Entrepreneur

Understanding the entrepreneur with The Independent Financial Review Case Studies with Business News

Becoming a successful entrepreneur is about coming up with innovative business ideas and finding the resources and market opportunities to put them into action. The entrepreneur sees a gap in the market for a successful business enabling customers to meet their needs more easily.

Entrepreneurs are essential to the New Zealand economy. Not only do they provide valuable products or services, but they are wealth creators - their businesses directly impact upon the New Zealand economy by increasing its gross domestic product (GDP) and by creating jobs. More available jobs means a lower level of unemployment, which in turn leads to a lesser reliance on government assistance, further improving a country's economy. Entrepreneurs therefore not only create wealth for themselves, but for their country and employees.

So what characteristics do you need to have to be an entrepreneur? A typical skill set might include high levels of energy, passion, perseverance and the ability to see the possibility of innovative products and services wherever you look. Entrepreneurs are risk-takers who are not afraid of being the first to try a new idea. They have both the commitment to make it happen and the flexibility to recognise and respond to changing consumer needs. They are skilled at motivating people and extremely customer-focussed.

Entrepreneurs may be risk-takers but they are also careful planners who research every part of their prospective business and work hard to find the right way to enter the market. This is part of a process known as risk management. Entrepreneurship is not just about doing something first - it can also be about doing something better.

Starting a business requires careful thought and planning. An entrepreneur needs to identify the money he or she has for starting the business and plan how it is to be used. Market research is required to identify potential customers and how many of these are likely to use their services.

A good business plan is essential for the entrepreneur. This is a written document outlining goals, strategies, processes and requirements for the development of the business. It focuses on what has to be done in the business; formalises objectives and goals; shows the future prospects of the business; develops strategies for marketing and future development; highlights future potential problems and provides possible solutions; sets benchmarks and evaluates performance. It is a working document that can be modified to reflect changes in the business and its environment.

For more information on the entrepreneur, including case studies featuring successful entrepreneurs and their businesses, please visit the New Zealand Business Case Studies website at www.bizcs.co.nz.

To order your FREE copy of The Independent Financial Review Case Studies with Business News, please contact us at:

New Zealand Business Case Studies
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www.bizcs.co.nz

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