FACTORS THAT CAN MAKE YOU OR BREAK YOU AS AN ENTREPRENEUR

Entrepreneur means a person who organizes, operates, and assumes the risk for a business ventures. Most time, entrepreneur is commonly seen as an innovator of new ideas, and business processes.

                 The world business has become very competitive, so as entrepreneur will have to consider some specific factor to get ahead day by day. As an entrepreneur, you need to consider crucial factor that will take your business to the higher level. To be successful, an entrepreneur must consider some sets of crucial and indispensable factors which are as follows:

·        Planning Factor: planning is one of the factors you should consider if you are starting a business. The problem for one-person business is the overwhelming tasks ahead of you every day. Your planning skills would make sure you have an idea of the things you have to do for the day and what you have to accomplish. Entrepreneur business is multitasking and you have to be really good at it accomplish your dream.

·        Management/Organization Factor: management factor will provide you information on how to handle situations when your business starts to operate. Many big firm corporate employ people in different specializations for effective management of the firm. An entrepreneur need to consider this factor to enable him/her know the daily income and expenses, issuing receipts and making sure bills are pay on time. On the other hands,

·        Organization factor should be considered as well. An entrepreneur often deals with a lot of people. Managing people effectively is one of the most difficult tasks in the world at large. An entrepreneur must understand people and know how to motivate them. Dealing with different types of people and arranging different types of programs required considerable organization abilities.

·        Financial Factor: this is the foundation on which your business is build. To succeed as an entrepreneur, you have to build a strong financial base in order to help you support business and run it effectively. It is the most essential factor you need to manage your small business venture, in order to have the ability to manage your finances and have money to pay for your business, casual expenses and have some money in your pocket.

·        Marketing Factor: this refers to the various strategies you use to get potential customers, informing them of your products and services. Valuables marketing include using communication skills, knowing how to classify and target your audience, then using the right marketing strategies to attract potential customers.

·        Communication Factor: this is closely related to marketing but as an entrepreneur, you have to possess good communication skills. An entrepreneur often has to communicate with different types of people. Therefore, to become successful and make the things work, he/she must be ready to do a lot of communication. He/she must practice and put conscious effort to improve his/her communication skills.

·        Technology Factor: today’s business are been run both online and offline. Online businesses have increase tremendously in the past years. An entrepreneur needs to get his/her business online as this will provide opportunities to enlarge his/her target audience. You don’t have to sell over the internet, but your site can describe your goods and services and give your customers the rightful information.

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   Interpersonal Factor: this factor connects every other factor together. They include relating well to all customers, building good friendly relationship, effective communication and many more. The way you deal with interpersonal factor will determine much of your success.

     Entrepreneurial factors are the abilities, inherent or learned, that will make or break your business. Knowing these factors from the start will reduce the challenges of starting a business, but being able to use them strategically will ensure that your business stay on even when competitors come in. you will succeed.