The Keys to Entrepreneurship
What makes a successful entrepreneur? What can one do to put oneself in a position to succeed on their own? Jay Goltz, for example, is an extremely successful entrepreneur who started his business from the ground up. In the summer of 1978, Jay Goltz founded the Artist’s Frame Service. His business started by using his father’s basement as his office, but eventually moved to an old factory district in Chicago. Today, Goltz’s business in the largest retail, custom picture framing facility in the United States, with over 120 employees and more than $9 million in sales. This success has led Goltz to earn several awards, including being inducted into the Entrepreneurship Hall of Fame. What did Goltz do or possess to make his business venture so successful? Perhaps if one asks the right questions the answers will reveal themselves. Why do entrepreneurs like Jay Goltz succeed when so many others fail? Can a person develop the personality traits to become a successful entrepreneur, and how would one attempt to do that? How important is a business plan when getting started in a business like Goltz’s Artist’s Frame Service? By examining Jay Goltz, and how he started his business, one should be able to identify the attributes that are required to be successful in entrepreneurship.
The Business plan on Is A Small Business Owner An Entrepreneur
Is a small business owner an entrepreneur? In order to answer this difficult question, one must compare characteristics and understand the difference between small business owners and entrepreneurs. Additionally, one must establish baseline definitions of a small business and an entrepreneur. Clear-cut definitions vary on what categorizes a business as small in the government's eyes, thus, size ...
Jay Goltz succeeded in business, I believe, because he was much more prepared than the average person was. Along with possessing key personality traits, Mr. Goltz also had a Bachelor of Arts Degree in Accounting from Northern Illinois University. Goltz also examined other existing framing shops to see how the business is run, and used that knowledge to emphasize his business off the weaknesses of others. For example, Mr. Goltz noticed that many of the framing services did not follow modern management principles. This type of observations and investigations contributed to helping Goltz develop a strong business plan to follow for his new venture. These are all valid reasons as to why Goltz succeeded when so many other entrepreneurs fail.
An individual’s personality traits are often determined by his or hers common environment, or in other words, their past experiences, friends, and style of life. Some of the personality traits that are essential to being successful in entrepreneurship are; tolerant of uncertainty, self–directed, self-nurturing, highly energetic, and action orientated. Goltz also suggests that you must be realistic about yourself and what to expect. Here are a few quotes from Goltz on about various issues; “Do not believe that when you go into business for yourself, you don’t have to answer to anyone, because in reality when you go into business for yourself you must answer to everyone.” “Hard work is not the surest route to success. If that were true then most people would be successful. Leveraging your assets and going with your strengths is the best way to achieve success.” (http://www.bossschool.com) Once a person has discovered his or hers strengths and weaknesses, then one can begin the process of developing and improving their personal traits that will lead them to success.
A business plan is vital to the success of one’s business. Not only does it give the business a direction and goals, but it takes away some of the unknowns that the future might hold. You must be realistic when making your business goals. Mr. Goltz has said, “No company can give the best prices, outstanding quality, and exceptional service and survive in business very long.” (www.dealconsulting.com/quotes/june1098.html) One must be wary of many things. To set oneself up for success, creating a business plan is one of the essential pieces to the puzzle of success.
Student Success Plan. Ccollege prep essay
This personalized Student Success Plan will help you reflect on past positive accomplishments you have made as a student and obstacles you have faced and overcome in previous terms. Once you identify your current status, you will analyze what you want to accomplish and how you will get there. You will also see that you are not alone on your educational journey. Your instructor is committed to ...
So now, what does it take to make a successful entrepreneur? Well, to start off one must be prepared. Some ways to prepare would be; increasing your education, study the market you are entering, and know your competitors and how you might improve above them. One must also possess or attain key personality traits. Self-energetic, action orientated, and self-nurturing are some excellent examples. Finally one must have a realistic business plan. By taking the time to develop a long-term plan, one is increasing his or her chances for success.
Bibliography
References
13 Popular Myths About Business, Jay Goltz
Books for Small Business
Quotes, June 10, 1998
Who is Jay Goltz
