Two more things I would add to the list are 'Are you resourceful and can survive with little?' Matters very much building companies in this environment. I believe the those personal qualities of the entrepreneur also reflects on the company that he/she builds.

Very cool list btw.

If you can't pick up the phone and talk your angles/opportunties with a complete stranger (usually another businessman), then you are wasting your time.

(by the way, social capital is the difference between a PhD student making $22k/year and a high school dropout making $22k/year at McDonald's)

I know a lot of times you want to attack and chase down all opportunities, but sometimes you need to take a step back and make a decision one which road is worth taking.

PatrickC
http://www.simpleleap.com

Sent from future to change course of history, adapts & shapeshifts, and refuses to die. Exactly what an entrepreneur wants to be. :)

Brief explanation is here: http://bit.ly/ahiad

One thing I realized after posting is that the first two posts have focused on how hard it is at the expense of emphasizing how great it can be. Not the money bit, the buzz you get when a team is really firing on all cylinders. It has been described a "zone", similar to what athletes get to. Plus the ability to control one's own destiny and not have other people make choice for you.

The kind of "are you sure" soul searching and preparation that the first two posts have focused on is irrelevant for the type of entrepreneur who cannot imagine ever doing anything different. They are also irrelevant for the happily-employed-so-I-can-work-just-enough-to-have-lots-of-fun types who look at this stuff and go..phew! But there are lots of people who fall in between those two extremes. And the changes in the economy (secular as well as cyclical) mean that more people will need to learn entrepreneurial skills. Some people grow up in entrepreneurial families, with discussions around the dinner table about business. Other people grow up in families where the baseline expectation is a job for life with bennies - and they may need to revise their expectations.

There are 3 bodies of knowledge that exist:
1. I know what I know
2. I know what I don't know
3. I don't know what I dont'know!

It is the last that defines a real entrepreneur.... when a person recognizes that they need to be aware of the I don' know what I don't know... they are onn the path to being a truoe Entrepreneur.

Dom C

"I don't know, but I'll figure it out." :)

Thanks, It is great article.

Everything I do for my baby http://www.insphyre.com fits into this category! I can see the big prize in the future, and I'm taking the small steps to get there!

Can you build a team and delegate?

Most creative entrepreneurs are cursed with too many talents and think they can do everything (raising hand). Unless there's clear plan to build a team and delegate, you've just build a JOB, not a business (so not an entrepeneur). Worse, you can't quit.

So...

• 1. Have a goal
• 2. Create the system
• 3. Execute the system
• 4. Step out and do it again, or not.

Btw, that's the essence of the Four Hour Work Week, and not being unwilling to work as this article states.

Margaret

http://businesseshome.net

Thousands of people around the world start a business every day. It is not unique. One just needs to stroll up to the local shops and see the local businesses at work. Are they entrepreneurs? What is the cross-over point? And does it really matter?

So yourself are looking to start your own business?

When I started out I was really young and being at that tender age, you would be overwhelmed right? Well I did, as there were compititions in my niche of field who had years of headstart than me. But not to worry, what you need to have a staying power in your field of niche is just some good planning, research and little business savvy.

One thing I learned which is important is doing too many things with the few resources you have. You're spreading yourself too much over a wide scope of area. Delegation is an important leadership tool you might employ and use to succeed.

Secondly a sound business plan would ensure if 6 months down the road if you're still around either barely making ends meet or bussiness will be booming. Observed what worked for other such companies in your niche. Do a case study on them before plunging deep into work and decisions in you business venture.

Use what you have learned and use that model of success for your own company. That's the world of enterpreneurship all about. Picking up from the failure and success of previous and current companies.

Networking is also I find an important aspect. Build relationships with related niche business. You just never know, knowing anyone of this companies or people, might save you plenty of heartache and importantly money!

Before even setting out on your business venture, you must have a goal in mind. An ojective short and long term of the vision in mind for the company. Write it ink if possible as always being reminded of it, will kepp you grounded on what's important and you'll be able to set the right priorities to achive it.

At the young age I build my onw house's worth a million and I have three successful internet cafe (Cybertrix Internet Cafe).

alex fortes

Anyhow, great list, and i passed with flying colors.

Point 5 is great. Entrepreneur should avoid path of least resistance and in fact should seek people's discouragement and convert them to fuel Entrepreneur's