Systematic planning and monitoring
A successful entrepreneur does not only plan but also follows through the plan systematically, checking if the activities and expected outputs are going on as planned.
Planning enables him to avoid costly mistakes and anticipate possible problems. It enables him to determine what he needs for the business in terms of materials, supplies, equipment, skills, and finances. It enables him to program activities in advance.
Monitoring, on the other hand, is basically verifying whether everything, including results, proceed according to plan. If there is any discrepancy, then either the activities or the plan itself need to be adjusted.
Planning and monitoring can be done in everyday life. For example, in the case of Orly Villa, by monitoring the movement of his fertilizers, garden soil, compost, and the plants, he can plan his next purchase of the materials and schedule replanting for the next batch of plants.
When you had a school project – say a research paper – did you break it down into time allotted for smaller tasks like library work, interviewing, tallying, tabulating, analyzing the data, and report writing? Did you think of all the problems you may encounter later and anticipated solutions? How did you deal with limitations of time? With people who may be too busy to be interviewed? With lack of data? And if one approach to a problem didn’t work, did you think of another?
Persuasion and Networking
The entrepreneur is a natural leader who can win people over to his way of thinking. He should be able to persuade partners to put in their money in his business. A bank to give him a loan. A supplier to give him credit. Other entrepreneurs to give him useful information. Buyers to try his product. He builds a network of contacts useful to starting and building up his business.
In your subdivision, did you once lead a major activity, say celebration of the town fiesta? Did the other homeowners listen to you when you talked? In the office, are you able to get your boss or your peers to support your ideas or recommendations? Are you able to get people with opinions of their own to change their minds because they believed what you said?
Self-confidence
The true entrepreneur is one who believes in himself. He starts with the premise that “I can.” Self-confidence is related to the belief in your capacity to achieve despite the overwhelming odds.
Do you believe that YOU CAN: Do very good work? Stick with your decisions? Overcome difficulties and problems? Succeed in everything you have in your mind?
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Again, if you would like to receive a soft copy of “Your Guide to Starting a Small Enterprise“, please send us a private message on our RICHDADph FACEBOOK page. And we will be glad to answer your queries and request. Looking forward to your comments and suggestions.
