Frequently Asked Questions – Entrepreneurship

What Key Characteristics Do Successful Entrepreneurs Share in Common?

Successful entrepreneurs are passionate about what they do, embracing an optimistic outlook and maintaining the determination they need to succeed, even when faced with seemingly insurmountable challenges. Entrepreneurs think independently and are resourceful problem-solvers who use what they have to achieve their business goals. Confident, tenacious and resilient, great entrepreneurs have a strong vision, maintaining laser-like focus on their goals. They are action-orientated, maintaining a can-do attitude, avoiding procrastination and tackling challenges head-on.

What Are the Different Types of Entrepreneur?

Entrepreneurship takes various different forms. Many entrepreneurs start out by launching a small business such as a sole proprietorship, partnership or LLP. Some operate from home rather than purchasing or renting business premises. Internet businesses are becoming an increasingly popular means for fledgling businesses to reach customers, including platforms like Etsy and Amazon, as well as blogging and e-commerce. Lifestyle entrepreneurship is a concept that gained traction with the rise of platforms like YouTube and Instagram, providing equal access to a global audience. Meanwhile, serial entrepreneurs focus on launching new businesses and selling them on, freeing up their time to focus on their next great commercial idea.

What Challenges Do Entrepreneurs Face?

In the course of translating their promising business concept into a profitable venture, entrepreneurs face a variety of different problems, with one of the most common stumbling blocks being a lack of funding. In order to attract investors, the business must have a sound marketing vision and solid leadership team. The entrepreneur must also conduct due diligence well in advance, researching their target audience, competitors, price points and market demand.

What Are the Easiest Routes Into Entrepreneurship?

While the term ‘entrepreneur’ conjures images of Silicon Valley founders including the likes of Elon Musk and Steve Jobs, in reality, many founders start small, turning a passion project into a thriving business, be it launching a lifestyle blog or an inventor bringing their gadget to market. To succeed, founders need to focus on developing their entrepreneurial skills and developing products consumers love. They must also create a detailed plan for success, consistently executing that plan and adapting as and when necessary.