must be ready to accept the challenge of the competition and must be adopt and adept to the current environment.

Risk taking ability

Higher the risk taking ability will higher the rate of growth, but the risk must be calculated.

Know the networking skill

it is very important and plays a crucial entrepreneur skill as the connection with other and recognize partnership opportunities can take you a long way as business owner.

Money Management Skill and Network

one must have basic accounting and money management skills. understand how money works so that you know where you stand, so that you run your business on sound principles.

Flexibility

you must be willing to change as the situation demand. be ready to accept change in the industry and product as they are needed. always remember, change is the only constant and you must be dynamic and flexible enough to accommodate yourself and your business.

Understand your product and customers

understanding your your product as well as your customer is very crucial as they are the most important aspect to affect your business's topline.

b. A comparison of your personal characteristics with the profile of successful entrepreneur?

Sol:- I would suggest the person to compare himself and write the answer on his own. this will only do justice with the question.

Thank you