Entrepreneurs Are A Peculiar Lot.

They come from 3 sources:

1.    People who think they can do a better job on their own than working in a company – they’re right, but they don’t know anything about running a business or telling the world about it.  They are great technicians or technologists, and need to be careful of the ‘Field of Dreams Syndrome’ (If I build it, they will come). By the way, they are also likely to be introverts.

2.    People who have been right-sized or down-sized, and are not likely to get another job, or have decided not to look for another job because they have found themselves in the same situation before.  “If I work for myself I can’t be downsized”. The ‘Reluctant Entrepreneur’.  May lack one or both of the above.

3.    People who always wanted their own business and strive to build or buy one. 

Entrepreneurs have a few traits in common:

·         Single minded about their business, they want to do it their way.

·         They often miss opportunities to find more business for various reasons, often because they are ‘too busy’ doing something they should delegate.

·         They want to do it all themselves, because delegating means paying someone and that will cost money (don’t understand it will free up their time for higher value activity).

·         They focus on the problem at hand (and there is one crisis right after another)

·         They think that if they Market, they don’t have to Sell.

·         An entrepreneurial business solves a problem that usually exists within a window of opportunity. Times change or the window moves or closes. Entrepreneurs often forget this. They often don’t change with the times and seek new opportunities.

The solution?  Entrepreneurs should take time to work on their business, take a long term view and a short term view.  They need a business plan and a marketing plan, and they should get professional help to do it so there is an objective and realistic look at the situation.

 Margaret C. Pennyfather has worked with hundreds of small businesses to create business plans and marketing plans with immediate dramatic positive effect.  She identifies the strengths and the gaps, formulates  and actions the solutions.  There are many small businesses enjoying success and entrepreneurs looking forward to a prosperous retirement.  consulting@marketingstrategiesnetwork.com.