Planning on your Business Prospect

Things You Need to Know About Prospecting

All aspiring entrepreneurs and curious minds hear me out to all journey that delves into the heart and soul of entrepreneurship. In this blog, we will unravel the fundamental skills and traits required for success in the dynamic world of business. From the art of money and time management to the audacity to seize new opportunities, we will explore the very essence of entrepreneurship.

Part 1: The Entrepreneurial Skill Set

To embark on the path of entrepreneurship, one must be equipped with essential skills. Among them, superior money and time management skills stand tall. An entrepreneur must have the finesse to juggle multiple tasks without losing focus on any. The hallmark of a successful entrepreneur is the fearlessness to act on fresh opportunities and the acumen to identify them.
But what happens when traditional business tools and concepts fall short, and the need for advanced business models arises? To thrive in this era, today's strategists require a different mindset—a strategic and practical approach that thrives in rapidly changing, uncertain environments. This entails rejuvenating organizations to embrace new opportunities and establishing entrepreneurial guidelines for adapting and evolving within their competitive domains.
We will explore key lessons from leading companies and entrepreneurs, equipping aspiring entrepreneurs with exercises for capitalizing on rapid changes and uncertainties. From creating entrepreneurial blueprints to mobilizing revolutionary ideas and fostering dynamic execution, this blog will provide the tools needed to thrive in the unpredictable world of entrepreneurship.

Part 2: The Entrepreneurial Mindset

The entrepreneurial mindset isn't limited to entrepreneurs alone; it extends to all aspects of business and society. Entrepreneurs are often seen as risk-takers, innovators, and creators. They constantly seek new ventures and are unafraid to challenge the status quo. This mindset isn't just about making profits; it's about reshaping industries, revitalizing markets, and driving innovation.
One of the defining characteristics of an entrepreneur is the willingness to take calculated risks. Success in entrepreneurship requires a careful assessment of risk, balancing it with the potential for innovation and creativity. Entrepreneurs often invest their own money and resources, putting their financial stability on the line. Yet, the allure of notoriety, societal contribution, and independence often outweighs the immediate rewards.

Part 3: Traits of an Entrepreneur

Entrepreneurs possess unique characteristics and traits that set them apart. They are known for spontaneity, creativity, and the ability to make decisions with limited information. The driving force behind entrepreneurs is the desire to create something new or tangible, often with the aim of revolutionizing industries. Their ability to thrive on risk and their involvement in ventures with low success rates require patience, perseverance, and adaptability. Entrepreneurs are not just creators; they are societal drivers. Governments and organizations often support them through tax exemptions, management advice, and access to capital. However, managing a growing company can present challenges for entrepreneurs accustomed to independence. The shift from a small, stable enterprise to a larger, more complex organization demands a shift in priorities. Sometimes, this transition leads entrepreneurs to explore new ventures or adapt to new roles.

In this blog, we'll explore the dynamic world of entrepreneurship, where risk meets innovation, and where independent spirits forge their path towards success. Join us as we unlock the secrets of entrepreneurship and cultivate the entrepreneurial spirit within.

Another readily noticeable characteristic of an entrepreneur is his self-confidence. This is a very important aspect since entrepreneurs attempt to succeed commonly with the help of new ideas. It is generally seen that often time people are skeptical of the ideas of entrepreneurs that have not been proven that they could be of any use, or sometimes when the aspirant entrepreneur attempts to achieve great heights and people do not perceive him to do so good. This is the very reason that entrepreneurs get a lot of support from the inner resources.

Entrepreneurs are the people who have the tendency to be highly driven and unlike many others who are comfortable working as employees, they do not require the threat of the hierarchy to act upon what is to be done for the company. Most of the entrepreneurs do not depend upon other people for encouragement for acting on their ideas or for any other motivation. The one who is an entrepreneur constantly works towards their goals with an urgency that is generated by them. The list of tasks that are to be completed by the entrepreneur is a long one in order for him to realize his goal. The one who is able to delegate most of these responsibilities to others in order to achieve his task is the fortunate one; however many times an entrepreneur has to rely on himself till he achieves success to a certain degree. Keeping such situations in mind the characteristics of an entrepreneur must include being a persistent hard-worker and ability to multi-task.

Perseverance is also a key factor of their characteristics. It is almost impossible to find an entrepreneur who has achieved his goals very easily with no obstacles. There are often times when they have to face the gravest of failures. But it is the strength of their character that makes them so strong and they refuse to give up and succumb to failures, moreover changing the failures into a new challenge. Finally entrepreneurs have the ability for great detail, since it is necessary to focus on the minute details in order to achieve a goal with precision. For instance, the entrepreneurs have to deal with the costs at one point or another in their ventures by streamlining it. Also, a great deal of concentration is put into the technical aspects in order to locate the tiny glitch that is creating a major problem in production. A big part is being able to tackle these hurdles.

Entrepreneur Skills

It is required for an entrepreneur to have excellent communication skills, the job of an entrepreneur requires him/her to be constantly putting forth their ideas, efforts and talents to different kinds of people in the organization and he/she must be able to communicate well with them all. If the communication is not good, there might arise difficulties in getting support or recognition or to build clientele. Apart from the communication an entrepreneur must be able to listen to the advises and opinions from others even if he doesn’t want to, apart from that to maintain the flow of communication and to be well informed about the company and the ventures.


Managing time is an essential skill that the entrepreneur must possess. The people who are the employees have a given objective and a given time in which they have to complete a given task, however in the case of an entrepreneur, the guidelines and goals are set by himself in order for him to achieve them and a successful entrepreneur knows how to manage his time well in order to realize his goals as fast as he can.


Money management is also a very crucial skill that an entrepreneur must possess. In case the entrepreneur is highly skilled at making money but tends to become careless afterwards, there are chances that he might experience failure due to it. An efficient entrepreneur knows how to invest his money and also save a lot wisely so as not to cause havoc when the venture or ideas fail which may cause a loss of money. So, a successful entrepreneur must be able to spend as well as save his money wisely in order to direct efficiently towards his goals.

Although most people do not see it as a skill, it is very important that an entrepreneur is able to concentrate well on minute details of different tasks in a venture in order to achieve his/her goal. If the mind is scattered and an entrepreneur is unable to constantly focus on his tasks, the chances are that he might face a lot of difficulty in realizing his goals in the ventures at hand, as they may find that are chasing multiple ideas to no avail. Apart from concentration, another essential skill for becoming a successful entrepreneur is the ability to multi-task on various tasks all at once. Multi-tasking is the skill which should be at the top of the list of abilities that an entrepreneur must possess, as an entrepreneur seldom has the luxury of taking up and finishing one task at one time. On the contrary, it is required for an entrepreneur to be engaged actively in multiple things at once on which he/she must devote equal attention as well as effort.

Finally the list of the skills required to become a successful entrepreneur is incomplete without the ability to recognize the opportunities. If an entrepreneur is too focused on a single thing and in one single direction, the growth in the operation gets stifled and it takes a lot of effort to manage the business ideas and the person has to struggle through it. So it is very important that the entrepreneur recognizes the opportunity when he/she sees it, in order to analyze it carefully and to act on it.

Among the various types of ideas of getting an entrepreneur breakthrough are the ideas of small business as well as innovative ideas. The ideas of young entrepreneurs may also be discussed in this section. The idea of entrepreneurs may be towards gearing up the starting of a business venture or may be for the expansion of the already existing business. It may also be that they may purchase the shares of a large business and become a franchisee.

Plan It Well

The idea of initiating a new business is most common among entrepreneurs. Either one or a group of people may get the idea and concept of a brand new business or may come to a decision of entering an already popular business. For example, an entrepreneur may either introduce a new product or technology to the market or may opt to enter with products and technologies already existing in the market, but with a different approach that is unique and creating a new brand name with the products that are familiar and that are differentiated from the rest of such products in the market. So whether or not the business ideas are new or old, the scope of adding a twist to the already existing business or introducing a completely new idea gives the entrepreneurs a limitless scope for improvisation and success.

To initiate a new kind of business requires new innovations and technological inventions. It can be anything from a new concoction to a new technology that the market hasn’t witnessed before or a series of new creations. The function of the society can be changed by the unique entrepreneur ideas and introduction of new and unique technologies into the market. Some of the major evidence that we can see today are the inventions like vaccines, computers, mobile phones, refrigerators, etc.

It is very usual that young and enthusiastic entrepreneurs with fresh ideas grab more and more attention since they are originated from the sources that are unexpected. It is these ideas that have the tendency to create a business and ideas can come from any source, not just highly qualified entrepreneurs but also from young children or young adults, since ‘Necessity is the mother of all inventions’ and so the young generations are more in need of solutions to their little big issues pertaining to their education or hobby etc. It is mostly seen that children and people in their adolescence are highly imaginative and can think of amazing business ideas. So, it is very likely that such gifted youths move ahead to become successful entrepreneurs given that they adapt the characteristics and skills required for this field. The entrepreneurs are usually surrounded by media for their new ideas and also because it has come from a person who is so young.

The ideas of entrepreneurship may also include investment in the brand that is already familiar, for example a franchise of fast food chains or convenience store. Although these are not new or fresh ideas in which an entrepreneur is investing in, but some unique or different idea might be introduced by them in order to make their venture more attractive, user-friendly and different from the others in the market. The entrepreneur may usually purchase a franchise for its strong brand name; hence the entrepreneur has to learn how the franchisor practices the business in order to operate it and to make it grow.

Entrepreneurs are also required to have a deep knowledge about the market and the industry competition in order to make sure whether or not a given idea or new venture would be a success in the market or not. There are five major forces that drive competition in industry.

• The rivalry between the existing firms in market

• The entry of a new and potential competitor in the market

• The development of the substitute products

• The power of bargaining of the suppliers

• And the power of bargaining of the costumers.

However, in modern times the strategies are placed on dynamism, hard completion and fast reaction to new technologies. Although the managers from the past few decades had to face the brutality of competition of the free market, in recent times information, technology, and globalization are responsible for the growth and significant changes in the revenue. The shifting of patterns of communication and the developments are forcing the companies to deal with issues on an operating level. So eventually, as the boundary of the competition becomes weak, the rivalries of the constant competitive forces get intensified as well as short, the company then seeks to dynamically develop with some fast-changing strategies. In the light of such a competitive atmosphere, the leadership and mindset of an entrepreneur are the foundation on which the new opportunity for the company can be framed. The entrepreneurial strategies also include the growth of a company through market-busting tactics which are basically the moves that are identified, and the opportunities are tracked down for the constant strategic growth. Two of the most recent changes that had occurred in the field of entrepreneurship are, that information technology and Internet are playing a major role in creation of new opportunities in the market and that the manager’s job, as in the person who attempts to adapt the entrepreneurial mindset has grown tough. After the year 2000, the companies have more pressure of growth on them than the predecessors. And although there is a lot of pressure, there are still ample opportunities and unique dynamics in today’s environment for business.

The strategies for entrepreneurial breakthrough are also involved in the creation of the market-buster strategies, which are basically that:

• To scrutinize the total experience of the customers and to transform it ultimately. In this strategy it is important to study the customer and the experience of the customer. It is required that the customer’s consumption chain is analyzed, which is basically the series of activities that customers get engaged in, in order to meet their needs. There is a significant variation in this which depends upon the different type of product. For example, for buying a hamburger the diners or the restaurants can install takeaway parcels for driving the car to the window of the diner. Similarly, in case of selling automobiles, the sellers or manufacturers can sell them online which would give the customers relief from having to come all the way to the showroom or store to buy it. The products and services can also be transformed by trying to identify the chances to either add or remove certain features, or simply by targeting more specific customers and their needs and requirements. This is also to be seen that the number of competitors in the business also has an effect on the decisive nature of the customer, and it is to be constantly inspected whether the product of the competitor is more in demand than yours.

• The second strategy focuses on the investors. The approach by which it is achieved is by redefining the metrics that drive the products by drastically modifying the significant variables which are reflected as standards of competition in an industry. The main goal of this strategy is to create advantages in the market, as well as to have a constructive effect on the stock of the firm. It is required by the entrepreneurs to analyze the ‘Key metrics. The key metrics means the amount of products or units of business that can be sold by the entrepreneur, and the total profit gained from that sale. This analysis allows the entrepreneur to redefine the main source and drive of profit.

• The third strategy is to study and scrutinize the industry and adopting a strategy to exploit the changes and shifts. There are a series of patterns of industry changes: The swings in the industry due to the cycle of scarcity and surplus; the shift in the barrier of industry that changes the power relations in the industry; the evolution of the industry naturally; and the shifts in the cost pattern that cause the chain reordering value. These shifts in the industry need to be recognized by the company in the competitive environment in order to adjust the strategy according to the shifting industries.

• The final entrepreneurial strategy is focused mainly on the emerging opportunities and adopting the ways to enter the new market. This strategy involves the innovations and invention changes that are affordable technologically, such as elevators etc; the shift in the norms of the society which alters the behavior such as public smoking banned etc; the change in nature or environment like global warming etc; regulatory changes as well as institutional changes and finally the changes in demography.

The implementation of these strategies requires a meticulous analysis and a series of planning creatively done. The strategic moves for development of the entrepreneurial mindset in order for high growth are to be thoroughly followed, but it is just the beginning of the long journey that is to be taken by the aspiring entrepreneurs and managers. The success of an entrepreneur depends on the sound development of analytical techniques, constant usage of decent tools, and demonstration of a degree of discipline that we will discuss further.

The formulation of these strategies involves challenging work and thus the entrepreneurs must follow mentally through the implementation of their ideas, and take the obstacles head on while anticipating them beforehand. The process of planning requires ensuring the alignment of the desired goals and placing the work appropriately and apart from the strategies and planning. It is also required to have a creative spark in the aspirant entrepreneurs.

So, in short, the corporations as well as the individuals must adopt ways of thinking regarding the business that would capture benefits from the uncertainty. This is what an entrepreneurial mindset is all about. The entrepreneurs with such a mindset go for an opportunity through planning driven by discovery, which basically involves framing, deliverables specification, testing of assumptions, reality specification of competitive market etc. Whether an individual or an organization, the entrepreneur leaders must create a culture by developing of practices that are climate setting, where new initiatives are championed, and the entrepreneurial process is orchestrated.