An entrepreneur is someone who starts or own a business whether it’s in farming, retail manufacturing or in the service sector. Entrepreneurs are business people who find success by taking risks in their pursuits they often become disruptors in established industries.
The four type of Entrepreneurs
- Coasting opportunity comes to them (or does not)
- Conservative (very moderate use of resources, protecting existing resources)
- Aggressive (proactive, all in, actively seeks opportunity)
- Innovator/Revolutionary (attains growth through innovation)
Qualities of a successful entrepreneur
- Discipline- The number one quality of an entrepreneur is self-discipline.
- Curiosity- The best entrepreneurs always want to learn more.
- Willingness to try new things
- Always have a plan
- Understanding the value of self-care
- Taking risks
Skills of entrepreneurial
- Business management skills
- Teamwork and leadership skills
- Communication and listening
- Financial skills
- Analytical and problem-solving skills
- Critical thinking skills
- Strategic thinking and planning skills
Wealth creation is accumulation of assets especially those that generate income over a period of time.
Steps that can be followed to create wealth
- Save smartly - Saving is the first step towards wealth creation.
- Turn your monthly savings into investment.
- Increase your investment periodically.
- Invest lumpsum where possible.
Building wealth is a goal that many people aspire to, but it can often seem like an overwhelming task. It takes time, effort and discipline to be successful with the goal, so do not be lured by get rich-quick schemes and too-good-to be true opportunities that can send you down a dangerous path.
The good news is that there are principles and strategies that can help anyone build and preserve wealth over the long term. The earlier you start putting these into practice, the better your chances of success.
Building wealth over time is a matter of following three basic steps and sticking to them.
- The first step is to earn enough money to cover your basic needs with some left over saving.
- The second step is to manage your spending so that you can maximize your savings.
- The third step is to invest your money in a variety of different assets so that its property diversified for the long haul.
Compiled by: Mr. Samuel Kuria