Meaning of Entrepreneurship Part II

Entrepreneurial thinking

In order to be able to think entrepreneurially, various factors are required. An entrepreneur must always be aware of the goals he is pursuing with his company. In order to achieve these goals, however, he is also aware that he himself has to make a significant contribution and what kind of contribution this can be. Entrepreneurial thinking also includes making decisions that are in the company’s interests.

Entrepreneurial action

A company must not only strive for profit in its actions. Doing business also means being of benefit to society. This can appear in several areas. Entrepreneurship also means:

  • Manufacture of safe and useful products or services
  • Company activities must be fair and transparent
  • Honest and constant communication with society
  • Compliance with legal regulations and environmental protection
  • Tolerance of cultures and local customs

Different types of entrepreneurs

According to Phonecations, being an entrepreneur is not easy. There are too many things to consider. As an entrepreneur, you can’t please everyone. But if you look at the life cycle of a company, then it is possible to speak between different types of entrepreneurs. More precisely, there are three different types.

The visionary and founder:

This type of entrepreneur is eager to pursue his ideas. He is a person who trusts his own feelings when making decisions. His goal is to keep bringing new products or further developments of his products onto the market.

The Farmer:

An entrepreneur of this type can reprimand, punish, motivate, delegate and organize. He knows exactly how to assess employees and turns every good idea into a good product. A modern development of his company takes place under his leadership.

The admiral:

This is an old school entrepreneur. For him, only the company as a whole counts. His word counts and he does not tolerate contradictions. He runs his company the way he wants it to be.

What are the personality traits that make an entrepreneur?

There are certain character traits that are indispensable for entrepreneurs. With some it is possible to acquire them over time and to learn while working on and in the company. Other personality traits must be part of the entrepreneur’s DNA, because you cannot do without them and because they cannot be learned. This is especially true for ambition.

An entrepreneur should have the following qualities:

Ability Description
Visionary thinking Successful entrepreneurs don’t just imitate products and services that already exist. Instead, they want to create something completely new, extraordinary and change the course of the world.
Discipline Entrepreneurial success largely depends on self-discipline. It is not enough to set yourself ambitious goals; these must be pursued vigorously. Constant, hard-working and disciplined work are indispensable here.
Ambition Anyone who is satisfied with a full bank account is not an entrepreneur. Big entrepreneurs didn’t really get started with innovations until they were billionaires. Ambition and the desire to go beyond one’s own limits and create something extraordinary are essential characteristics of entrepreneurs.
Perseverance At the beginning of a company in particular, things don’t always go smoothly. Failures and setbacks are part of a career. To endure this, to carry on and to bite through to success is part of entrepreneurship.
Systematic thinking In a well-run company, each gear meshes with the other. Successful entrepreneurs therefore not only look at individual phenomena, but always have the big picture in mind.
Sales talent Good entrepreneurs are excellent salespeople. Both from their products and services, as well as from themselves. In order to be able to be successful, cooperation is indispensable. Nobody is an island. Getting others excited about yourself and your ideas and encouraging them to invest and buy is part of entrepreneurship.
Decisiveness Anyone who hesitates for a long time loses. Nevertheless, decisions in the business world should not be made gut-wise, but should be well thought out. Entrepreneurs like to make decisions and stand by their consequences.
Sense of responsibility Entrepreneurs have a high sense of responsibility. This affects their workforce as well as society as a whole. Therefore, they adhere to the applicable regulations and are not solely concerned with their own benefit.

Business start-up

When it comes to setting up a business , founding a startup is very popular with founders these days . But what exactly is a startup? By definition, a startup is a company with three predominant characteristics.

  • The startup should not be older than ten years.
  • The aim is a company that is growth-oriented. The focus is also on striving for high sales and constant employee growth.
  • A startup should focus on products, services or business models that are new and innovative.

In order to found a startup, to position it successfully in the market and to run it sustainably, a number of important factors are required. The most important points and factors are as follows.

Important factors for founding a startup:

Necessary steps Description of the steps
1.) The business idea Some founders already have a new business idea , some have yet to think about it. It is always worthwhile to take a look beyond the borders here. What may already work successfully in other countries can certainly work here as well. As a rule, this idea usually has to be adapted or optimized to specific circumstances. There are many examples of startup founders who have successfully practiced such an approach.
2.) The founding team Many founders make the mistake of founding with people with whom they have already worked on developing the business idea. This may work fine in some cases. A founding team, however, has to differ greatly in terms of the skills of the individual people. A founding team must complement each other with a wide variety of skills.
3.) The business plan For many, the business plan is an old and outdated instrument. But that’s not the case. Anyone who values ​​a clear structure in their startup right from the start needs the business plan. It is also a financing plan and a feasibility study. Anyone who is also dependent on outside capital for setting up a business cannot avoid drawing up a business plan.
4.) The financing Anyone who founds a startup can benefit from some funding programs when it comes to financing. In addition, other financing options are available as alternatives, from classic debt capital to crowdfunding. So there is a lot of choice for startup financing .
5.) The type of company An important step in founding a startup is to find the right legal form . This can be a GmbH or a UG, both of which offer a limitation of liability. For freelancers, however, these two legal forms are less suitable. In this case, for example, a GbR would be the best legal form.
6.) Company name The company name is the calling card of every company. When choosing the right name, it is important to ensure that it is recognizable, but also individual. This is not always easy, because there must be no similarity to other companies.
7.) The founding process Politicians demand and promote business start-ups, but they have not yet managed to reduce the bureaucracy involved. Many founders therefore see the bureaucracy as the greatest hurdle in their start-up process.
8.) The employees If a startup is to grow quickly, it needs the right employees. Finding not just the best but the best employees is not easy. Above all because they often cost a lot of money. But there are some interesting ways to win these employees over anyway.

With the help of the above-mentioned aspects and measures, it should be possible to position a startup successfully on the market in the long term.

Entrepreneurship 2