How to Be Successful at Entrepreneurship

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Running head: HOW TO BE SUCCESSFUL AT ENTREPRENEURSHIP 1

How to be Successful at Entrepreneurship

Ginger Drehmel-Leland

Globe University

BS440 - Entrepreneurship

June 15, 2011


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HOW TO BE SUCCESSFUL AT ENTREPRENEURSHIP 2

Abstract

There are many factors that go into determining the success of an entrepreneur including

personality characteristics, dominant role requirements, critical success factors for

entrepreneurial ventures, knowing the golden rules for starting a company, understanding the

stages of a business, recognizing the common pitfalls to successfully starting a business,

identifying if you are ready to start a business, and knowing where to find help when you need it.

Understanding what is involved with starting your own business and your chances for success

will help you decide for yourself if it is something worth pursuing.


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How to be Successful at Entrepreneurship

Entrepreneurship is not something that should be entered into lightly. There are many

factors that go into determining the success of an entrepreneur including personality

characteristics, dominant role requirements, critical success factors for entrepreneurial ventures,

knowing the golden rules for starting a company, understanding the stages of a business,

recognizing the common pitfalls to successfully starting a business, identifying if you are ready

to start a business, and knowing where to find help when you need it. Understanding what is

involved with starting your own business and your chances for success will help you decide for

yourself if it is something worth pursuing. Even with a great entrepreneurial concept in mind,

there are reasons why some people might still decline the opportunity to own their own business.

Yet, for those brave enough to proceed there is an opportunity for great reward.

Who is an Entrepreneur?

In order to understand how to be successful at entrepreneurship, one must first understand

what entrepreneurship is and who qualifies as an entrepreneur. Hull, BosleyandUdell define an

entrepreneur in their article Renewing the Hunt for the Heffalump,printed in theJournal of

Small Business Management,as a person who organizes and manages a business undertaking,

assuming the risk for the sake of profit; which is also extended to include those individuals who

purchase or inherit an existing business with the intention of (and effort toward) expanding

it(Hull, Bosley, & Udell, 1980, p. 11). The act of entrepreneurship can then be defined as the

behavior of entrepreneurs which constitutes, the confluence of business decision making and

ownership(Montanye, 2006, p. 547).

Characteristics of the Successful Entrepreneur


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If you were to ask individuals what characteristics are commonly found in a successful

entrepreneur, you are likely to receive vastly different answers. Determining the successful

characteristics of an entrepreneur is not science, but research studies have been able to identify

some characteristics that are common among many, but not necessary all, successful

entrepreneurs.

I believe that one of the most important characteristics of an entrepreneur is how they

interact with the world around them. Burch identifies this behavior in his article Profiling the

Entrepreneur printed inBusiness Horizons. He states that, entrepreneurs are alert to unnoticed

opportunities; they make it a practice to always be on the lookout for an opportunity and a way to

exploit it(Burch, 1986, p. 16). The entrepreneurial focus is on identifying unmet needs of

segments of people and identifying profitable ways to meet those needs. This is an attitude and

focus that is always present in an entrepreneur.

An entrepreneur should also possess a set of characteristics which correlate to seeing a

task through to completion. This set of characteristics includes having a strong personal energy

and drive(Timmons, 1978). Entrepreneurs must have the energy and drive to follow through and

persevere in difficult times(Timmons, 1978). They cannot become derailed from focusing on the

success of the venture. They adapt when the situation requires it(Montagno, Kuratko, &

Scarcella, 1986). This requires a certain amount of flexibility and creativity(Montagno, Kuratko,

& Scarcella, 1986). It requires a high level of self-confidence and optimism(Timmons, 1978;

Burch, 1986). A successful entrepreneur will need a strong tolerance for frustration(Hull,

Bosley, & Udell, 1980). Those individuals who become uncomfortable at the first sign of

problems will have difficulty being successful as an entrepreneur. Additionally, an entrepreneur


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understands that there will be risk involved, but they focus on taking moderate, calculated risks

in most cases(Timmons, 1978, p. 9).

There is another set of skills that will benefit an entrepreneur. This set of skills focuses

on business needs. Entrepreneurs are first of all great at networking(Bottles, 2002). Networking

helps the entrepreneur to increase not only their potential customer base but also develop a

strong support network.Entrepreneurs will furthermore needa strong financial analytical

ability(Montagno, Kuratko, & Scarcella, 1986). Financial indicators help the entrepreneur assess

the health of the organization and help forecast future indicators. Lack of attention to the

financial aspect of the business can lead to failure. Finally, entrepreneurs need strong

organizational skills(Burch, 1986). Planning and organizing both activities and people is a very

important aspect of owning your own business.

An added skill that could be beneficial to an entrepreneur is the ability to seek and use

feedback on performance(Timmons, 1978). Feedback helps the entrepreneur learn and improve

upon their performance from those who might have insight into their behavior. An entrepreneur

will also benefit from a nurturing quality(Burch, 1986). This quality helps them build and grow

not only the business but also the employees of the business. And finally, a reward orientation,

or a desire to be rewarded for ones efforts, can also benefit an entrepreneur(Burch, 1986). This

reward orientation can often help support the drive instinct by defining the personal motivation

for the drive to attain goals.

Dominant Role Requirements

Timmons identified eight dominant role requirements of an entrepreneur in his article

Characteristics and Role Demands of Entrepreneurship published in the American Journal of

Small Business(Timmons, 1978).These dominant role requirements include (1) accommodation


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to the venture, (2) total immersion and commitment, (3) creativity and innovation, (4) knowledge

of the business, (5) people and team building, (6) economic values, (7) ethics, and (8) integrity

and reliability(Timmons, 1978).

The first role, accommodation to the venture, relates to the role of the entrepreneur as the

source of the business survival. Timmons states, The entrepreneur lives under huge, constant

pressure first to survive, then to stay alive, and always to grow and withstand competitors

thrusts(Timmons, 1978, p. 12). It is as though the business venture is an extension of the life of

the committed entrepreneur. They must be focused on the business success in order for it to

survive.

The second role, total immersion and commitment, touches upon the level of investment

that the entrepreneur must be willing to risk(Timmons, 1978). As the entrepreneur is often the

major financial support of the business, they have invested much of their savings to get the

business off the ground. In addition to the financial commitment, an entrepreneur risks a

reduction in income while the business is established. They invest time both in the form of

long hours at work and lost time with their family. Successful business ventures require a strong

level of financial and personal commitment of the entrepreneur.

The third role, creativity and innovation, touches upon the need for an entrepreneur to

think out of the box when identifying opportunities and responding to problems(Timmons,

1978). The need for creativity and innovation isnt just an up-front need for a startup. Once the

business is established, creativity and innovation is what helps the business grow and respond to

unexpected opportunities. Identifying solutions, whether they are current issues or potentially

new solutions to customer problems, helps the entrepreneur identify how to create value for

stakeholders is a very important focus.


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The fourth role, knowledge of the business, focuses upon the business experience and

accomplishments of the entrepreneur(Timmons, 1978). When it comes to successfully starting a

business, it helps to understand the industry and to have experience in the business world. When

an entrepreneur attempts to secure financing for the business venture, these are some of the most

important factors that venture capitalists and lenders look for(Timmons, 1978). Entrepreneurs

should zero in on industries or technologies that they are familiar with. This will improve their

chances for success.

The fifth role, people and team building, focuses upon the role of the entrepreneur to hire,

train and retain qualified employees by developing their talents and motivating them for the sake

of business success(Timmons, 1978). Continually hiring and retraining employees is an

expensive task, and the loss of experience can have an impact on a businesss efficiency. Hiring

qualified employees, keeping them happy and motivating them to focus on the business success

is a very important role for an entrepreneur. Successful leadership techniques can create an

environment that empowers employees to become vested in the success of the business.

The sixth role, economic values, speaks to the differences of a business as compared to a

social or non-profit effort. According to Timmons, entrepreneurs must share the key values of

the free enterprise system: private ownership, profits, capital gains, responsible

growth(Timmons, 1978, p. 14). As the small business owner, you are in charge of the business

decisions and your consumers are also in charge of their purchase decisions. The government

plays a limited role in most cases as to the bartering transaction unlike some government models.

The free enterprise system is the environment upon which the business is founded. How the

entrepreneur interacts with the fundamentals of that foundation will determine their outcome.


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The seventh role, ethics, focuses upon personal and situational ethics of the

entrepreneur(Timmons, 1978). The personal ethics of the entrepreneur reflect upon their

personal values and beliefs. Although personal ethics play a role in the decisions of an

entrepreneur, most entrepreneurs possess situational ethics which they apply in business

decision-making. Timmons states that situational ethics tend to be defined by the needs and

demands of the situation rather than by some external, rigid code of conduct applied uniformly

regardless of different conditions and circumstances(Timmons, 1978, p. 14).

The eighth and final role, integrity and reliability, focuses on the dependability,

reliability and honesty (Timmons, 1978, p. 14) of the entrepreneur. Timmons mentions, An

early eliminator of a venture proposal is the discovery by a venture capitalist that the

entrepreneur has not been straightforward and honest in revealing past dealings or even

failures(Timmons, 1978, p. 14). Integrity and reliability are not just factors that affect the initial

stages of a business. If an entrepreneur earns a reputation for being unreliable and untrustworthy

at any stage, it can dramatically affect the success of their business.

Critical Success Factors

No two businesses are alike, just as no two entrepreneurs are alike. Unfortunately, there

is not a simple roadmap to determining entrepreneurial success(Lesonsky, 2005). Therefore each

entrepreneur needs to forge their own path to success based on their particular situation. Yet

there are some critical success factors that will increase the chance of a successful venture.

First and foremost, the entrepreneur needs to believe that the startup venture can be

successful(Morse, 2009). Whether the individuals parents were entrepreneurs, they had early

contact with entrepreneurs, or they have read and studied stories of success, entrepreneurs need

not only believe in the product or service they intend to sell, they need to believe in


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themselves(Morse, 2009). Without a firm belief that they can succeed, there is little chance of

success as the entrepreneur will quickly get discouraged during difficult times.

The entrepreneur should be willing to be unusual or unconventional at times(Morse,

2009). There may besituations when they will need to step away from the norm in order to take

risks. If the entrepreneur has difficulty with being different, they might struggle with

implementing creative new ideas that are initially considered odd. Innovation can sometimes

lead a society on a new path, especially in technology sectors. Being open-minded increases the

chances to identify new ways of doing old things.

Entrepreneurs need to be comfortable with risk and the potential of failure(Morse,

2009).Entrepreneurs focus their time and energy on succeeding(Timmons, 1978). Timmons

suggests that entrepreneurs are not adverse to the possibility of failing(Timmons, 1978, p. 9),

instead they view failures as learning opportunities. There is always risk involved with owning

and operating your own business. Learning to work productively, and even superiorly, in an

environment where risk is a constant factor will potentially decrease the stress of owning your

own business.

Another critical success factor is the existence of a business plan(Henricks, 2008). A

business plan helps to ensure that an entrepreneur has thoroughly planned out the business by

identifying and documenting the marketing plan, operational plan, management and

organization, startup expenses and financial plan, and critical risks to the business success. It is

through this process that the entrepreneur identifies their target market, products and features,

competition, pricing strategy, location and distribution, credit policies, and their projected

financials. Having a solid understanding of these topics will help the entrepreneur foresee not

only the potential for the business but also the risks that could stand in the way of success.


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Developing a plan for mitigating potential risks identified in the plan can help ensure that an

entrepreneur is prepared to venture into business.

Golden Rules for Startups

In his article Starting Up For Success in NZBusiness, Peart defines nine golden rules

for startups, but he stresses that an entrepreneur should never be too proud to seek a mentor

who can fill in the gaps where an entrepreneurs skills fall short(Peart, 2004, p. 16).

Rule Number One: Dont do it unless you have a revenue stream already

outlined(Peart, 2004, p. 16). A business that doesnt grow to be profitable will not succeed

regardless of whether you enjoy your new occupation. Therefore before you even start, identify

how you will bring in revenue, how much and for how long.

Rule Number Two: Making money should be the number one reason (Peart, 2004, p.

16). Starting a business to be your own boss will not get you far. You are in business to make

money, first and foremost. All other motivations need to be secondary. Without this focus,

many ventures are destined to fail. A business needs to be profitable before all else.

Rule Number Three: Do your research(Peart, 2004, p. 16). If you dont know if there

is a market for your product, what makes you think that starting your own business is a good

idea? Know that there is a market, know who that market is, know who your competitors are,

and know as much as you can about your opportunity before you ever get started. Marketing

research, product research, and financial research are all good places to start. All of this

information can be documented as sections of your business plan.

Rule Number Four: Try it first(Peart, 2004, p. 16). Whether the entrepreneur starts the

business part-time, off hours or using some other creative technique, experimenting with the

potential of the business to make money can help determine future success before the


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entrepreneur risks everything. Starting small can help you work through potential issues on a

smaller scale. This can actually improve your long-term success even if it stretches out your

timeline farther than it would if you went all-in right away.

Rule Number Five: Do your break-even sums(Peart, 2004, p. 16). Break-even sums

will help you determine minimum sales metrics necessary to cover costs and turn a profit(Peart,

2004). Remember rule number one, you are in business to make a profit. All efforts should be

directed at making that profit. Break-even sums are a helpful tool to understanding just how

much effort will need to go into realizing your goals. A great metric that Peart mentioned in his

article was how much sales revenue needs to be generated per hour(Peart, 2004).

Rule Number Six: Have a competitive advantage(Peart, 2004, p. 16). Why should a

customer buy from you? You need to have an advantage over your competition. Whether that

advantage is price, size, quality, level of service or some other creative aspect of your product,

make sure that you can stand out when compared to your competition.

Rule Number Seven: Think about how the competition will react(Peart, 2004). You may

need to react to the competitions efforts to undermine you right out of the starting gates. Try to

have mitigation plans in place for how they might react and how you will handle each different

situation. It is always better to be prepared than to be caught off guard.

Rule Number Eight: Identify your target(Peart, 2004, p. 16). Determine who your target

market segment is. Be sure to break your market into multiple segments in your marketing

approach when appropriate. Never believe that a single strategy will work for all markets,

because it rarely does. Cater to each group individually when possible using the most effective

techniques for that particular segment.


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Rule Number Nine: Expect it to take twice as long and cost twice as much as you initially

believe it will take(Peart, 2004, p. 16). It is very difficult to accurately forecast initial costs and

sales figures. Ensure that you have enough capital on hand and access to additional funds if

necessary. The tendency is to be excited and biased as to cost and projected sales. Plan for the

worst case scenario and then do everything that you can to avoid that scenario.

Stages of Starting a Business

When an entrepreneur first identifies a potential business opportunity, they embark upon

a set of stages to starting a business. Nair identifies these five different stages to starting a

business as: (1) confusion, (2) crossing threshold, (3) startup, (4) first thousand days, and (5)

growth.

The confusion stage consists of three focuses that can occur: fright, flight, and/or

fantasy(Nair, 2003). During the fright focus, the entrepreneur is generally concerned about

whether or not they will fail(Nair, 2003). Fear of failure can often be the closing door for a

business opportunity. The second focus, flight, identifies the potential for an entrepreneur to

jump from idea to idea because there lacks a guarantee to success(Nair, 2003). This fear of risk

can also determine whether or not an entrepreneur will follow through with the plan. The final

focus, fantasy, comes into play when an entrepreneur ignores the advice of others because they

believe that their idea will be successful despite what others might think(Nair, 2003). In many

cases, an immature business idea that is acted upon can bring about an unsuccessful outcome.

After the confusion stage is the crossing threshold stage. It is at this stage that the three

Ps come into play: peer pressure, procrastination and poverty(Nair, 2003). An entrepreneur

might begin to experience resistance to their ideas from family and friends. They might begin to

believe that the timing for the venture is not right and that they should wait. The entrepreneur


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might find that they dont have enough money saved up to start the business. All of these factors

identify the thresholds that need to be crossed before a business can actually begin.

Once that threshold is crossed, the entrepreneur enters into the start-up phase(Nair, 2003).

This is the time in which the entrepreneur embarks on starting the business, building their team,

and developing their customer base. The focus during this stage is on raising funds and

becoming profitable. The first impression is a strong one. Make sure that your image and

customer service portrays the correct message. If your first impression is a positive one, word of

mouth of satisfied customers can help build the business faster.

Once in business, the entrepreneur enters the period of the first thousand days(Nair,

2003). Nair states that during this stage, Success or failure depends a lot on how the hard

issues such as finance, marketing, technology and partnership and alliances are tackled.(Nair,

2003, p. 77) Managing and controlling business operations during this critical time are very

important. The business needs to be able to react to unplanned difficulties and adjust the plan to

meet reality. Examples of issues that can be experienced during this stage include difficulties in

capturing clients, managing too many jobs at a time, and getting payments in time(Nair, 2003,

p. 77).

If a business makes it past the first thousand days it enters into the growth stage(Nair,

2003). An entrepreneur might feel as though this is the stage at which they can relax;

unfortunately, that is not the case. During this stage an entrepreneur needs to determine if they

want to grow the business beyond its current boundaries. A healthy analysis of the current status

of the business and new opportunities for growth will help an entrepreneur to identify if the

business has to grow in order to survive. Not all businesses can coast when they reach this point;


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in fact, many cannot coast at all. Innovation and creativity are the main focuses once this stage is

reached.

Common Pitfalls of Starting a Business

Seeking out information on common pitfalls made by entrepreneurs can be beneficial

when venturing out on your own. Learning from the mistakes of others can help you to avoid the

same mistakes. Urquhart-Brown states in her bookAccidental Entrepreneur: 50 things I wish

someone had told me about starting a business that the key success factors in entrepreneurship

include confidence, connections, competence and capital. She also identifies seven common

pitfalls in business (Urquhart-Brown, 2005, pp. 24-32):

1. If you cant describe it, you cant sell it2. Dont leap before you know what it takes to succeed3. Dont be a lone wolf4. Dont jump the gun without market research and planning5. One size doesnt fit all when marketing your business6. If you cant visualize it, you cant make it happen7. You will need built-in focus and accountability

Another common pitfall that an entrepreneur may experience is an incorrect perception of

characteristics that loan officers are looking for when determining whether or not to lend money

to a business startup(Montagno, Kuratko, & Scarcella, 1986). A study reported by Montagno et

al. in their article Perception of Entrepreneurial Success Characteristics , published in the

American Journal of Small Business, identified that owner-managers believed initiative,

confidence, caring, innovation and encouragement were the most important characteristics

evaluated by loan officers(Montagno, Kuratko, & Scarcella, 1986). The reportwent on to


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identify that loan officers deemed goal direction, organizing, planning, problem analysis and

organizational sensitivity as being the most important characteristics that they look for in loan

applicants(Montagno, Kuratko, & Scarcella, 1986). Therefore, when attempting to secure

financing, it can be helpful to identify what characteristics a loan officer favors when

determining the status of a loan application. This can help you tailor your presentation when you

are looking to finance operations.

Another important aspect of starting a business is ensuring that you are developing a

strong image for the organization. Without a strong image, a business can give the impression

of shoddy merchandise, possibly unfair prices and bad service(Fishman, 1999, p. 24). Ensuring

that your image properly portrays your vision of your organization will help customers

understand much more about your business. Evaluate your branding strategy and ensure that you

are consistent with your implementation of that strategy.

What are some of the common mistakes of entrepreneurs? Solovic believes that the top

ten common mistakes that entrepreneurs make are(Solovic, 2004, p. 21):

y Not having a clear vision of what it takes to succeedy Not having a strong support systemy Not understanding the market and industry that you are iny Underestimating costsy Over-projecting salesy Failure to focus on financialsy Hiring the wrong peopley Seeking confirmation rather than the truthy Creating unnecessary partnerships


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y Failing to have a solid business planAre You Ready for Small Business Ownership?

Before actually entering into a business venture, you should make sure that you are ready

for small business ownership. In her article Top 9 Questions to Answer before Starting a

Business, Youngblood touches upon nine important questions an entrepreneur should ask

themselves before going into business. These questions include(Youngblood, 2009, p. 14):

y Can you afford and are you willing to take the financial loss?y Are you willing to put your profits back into the business instead of your lifestyle

for several years?

y Are you at an age where you can afford to lose security and have time to recoup?y Are you comfortable with making decisions with no boss to check in with?y Do you finish what you start?y Are you able to persuade others?y Are you a self-starter?y Are you dependent on praise?y Do you have a partner who is strong in areas where you are not?

According to the Small Business Administration, the chance of opening a successful

business and having that business survive five years or more is 50/50(Youngblood, 2009). To be

successful, you need to be sure that you are ready to make the commitment and sacrifices

necessary to increase the odds that you will be in the top fifty percent. You will be the drive

behind whether the business succeeds or not. Others involved in the business will look to you

for direction. If you do everything right, things still might not be successful. In that case, will


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you be able to recover from that failure and move forward with your life? These are all things

that an entrepreneur should think about before actually starting their own business.

Words ofAdvice

One of the most critical factors in starting a business is having the financial capital on

hand to get through the beginning stages. Nair suggested that you should have at last six months

of financial capital on hand when starting out(Nair, 2003). This will allow you to have a defined

amount of capital to address issues when your focus is on starting the business. Businesses are

not always immediately profitable, and this fund helps provide a safety net until revenues are

higher.

Nair also suggests that an entrepreneur should also develop an activity plan for the first

month(Nair, 2003). This plan includes what the entrepreneur will focus on completing during

those first 30 days. Many first-time entrepreneurs are not used to the lack of structure and time

accountability that entrepreneurship offers. Since they need to be self-directed, having a plan

can help provide focus and accountability during this stressful period.

Melanie CerasoDeDon, award winning web designer, discussed with me how making and

sticking to a budget can help with financial capital issues in a startup. She stated, One of the

difficulties, I think, is to stay on budget. It is easy to dive in ahead of what you really should be

spending to keep your business in the black. Sometimes everything seems like "a good idea." Do

research and really have a good list of the criteria you are trying to solve.(DeDon, 2011)

Although equity might be the cheapest resource a business has to barter with, Nair

suggest that businesses should conserve equity to the maximum extent possible(Nair, 2003, p.

78). Although the short-term financial impact of bartering with equity might appear inviting, the

long-term impact can be problematic. Conserving equity allows you to maintain stronger control


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of your business and have fewer stakeholders to answer to when it comes to making business

decisions.

Brill stresses the importance of motivating employees by providing enthusiastic

individual goals(Brill, 2001). Motivating through goals will provide a great mechanism for

people to suggest ideas(Brill, 2001). When you can intellectually engage employees they may

commit additional time and effort to an issue, which could result in increased efficiencies or

profitability(Brill, 2001). Brill goes on to suggest that everyone can be motivated in different

ways(Brill, 2001). Focusing uniquely on each individual will improve your motivational results.

Just as with marketing differently to different segments, goal setting should also be targeted to

the individual.

Finally, take time to connect with and understand your customers. It can be very easy to

assume you understand their needs, but that is not always the case. The results of a CRMGuru

study support that business owners do not always know the reasons for why customers might

become discontent(Adkins, 2006). In the survey, customers were questioned as to why they

stopped purchasing a product or service(Adkins, 2006). In addition, business owners were

questioned as to why they believed they had lost customers(Adkins, 2006). The survey showed

that most business managers believed that price was the determining factor(Adkins, 2006). The

results showed that most customers stopped purchasing because of poor customer

service(Adkins, 2006). Talk to your customers and find out the truth about your products and

services from their perspective. Get to the true source of a problem before identifying solutions.

Where to Find Help

There are many different places that you can find help if you decide you want to start

your own business. One great resource is SCORE. SCORE provides free, confidential


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mentoring and affordable workshops for entrepreneurs(SCORE, n.d.). SCOREs mentors are

working and retired business owners, executives and managers(SCORE, n.d.). They have years

of experience and can provide a great deal of advice for many business topics. SCOREs

website, score.org, also provides articles, templates and tools for business professionals.

Another great resource is the U.S. Small Business Administration. The SBA helps

provide, access to capital, entrepreneurial development, government contracting, and advocacy

for small businesses(U.S. SBA, n.d.). Their website, www.sba.gov, offers many great articles

and services for small business owners and lenders.

In addition to SCORE and the SBA, you can also check with your local government,

financial advisors and local lenders for more information on services available to your business.

Local advisement can be very helpful to an entrepreneur. Depending on the location and type of

business, additional services such as low cost loans, tax deferments and other services might be

available.

Conclusion

This paper covered personality characteristics and dominant role requirements that have

been identified as improving the entrepreneurs chances of success. It also covered critical

success factors, golden rules for startups, business stages, and the common pitfalls to starting a

business. Finally, this paper covered questions that will help you determine if you are ready to

start a business and where to seek help. The information provided in this paper can help an

entrepreneur understand the elements that lead to successful entrepreneurship. There are no

guarantees that if you follow the information provided that you will be successful, but it can be

beneficial to review this information prior to crossing the threshold into business ownership.


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How to Be Successful at Entrepreneurship

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