An Entrepreneur is a very Responsible Position

Being your own boss is a gamble. In a globalized world where competition could arguably be at its highest, the business platform must stand out on a global scale; the idea must also be unique. Success is determined by various factors that work together. An entrepreneur needs to develop specific skills such as efficient problem-solving, leveraging social media, and understanding business culture as it can significantly impact the foundation of a yet-to-be-established enterprise.

Entrepreneurs identify problems and seek to solve issues profoundly.

Being passionate about the solution gives the team a concrete goal to respond to and create around. This passion combined with the urgency of the problem drives us to make changes, develop new ideas, and catalyze people to solve it. Ventures are small businesses with limited resources, and the owner carries the responsibility for all the risks and rewards of their business. (Seth) Venture owners face tremendous odds and opportunities when identifying problems. These may include difficulties in finding financing for new businesses, quitting their career to start their business, managing cash flow, and maintaining credit history. New business owners can obtain bank loans, use credit cards, or access their 401k to help finance their business. While some challenges cannot be predicted or avoided, many can be overcome. ‘The most successful entrepreneurs are those who first identify a key problem in the market, then work to solve that problem.’ (Oldford)

Transition, making a decision is better than not making one. Decision-making is crucial for one’s business success. According to Scott Oldford, there are three types of notable categories, which consist of reactive, proactive, and strategic decision-making. Most entrepreneurs are not aware of the paradoxes and tend to make decisions they deem the best. (Oldford)

Firstly, reactive decision-making is where one spends only a brief amount of time thinking about the decisions one makes. It’s not unusual for an entrepreneur to feel overwhelmed from time to time and never seem to have enough time. Unfortunately, a lot of energy is used in this approach, leaving the business with less energy for other important matters. A reactive decision can change once it elevates to the next level – proactive decision-making. (Oldford)

Following proactive decision-making is the second level where one anticipates scenarios 90 days in advance (Oldford). Instead of reacting to day-to-day issues, the entrepreneur identifies what needs to be done and when to do it. Taking control and instigating actions rather than simply adjusting to a situation or waiting for something to happen. With the assistance of a team, managing proactive decisions allows time for more pressing matters. This stage is critical. Entrepreneurs need to be proactive beforehand, which is why it is vital to advance to this level as swiftly as possible. (Oldford) Now, decision-making is in control of the business and can proactively address obstacles to prevent minor issues from spiralling out of control. (Oldford)

Furthermore, an entrepreneur isn’t truly successful until they reach the final level of strategic decision making; not all entrepreneurs make it to this stage. (Oldford) “Strategic Decision Making Process and Tools” is a course that teaches you how top managers use the decision-making process and associated tools to implement term goals and a longer-term vision. An Entrepreneur’s decision-making is based on strategic thinking that may impact their business or direct their future potential in freedom. (Oldford) The business is not only aware of what’s going on today and in the foreseeable future, but it also has an understanding of its direction in the upcoming years. The impact one makes on the team, audience, and business is understood. Although one may not know exactly how they will get there, sharing a vision that is successful and structured is fundamental for an entrepreneur. (Oldford) This process is not driven by talent or skill, but by mindset. Begin with proactive thinking, then evolve to think strategically in order to become a successful entrepreneur. (Oldford).

After all, an entrepreneur will invariably face multiple dilemmas, another term for problems. Problem-solving is one of the most vital aspects of entrepreneurship. As both the founder of the organization and the team leader, an entrepreneur will be responsible for identifying pragmatic situations and making the overarching decisions for the business. The skills required for business involve creative thinking; these skills will chart the course to a successful future. Without these skills, the business owner will have to rely on others who aren’t in leadership roles and therefore don’t have vested commitments to the overall survival of the brand.

To facilitate transitions, an entrepreneur should use social media as leverage to engage the maximum number of customers. (Driver) Social media has emerged as a modern tool through which an entrepreneur can find success. Having a robust media platform can amplify exposure and identify supported products, potentially leading to an increase in sales. (Driver) If all entrepreneurs leverage social media, this could result in significant growth for their businesses. (Driver) Establishing a presence on social sites can have a significant impact on your business. Promoting a product that consumers don’t like can cause a drop in sales but also inform product development. Alongside this meaningful impact, social media can allow the entrepreneur to understand consumer buying habits, thus increasing sales. (Driver)

As mentioned in the first paragraph, to stand out on a global scale, the business platform and ideas must be unique. This includes platforms like Instagram, Facebook, and Twitter, which can have a significant impact on your growth across social media. (Driver) Social media provides new business owners with an advantage. Social media is growing every day, and each site gains consumers daily. Businesses are given the opportunity to attract customers at no extra cost via social media promotion. (Driver) Social media and businesses are now intertwined; it is one of the most effective forms of online marketing. (Driver)

Additionally, social media allows an entrepreneur to build a loyal following and share the product or brand globally. The followers are the target of the social network that the business audience is active on. “It’s all about identifying where your target audience is active,” said Kramer, “and creating a message that the audience will identify with. You don’t need to speak to everyone — you just need to speak to those most likely to engage with your brand. This begins with knowing where your audience is.” One simplified username and an intriguing page can draw the attention of past, present, and future customers alike. Beyond connecting with friends, social media has become a tool for businesses to connect with their customers without incurring additional expenses.

Transitioning, a company’s culture can be defined as the character and personality of an organization or business. The business culture makes the business stand out from other companies because it represents the values, beliefs, and goals of the business. The impact of a company’s culture ultimately leads to long-term success for the business overall. Consequently, establishing an influential business culture develops a successful entrepreneur.

One essential reason entrepreneurs should create a compelling culture for business is that it enables the business to grow. Truett Cathy, the founder of Chick-Fil-A, created an extremely effective company culture which has allowed his business to experience rapid growth. The company has enjoyed over a 10% sales increase almost every year since its inception in 1946. Cathy established this effective culture by understanding the purpose of his company and ensuring that all his employees adhered to this culture. The company’s goal is to glorify God by being a faithful steward of all that is entrusted to us, and to have a positive influence on everyone who comes into contact with Chick-fil-A.

Another reason an entrepreneur should have a well-established business culture is that it attracts talented employees. As an entrepreneur, the success of a business relies not only on the entrepreneur but also on the team of employees. Therefore, having a great team of employees can contribute to a successful entrepreneur. If an entrepreneur has a well-established company culture, then finding new talent won’t be as challenging. Talented individuals will be excited to be hired at the company. For example, Google is known for its active culture. It creates an environment for its employees that makes them appreciate their jobs. They offer generous meals, employee trips and parties, financial bonuses, open presentations by high-level executives, gyms, a dog-friendly environment, and so on.

Lastly, an effective company culture will give the company a competitive advantage, which will contribute to the development of a successful entrepreneur. Your company has a competitive advantage when specific activities allow for higher prices, create lower costs, or both. The spread between the two is the value you earn, and the willingness to pay is the value the customer receives. A company with a unique culture is more likely to attract long-term customers who remain loyal to the company. This could also attract investors who admire the company’s culture and want to support the business’s expansion.

Clearly, evidence points to the fact that an entrepreneur needs to develop specific skills like consistent problem solving, leveraging social media, and understanding business culture, as these can have a significant impact on the foundation of an entrepreneurship that’s not yet established. While following all the above steps doesn’t guarantee success, they can help the business stand out on social media and establish a strong cultural platform. Remember, every problem has a solution with decision making.

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