Unit 1: Chapter 2

What makes an entrepreneur successful? The answer to this question will vary based upon who you ask. It’s a difficult question to answer, so let’s instead ask: What do successful entrepreneurs have in common? Sixty-seven percent of business owners had at least a partial college education when they started their business, while only twenty percent started with just a high-school diploma. This shows that there is a correlation between education, and being able to start a successful business. Funding also seems to affect the outcome of a business. 60 percent of businesses were started using personal money, with the remaining 40 percent receiving only outside funding. Most successful businesses were started by older people. This is probably because they have more experience and education. A successful entrepreneur is able to recover and learn from their mistakes.

The way people perceive your business is crucial in a successful business. Advertising is good for making people aware of your business, as well as influencing how they perceive it. A common way for small businesses to advertise is by word of mouth. Word of mouth advertising relies on you telling people about your business directly or posting it on social media. Word of mouth advertising is free, but it is not as effective as other methods of advertising. Professionalism is very important for a business, as people will tend to be more skeptical about buying products from an unprofessional business. People are also more willing to buy from a business that they feel respects them.

There are many skills that are helpful in maintaining a business. Some of these skills can be acquired through experience. Having good people skills is very important in business management. Knowing people allows you to better market your products, manage employees, and make business deals. Having financial skills is arguably the most important skill at the beginning of a business, as making money is the primary goal of a business. Successful entrepreneurs have many skills, and know how to make important business decisions.

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