In starting a business, one must identify a business opportunity and be willing to take the risks of venturing in the business. He/she mobilizes and manages resources thus creating an organization to enable him/her exploit the opportunity in an innovative manner.
Brandstatter posits that, entrepreneurship gives one the ability to enjoy financial rewards/profits, independence and job security (160). Every entrepreneur must be able to identify his/her strengths and weaknesses in assessing his/her suitability in venturing in a given business and should come up with a way of dealing with the weaknesses.
The assessment of my suitability as an entrepreneur
I have several strengths as far as entrepreneurship is concerned. I am an opportunity oriented individual, meaning that I have the ability to identify a viable business opportunity.
The identification a business opportunity is important since it acts as a guide to the other important aspects in the development of a business. The other aspects include resources, structures, and the strategy of running the business.
In addition, I am an innovative person; I can easily modify ideas in exploiting a given business opportunity. I have the confidence and passion of extending basic ideas or even combining information from many sources and integrate all that into new and useful products or services in meeting the demands of my target group.
I am also a charismatic person; I have the capability of instilling optimism in other people and this attribute is instrumental in inspiring the different participants in a business setting such as employees, customers, suppliers, and the entire society within which my business is operating. My hardworking nature is essential in the success of any business venture.
I believe that the success of my business depends majorly on my own efforts. Finally, I am self reliant thus able to recognize the challenges involved in starting a given business venture and pull my efforts together to overcome them. However, I have a few weaknesses that I need to work on.
As it is the nature of human beings, I have some weaknesses that I cannot overlook in evaluating my suitability as an entrepreneur. I sometimes tend to be impatient.
Impatience may drive me to come up with new business ideas without giving full attention in exploiting the existing ones, which could be much better than the new ones. I need to embrace patience and faith in the existing ideas, as this aspect is fundamental in giving much more time to evaluate a given idea before seeking to implement another.
In addition, self-confidence is another trait that may negatively affect my business. I rarely consult people in various matters because I always tend to feel that I am the most appropriate besides having the best ideas.
Nevertheless, it is important to seek professional advice from successful businesspersons, which could be instrumental in enriching my understanding of the business sector. Procrastination is the other weakness that may hurt my chances of starting a business. In most cases, I procrastinate because of considering myself inadequate in a given field.
Therefore, I take unnecessarily long time before commencing activities and this could negatively influence my business aspirations. In dealing with procrastination, I need to learn the art of believing in my abilities more than my inadequacies.
Evaluation of one’s strengths and weaknesses is essential in determining his/her success in business. Following the above discussion, it is evident that my strengths outweigh my weaknesses. However, to exploit my full business potential, I need to work on my weaknesses. As a result, I will be more patient besides getting more business prowess due to the advice from successful businesspersons.
Brandstatter, Hermann. “Becoming an entrepreneur – a question of personality
Structure.” Journal of Economic Psychology 18.2 (1997): 157-177.