Entrepreneurial spirit is a mindset. It’s an stance and approach to thinking that actively seeks out change, rather than waiting to adjust to change. It’s a mindset that embraces critical questioning, innovation, service and continuous improvement. Having the entrepreneurial spirit uniquely defines you as an entrepreneur, giving you the winning personality. This spirit will elevate you to that level where you can easily exhibit the characteristics that define an entrepreneur. Signs You Have the Entrepreneurial Spirit:
1.You use words passion and light to describe your vision. Do you have enthusiasm for the process of creating your business?
2.You Are on a Vision Quest. Entrepreneurs are the artists of the business world. You hear entrepreneurs speak often that the pleasure is not the money, but the thrill is bringing the vision to life.
3.You Are Resilient. When problems arise, do you quit? An entrepreneur’s work is to discover solutions so the business will thrive.
4.You Engage in decision making. Most entrepreneurs are highly intuitive, knowledgeable folks. Entrepreneurs trust their own judgment. Great leaders are led by their spirits and rarely second-guess their gut.
5.You Are a hustler. An entrepreneur will do anything to needs to be done for the good of the business.
6.You Are a Calculated Risk Taker. To an entrepreneur, the desire to realize the vision is immensely greater than the fear of failure.
Sources of entrepreneurial finance
An entrepreneur might face the major barrier of acquiring financing to jumpstart a business and raise the chance for success. He must have a great and clear idea of how to turn it into a successful business. Raising finance for start-up requires careful planning. Here’s an overview of typical financing sources:
- Personal investment – When borrowing, you invest some of your own money- either in the form of cash or collateral on your assets because this proves to your banker that you have a long-term commitment to your project.
- Love money – This is money loaned by a spouse, parents, family or friends. When borrowing love money, you must be aware that family and friends not often have much capital. A business relationship with family or friends should never be taken lightly.
- Venture Capital – The first thing to keep in mind is that this funding source is not necessarily for all entrepreneurs. Venture capitalists get a place in the company to help it carry out a promising but higher risk project.
- Angels – Angels are generally wealthy individuals or retired company executives who invest directly in small firms owned by others. In turn for risking their money, they reserve the right to supervise the company’s management practices. In concrete terms, this often involves a seat on the board of directors and an assurance of transparency.
- Business Incubators – Business incubators generally focus on the high-tech sector by providing support for new businesses in various stages of development. Incubators will invite future businesses and other fledgling companies to share their premises, as well as their administrative, logistical, and technical resources. When the product is ready, the business usually leaves the incubator’s premises to enter its industrial production phase and is on its own. Businesses that were supported by an incubator have a better success rate.
The major challenges for entrepreneurs is standing out from their competitors. Marketing in new, unusual, or aggressive ways is the best method to show what makes a business unique. Entrepreneurial marketing utilizes a toolkit of new and unorthodox marketing practices to help emerging firms gain a foothold in crowded markets. The easiest way to recognize an entrepreneurial marketing effort is to look at the company doing the marketing. Growth is the primary goal of entrepreneurship, and marketing is the primary means for growth. The most common features of entrepreneurial marketing include innovation, risk taking, and being proactive. Entrepreneurial marketing campaigns try to bring to light the company’s best strengths while emphasizing their value to the customer. Focusing on innovative products or excellent customer service is a method to stand out from competitors.
Marketing plans can only expand after a company determines some aspects about their business model. They should recognize the core mission of the company, which customers they will target, and who their competitors are. The details of the plan will depend mostly on the exacting marketing strategy that a company chooses. It is important to define which kind of marketing to focus on, and then focus all efforts in that area. A complete marketing plan helps companies to keep this focus as they revise their strategies.
Identity is a brand’s most defining expression and logos are so much more than simple symbols an they are the look of your company, the deliverers of the important long-standing impression, important visual representations of your business, what you do and what you’re about. For that reason, the utmost care and meticulousness should be taken when designing yours. Even if you have a good eye for color and a sense of what you want your logo to look like, you should still consult a professional designer, because they make out whether or not a logo design will transport simply into print or onto a sign, while you might come up with a beautiful design that can’t be transferred or would too much cost to be printed. Logos arrive in two basic forms: abstract symbols or logotypes, a stylized rendition of your company’s name. You be able to use a combination of both. A good logo should last at least 10 years. If you look at the amortization of that cost over a 10-year period, worth it.