The Modern Entrepreneur

Being a good entrepreneur and building a successful business often start with a good idea and little bit of luck, however as i have discussed it takes much more. Building a successful business takes a lot of hard work, determination, and vision which sets you apart from others trying to accomplish similar solutions. I follow and study many great entrepreneurs and while many of them accomplish things in different ways, and follow their own path to get where they have gotten, some of their insights, experiences, values, and strategies are remarkably similar. Mark Cuban, Richard Branson, and Steve Jobs have all built multibillion dollar empires very different backgrounds and mindsets.

All Entrepreneurs are different and have different ways of accomplishing their task, no entrepreneur tries to mimic another, otherwise they would be a follower and not leader. However there are things we can take from successful entrepreneurs that can be applied to building new businesses.

As i had mentioned before, vision is one of the most significant elements possessed by successful entreprenuers, and Steve Jobs most important element. Jobs believed vision could be applied to all aspects of driving a companies growth and spawning the product synthesis and value propositions we have come to expect from high quality apple products.

Richard Branson believes in sound fundamentals combined with creativity and risk taking can lead to major success. Branson’s Virgin empire is very fundamental when it comes emphasis on branding, customer experience, and communication. Branson does take risks and steps outside the box, but does so with great calculation and thought. He expresses great importance on having quality employees his mangers can delegate too, and providing those employees with a quality experience to promote loyalty within the company. Branson also believes in the proper selection of investors and finding investors for each particular business that are strategically compatible and can be used as an additional asset aside from just the capital provided.

Mark Cuban is another entrepreneur whose cutthroat mentality has made him successful. It has also made him despised by some and revered by others. Regardless he has built and managed many startups generating serious personal wealth. His first real message is Passion, do not start up a business unless you are truly passionate about it, and do not let passion cloud your need for a quality exit strategy. Cuban also agrees that hiring passionate people crucial. He also pushes each of his businesses to focus on their core strengths and exploit them, do not be to broad. Cuban also believes that when starting up a business, there should be complete transparency amongst management and all employees so there are no surprises and all issues are solved collectively which is very important to getting a business up and running.

There are no defining qualities that ensure success in building businesses, however there are certain qualities and experiences which almost all entrepreneur will encounter and each one can learn from.

In These increasingly difficult economic times it has been harder and harder for entrepreneurs to find financing for their business or startup. This is because banks and lenders have become more stringent on their loans often requiring guarantees, and a established track record. This type of environment is tough for the growing number of Entrepreneurs out there because it means fewer and fewer business plans are being accepted for funding. This is where Entrepreneurs must get creative and search out new sources of funding and alternative routes, aside from traditional bank loans.
In these times of uncertainty, comes real opportunity through modern technology and the growth of social media. Reaching out to investors has never been easier. While fewer Ideas may be funded as a whole, the availability and willingness of investors to put money to work has never been higher. With interest rates low and the emergence of new technologies, many professional investors are eager to fund businesses that are viable, leaving out many business plans which are undeveloped or considered very high risk.
When seeking funding in this current economic environment it is very important to assess your idea, strategy, and business plan carefully before approaching investors or crowdsources, so that risk appears to be minimized and investors feel comfortable with the thoughtfulness and viability that went in to an individual project. It is important to identify investors who have similar interests and find passion in what you are trying to accomplish, whether it’s a friendly investor (family and friends), an Angel investor , crowdsourced funding, or a professional investor who will scrutinize your numbers heavily. Regardless of the source of funding, an entrepreneur has the best chances of reaching their goal if they can, identify the type of investor, play to their heart and their interests, and outline their role. Thus it is important to identify this early on and list off potential funding sources starting with the most likely and most interested.
In todays social society, the most interested and passionate investors in your specific project may not be anyone close to you, or a professional investor. It may be everyone else in your position who is looking for that small everyday problem to be solved, which is why crowdfunding is so important.
Regardless of your venture, it is important to identify your investors and make sure you understand their wants and desires, because this will make them more likely to be effectively engaged not just in financing and the numbers, but the overall success of you endeavor.