Qualifications of an entrepreneur
Contents
Qualifications of an entrepreneur 1
Three key things on the potential to become an entrepreneur 1
Three entrepreneurial skills 1
Three entrepreneurial skills to acquire 2
Three key things on the potential to become an entrepreneur
Entrepreneurship is a field that requires an individual to possess various traits to be able to attain the desired success. The traits could be natural or developed over time, in as much a person will be able to apply them accordingly for the success of their entrepreneurial venture. Having passion in a certain field or occupation is the first driving force to compel a person to start up a business and work hard to sustain it. Any chances of giving up will, therefore, not be viable. Being creative is the second very important thing that a person must possess to ensure that in whatever they are doing, they will be extraordinary in filling up a certain identified niche. It will be the uniqueness of the entrepreneur. The third character for an entrepreneur is the ability to take risks. There exists a directly proportional relationship between risk and return. An entrepreneur has a high-risk appetite, enabling them to prevail in any challenges associated with the business.
Three entrepreneurial skills
Creativity is vital to an entrepreneur if they have to come up with big and significant business ideas. I always endeavor to tackle difficult situations to provide useful solutions. Being creative has helped me come up with a waste disposal plan in my neighborhood. Biodegradable waste is processed into manure while plastic waste is sold for recycling.
Confidence gives an entrepreneur the energy to stand by their idea without bowing to criticism and fear of failure. I value confidence as it helps me in giving out my opinion. It has proved to be helpful as I rely on my confidence to contribute to group discussions.
Powerful people skills are very important in handling people who possess various personality traits. Entrepreneurs have to handle their clients well as they contribute immensely to business success. I practice people skills by handling my colleagues at school as well, making friendsI practice communication etiquette, which has impressed even my tutors in class.
Three entrepreneurial skills to acquire
Work discipline is the capability to focus on a certain goal and prioritize it above all the destructions. I would like to improve my capability of channeling the necessary energy to my ideas and improving the focus on my priorities. To develop this, I will ensure that all my activities are handled to completion one at a time.
Time management is key to implementing a business plan and the execution of the planned business activities. To prevail in being an entrepreneur, I have to improve my time management skills. I will attain this by preparing schedules for my study activities and personal activities and following each activity’s allocated time.
Optimism is the capability to remain positive and hopeful that the anticipated goal will be achieved even though it might not seem so. It gives an entrepreneur an ability to trust in their idea as it starts while focusing on the future vision of success. I will improve this trait by ensuring that I don’t judge the success of my research in school by how it will look at the beginning.
Area of weakness
Competitiveness is key if one has to thrive in their entrepreneurial venture. I have ascertained that I have to work on my competitiveness, which will help survive the market. I need to improve on the psych of fighting to remain relevant and abased o my opinion ground without considering the strength of other parties. I will have to practice this in various ways, such as providing detail to my opinion contributions in class discussions. I will adopt the use of facts to verify my points and make sure that I present ideas in great clarity. However, I will not forcefully direct things my way, but rather remain relevant.
PART TWO
Business idea
There are a variety of business ideas that require minimal capital to kick start, yet they may earn an entrepreneur a surprisingly good profit than anticipated. Grocery delivery is a suitable idea I will adopt for a business. In the first place, it requires low financing. In this business, I will offer delivery services to clients of grocery stores at a fee. I will get in touch with the stores to be delivered to their customers and find customers who would send me a shopping list for shopping and delivery. I will rent a van for the delivery and make a deal for the leasing every month.
Organizational structure
The business will be a sole proprietorship where I would be the owner and the head of the organization. I will be performing all the administrative functions of the business since I will not employ someone to help with the collection of orders. I will create an online platform that will help advertise and collect orders from clients. Avoiding employees will save on the operational expenses of the business and thus maximize the proceeds. My smartphone will be used to operate the online platforms, including a Facebook page and a WhatsApp group for all interested clients.
The targeted market
My target market will be households mostly. Most persons attend to the commitments of their jobs, which creates a challenge n shopping for groceries. The targeted homes will also include those of individuals in their old age who are faced with the challenge of shopping on their own. All genders can request for my services as clients. The other group is the homes that are for groceries once in a week, which means they buy in bulk, so they need delivery services. Other individuals like the comfort of staying at home and focus on household chores rather than shopping for groceries. The clients will be advised to have access to the internet for the placement of their orders accompanied by delivery addresses.
| Six months of budget | |||
| Type of expense (In total) | Amount ($) | Estimated sales income by month | Amount ($) |
| Van leasing expenses | 1800 | January | 1100 |
| Internet expenses | 400 | February | 1200 |
| Fuelling expenses | 3000 | March | 1300 |
| Advertisement (fliers) | 150 | April | 1450 |
| May | 1600 | ||
| June | 1650 | ||
| Total expenses | 5350 | Total income | 8300 |
| Total profit( Total income-Total expenses) = $2950 | |||
Justification of the budget
The various costs included in the budget are very basic to the business and inevitable. They support the very functioning of the business and support its operation. Set up costs include leasing fees, advertisement by fliers, as well as internet expenses. The costs will be very necessary to kick off the initial operation of the business. Fuelling costs will be the core operational costs while the internet will still be required for operations. The popularity of the business will grow with time hence the increasing monthly proceeds. As the business grows, more people will become aware while others will fully rely on t for the services offered.
PART 4
Weekly salary of a secretariat is $ 800 per week
The annual salary will be $800*52 = $41600
| Taxable income($) | Tax on this income($) |
| 0-18200 | NIL |
| 18201-37000 | 3,572 |
| 37000-41600 | 1,495 |
| Total income tax | 5,067 |
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