Many people are already entrepreneurs.
Thoughts from an Entrepreneur’s Point of View
by Diane Tompson, Managing Director, The Powercom Group, IWEC Past Awardee and IWEC Board Member
For Business East Inc., Australia
What does it take to be a successful entrepreneur?
Every day we make decisions about our life and how to live it. Providing we are flexible and willing to change our way of thinking and not live very ordered, predictable lives, we display traits of entrepreneurism. Just like the Australian expression of “having a go” emulates entrepreneurial behaviour.
Let’s then examine the difference of innovators and entrepreneurs and in looking closely, we have examples already of innovators versus entrepreneurs, where often the innovator sells his/her idea to the entrepreneur making very little profit from the invention, whilst the entrepreneur consequently markets the product and becomes a billionaire. There are numerous examples in the lucrative software industry.
I would prefer to continue running an excellent company like Novaris or Powercom Solar and continue to reap the benefits that they may bring, evolving with the business and managing its growth, rather than continuing challenging oneself to create and then destroy a business by selling it.
So what tools do you need to be a successful entrepreneur and business owner?
- First and foremost, you must develop good business practices. Some of these may be:
- Asking yourself, what is the role of the customer in the success of the business?
- Never underestimating the importance of networking
- Exploring supply chain management and how it can work for your business
- Establish Quality Assurance accreditation. Who offers to help in the accreditation?
- What are the government compliance and regulations for your product or service?
- IT and what decisions you will have to make in relation to IT
- What effect will online sales and social media have on your business?
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