Are Entrepreneurs Born or Made?

“Are entrepreneurs born or made?” This is one of the eternal questions in entrepreneurship. Some people believe that entrepreneurship can be taught, and that there are skills needed to succeed in business that you can learn. Others, on the other hand, think that entrepreneurship is innate and that some people are born with the qualities that make for a successful entrepreneur.

In a good discussion in LinkedIn Answers on whether entrepreneurship can be taught, Susan Payton, President, Egg Marketing & Communications said in LinkedIn Answers:

“You can learn qualities and characteristics of entrepreneurship, but the truly successful ones are born with the ability to handle risk, work hard and work for no money at times. They’re born with the ability to go when there seems to be no reason to continue to go on in a business. That cannot be learned.”

There are also people who say that some aspects of successful entrepreneurship cannot be taught, but that some parts can definitely be honed and learned. Mike Pisciotta, a Social Media & Internet Marketing Strategist

“Entrepreneurship is a two-faceted skill and pieces of it are naturally inherent and others are learned and honed. I believe the drive and motivation can’t be taught but the ability to see opportunity and how to capitalize on it can definitely be taught and honed.

Very often entrepreneurs are rough around the edges and need some honing and with the right amount of training and focus they can blossom into successful business owners!”
It is undeniable that some people are more predisposed to becoming an entrepreneur — and succeeding at it. While those people will certainly have a head start, others believe that entrepreneurship can be taught to anyone. Andrew Corbett, in his article “You Can’t Teach Entrepreneurship” argued that colleges and universities can teach entrepreneurship well. He writes that you can certainly teach the general skills that are needed in business. Furthermore, the education and research sectors have improved significantly through the years that the schools are now better equipped to teach about entrepreneurship.
To support his assertion, he quoted his friend and colleague Mike Haynie from Syracuse University’s Department of Entrepreneurship and Emerging Enterprises about teaching entrepreneurship:

“Arguably, you can teach anyone 99% of the ‘activities’ related to launching and growing a venture, and we do every day in b-schools everywhere. This is because, at the end of the day, these are fundamental business skills and processes that are not necessarily idiosyncratic to entrepreneurship – other than the context of new firms. So given that, I would argue that I can teach someone to be very skilled in those processes. We can teach someone how to write a great business plan, develop a great marketing strategy, produce financial projections, etc. – thus we can teach the activities that compose that act of ‘entrepreneurship’ – starting and growing a venture.”

Perhaps one of the best pieces that looked at the issue whether can be taught or not is Wall Street Journal’s article “Can Entrepreneurship be Taught?” . The article features two authors arguing for both sides of the debate: Dr. Noam Wasserman (entrepreneurship professor at Harvard) arguing for pro and Mr. Victor Hwang (author and managing partner in a venture capital firm) argues for con.
Dr. Wasserman urges to “take the lessons about what works and what doesn’t, analyze and organize them, and then teach them—just as we do with engineers, doctors and lawyers.”
Mr. Hwang asserts that, “Entrepreneurship can’t be taught in a regular classroom any more than surfboarding can. To learn it, you have to get your feet wet in the real world.” He doesn’t believe the argument that business education can teach people the skills needed to succeed as an entrepreneur. As he states,

“M.B.A. training helps you learn to allocate resources and calculate risk, which are skills that can be quantified and taught. The life skills needed for entrepreneurship can’t be …. Entrepreneurs hone their craft through experimentation and collaboration in the real world. They learn best by rolling up their sleeves and building companies, while surrounded by a supportive mentor and peer community.”

There are lots of good points in both sides. My takeaway from all these is that there are definitely  qualities that an entrepreneur must possess in order to succeed.  It’s up to you to honestly look at yourself to see whether you do have those qualities. For those qualities that you don’t have, you can find ways to improve yourself, develop that skill or find someone you can work with who possesses those skills. After all, one of the most important skills of the most successful entrepreneurs is their ability to find and surround themselves with the best talents.
I just believe that if you put your mind to it, you can learn anything. It doesn’t mean that you have to go back to college or business school (though they are certainly valid options), but learn the skills you need through the technique that works well for you. If you learn best by reading, start by going to the library. If you learn through observation, then find mentors or advisers whose wisdom you admire and observe them closely. There are techniques, exercises and learning materials to teach you the skills you need.
Do you think entrepreneurship can be taught? Or are entrepreneurs simply born with it?

Recommended Books on Entrepreneurship:
Double Your Business: How to Break Through the Barriers to Higher Growth, Turnover and Profit (Financial Times Series)
Anyone Can Do It: My Story
The Small Business Start-Up Workbook: A step-by-step guide to starting the business you've dreamed of
Tags: entrepreneurship, Successful Entrepreneurs  Category: Entrepreneurial Success Nach Maravilla is the Publisher of PowerHomebiz.com. He has over thirty years experience in sales and marketing of various products, which covered as he jokingly describes, "from toothpicks to airplanes" He also had extensive experience in International trading and he always excelled in special promotional ideas for retail outlets.
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How to Interview Customers and Get the Answers Your Business Needs

Many businesses need to know what their customers think and want, but getting the answers to their pressing questions isn’t as easy as it seems. It’s not that customers lie; it’s just that they don’t always tell the truth, are trying to spare your feelings, or are simply too busy to talk.

So how do you get the information you need to run your business more effectively?


It’s important to know you don’t have to interview hundreds of customers to get your answers. While most people believe their situation is different and unique, in reality, it’s not. Most people have similar needs, problems, and experiences. When interviewing customers, a consistent picture forms in as few as 20 customer interviews.

If your business is small right now, try to interview 10 customers per week. I usually send out emails asking for an interview in batches of 10 and I’ll get up to 8 positive responses each week. I don’t do too many at a time because even 8 interviews can be a big hit on my weekly schedule.
The first step is to send an email and make it brief. It should only be 2 or 4 lines. The structure of the email is simple: introduce yourself, ask the customer for a 15 to 20 minute phone conversation, tell them why you want to talk to them, and offer to call their assistant to arrange a specific time. Many customers feel honored that their opinion matters.

Always leave an hour in your schedule for the interview. I’ve rarely had one end in 15 minutes; mostly the customer keeps talking for 30 to 45 minutes. If I asked for 15 to 20 minutes, I make a point of showing respect for their time and ask them if they want to end the conversation after the allotted time.
Sometimes you don’t really know one customer from another, and so just asking all of them is the best you can do. If your customers have ever filled out a questionnaire, you may be able to target the ones in a particular category. If you know your customers, start by picking the happiest ones because you want to find more like them.

There are mistakes people make when conducting customer interviews. First, surveys don’t produce the same level of information that an interactive conversation does. In my personal experience, I get at least twice as much information from a conversation than from a fill-in-the-blank survey. Next, phone conversations work the best. In-person interviews are hindered by interpersonal dynamics. Lastly, don’t call customers out of the blue, make an appointment and get on their schedule. Everyone is busy. Calling someone unexpectedly just interrupts their already tight and overbooked schedules, and they are likely to cut your short.

If you feel you need to do in-person interviews, here are a few hints. See if you can meet them at a tradeshow, conference or networking event. The reason is people at these events are removed from their day-to-day situations and are at these events to talk to others. They are more likely to be relaxed and willing to give up more insightful information. Second, if you are at their offices, having a customer show you what they do or how they use your product is more useful than them telling you. If your customer is reporting in their weekly status report to their manager that a task takes 30 minutes per week, they may not want to have their boss overhear that it’s really taking them 4 hours to do the task.

Next, decide what it is you want to know and then outline the line of questioning. I recommend limiting it to 5 related questions. You don’t want a yes or no conversation, but an interactive dialogue. A few questions works best because then you can probe deeper or even redirect the conversation based upon the answers.
I always take lots of notes during my interviews. You can even record your interview, but if you do, tell the customer. Some people tend to clam up if the conversation is recorded, but not when you are taking notes.

After the interview is done, I review my notes and write a summary. Often, just the tone of their voice, or how the hesitate to answer a question can mean a lot.

Remember to thank them for their time. If you want to splurge, a gift card for a cup of coffee at Starbucks is all it takes to make them feel appreciated.

Recommended Books on Market Research
The Handbook of Online and Social Media Research: Tools and Techniques for Market Researchers
Marketing Research: tools and techniques

About the Author
Cynthia Kocialski is the founder of three start-ups and helps entrepreneurs transform their ideas into new businesses. Cynthia is the author of Startup from the Ground Up and Out of the Classroom Lessons in Success. Cynthia writes regularly at Start-up Entrepreneurs’ Blog. and provides in her video series information on Business Startup Success.
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Tags: market research Category: Customer Service
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Business Startup & Operation Manual

With Millions Of People Unemployed Or Underemployed, This Manual Provides All The Info Needed To Start And Operate A Business Either Part Or Full Time. Bonus Plan! Affiliate Info Http://www.bizstartupmanual.com/af.html

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Profit From Twitter

This Ebook Will Show You How To Effectively Set Up And Use Your Twitter Account To Target Followers Who Will Become Your Loyal Customers. Twitter Is One Of The Largest Social Media Websites And Provides A Fantastic Opportunity For Online Commerce.

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What It Takes To Earn $1,000,000 In Direct Sales

Million Dollar Achievers Reveal The Secrets To Becoming Wildly Successful. Exclusive Interviews With Women Who Have Earned Over 1 Million In Direct Sales, Network Marketing, And Mlm. These Are The Unwritten Rules Of Direct Selling!

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How to Choose the Products to Sell in Your Small Retail Store

One of the most difficult decisions you will make when starting and operating a small retail store is picking products to sell to your customers. There are a number of factors that you need to consider when making your selections for your inventory. The last thing you want is to choose items that fail to sell, which in turn will jeopardize your store’s sales and profits at the same time.
When choosing the products to sell in your retail store, there are some questions that you need to ask. Even though subsequent questions can’t keep you from choosing ill-fated products, they will help minimize pricey mistakes.

It is not sufficient that a product sells; it should sell through swiftly enough to avoid getting stale. Your clients will recognize if the exact same items are located on the shelves every time they come. Many will put off their acquisitions until you mark down the item’s price. Other folks may be dissuaded from buying it altogether.
Prior to incorporating an item to your inventory, think about how quickly it will sell. It does not have to be bought by all your customers. But there must be adequate desire to move it off your floors without having to resort to expensive markdowns.

Even if a new item sells swiftly, make sure it provides a profit margin that is high enough to deliver a satisfactory profit. For instance, if your store’s standard profit margin is 50 percent, think carefully before carrying a product that offers a 25 percent margin.
The edges you preserve on each and every product you sell will certainly play an essential part in your store’s long-term achievements. Do not compromise them; do almost everything you can to prevent them from erosion.

Unless you operate a specialty retail enterprise in a very small area of interest, you will probably have competitors selling the exact same items carried by your store. Typically, competition is inevitable. But it’s worth discovering how loaded a market is for an item you happen to be considering adding to your inventory. Too much rivalry, particularly from the big-box retailers, can depress product sales.
There are several ways for self-sufficient retailers to outcompete their bigger rivals; but having the same products at increased costs (due to less volume) is not one of them.

A common mistake committed by small store proprietors is to add new products which have very little in keeping with their areas of focus. For example, a home and garden shop may carry sun glasses; a clothes store may carry jewelry; a hair and beauty supplier may add well-liked films on DVD.
The intention is usually the exact same: to find a way to increase the company’s sales and profits. But the result is that the shop’s stock gradually loses focus on the areas in which it is an expert; before adding a product to your retail store’s floors, make sure it complements your existing assortments.

A fast-selling, high-margin product that matches the rest of your items may make an ideal addition to your shop; but it is essential that the distributor of the merchandise is trustworthy. If demand is high, and you are unable to rejuvenate your inventory when necessary, your clients may grow to be disappointed, and look somewhere else. If this happens, you could find yourself having a going out of business sale.
Conduct a bit of due diligence prior to committing a part of your stock to a new item. Additionally, start with small acquisitions, and raise the quantity as you gain confidence in the supplier’s ability to meet the demand.
Running a small retail company involves a number of critical tasks, such as getting to know your customers, hiring and dealing with employees, and marketing your store. Selecting products is another key factor that influences your achievements

The correct selections may satisfy your customers while enhancing your company’s long-term earnings.
For more information on starting a retail store, visit our section on the Retail Business.

About the Author:
The article was written by James Bulger. Learn more about about going out of business sales at www.gawrightsales.com
How to Choose the Products to Sell in Your Small Retail Store, 1.0 out of 5 based on 1 rating
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Tags: retail business, retail storeCategory: Starting a Business
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Where to Find New Product Ideas

One way to grow your business and increase your profits is to think of new product ideas for your small business. You can offer something totally new, create derivative products from your existing ones, or branch out into something totally different.
But where do you find new product ideas?

According to the article How to Find Ideas to Improve Your Home Business, there are a number of ways you can get inspiration and ideas for your business. You can reach out and get feedback from customers, seek out like-minded entrepreneurs, check out competitors and keep yourself updated by learning and reading.
Another way to find new ideas for your business is to attend industry events, trade shows, conventions, exhibitions, art shows and the like — both in and out of your industry. These events are fertile grounds for generating fresh ideas and allow you to see new products, new concepts and upcoming trends that you can build into your business. You can even get ideas from seeing what your competitors are doing!
Take for example the wholesaler Wuu Jau Company http://www.wuujau.com/, a family business based in Oklahama founded by Ben and Margaret Lu. Started in 1984, the company offers various collector and cutlery items such as swords, daggers, crossbows, pocketknives and throwing knives. One important strategy that Wuu Jau used to grow their business is by constantly rethinking their product offerings to keep ahead of their competitors and respond to what their clients want. Ideas for their new products come from various sources, from listening to their customers’ feedback to seeing what’s out there through trade shows.
One of the best-selling products of Wuu Jau is gift box knives. Margaret Lu got the idea for the product after going to an art show and seeing little artworks placed in a gift box. She rightly thought that the idea will translate well to her own business, and this led her to adding a product line of gift box knives or collectibles.
The company also introduced samurai swords as a result of a visit to a trade show. In an interview with Wholesale Magazine, Michael Lu (the son and currently Vice President of Wuu Jau) explained how attending a trade show gave their dad the idea of offering samurai swords.

“In the late ‘80s, my dad went to a trade show, and at that time, importing from China was just starting. With cutlery like samurai swords, most of them were handmade and really high quality stuff from Japan, and my dad noticed that people really liked them, but the prices were near $1,000 each. So he thought if we imported something like this from China, and it doesn’t have to be as functional, it could be more affordable for the average person who just wants to collect and put it in a display or case. At the time, there wasn’t anybody importing three-piece samurai sword sets, and a couple of the Japanese sword makers were furious, because we were selling it for maybe ten percent of their prices.”

Wuu Jau also gets their product ideas from what the customers say, and how they perceive the products they offer, and what customers are looking for.
The company updated its Live Action Role Playing line, which are swords and axes used by fantasy fans, after analyzing the products being returned, and what condition these products are in when customers return them. They saw an opportunity to improve their products so it would better serve the needs of their target market.

“We’ve been carrying foam weapons for a while, but because people want to fight with them, we were getting returns with the weapons all busted up … We went to China to see if we could come up with a new material to make merchandise that was more durable and lightweight, and we’ve come up with this new material … so it holds up better.”

Opportunities to improve the performance of your business and increase your bottomline are everywhere — you just have to look for them!

Recommended Books on New Product Ideas: 

Grow Your Service Firm
Teach Yourself Successful Market Research in a Week
The Strategy Book: How to Think and Act Strategically to Deliver Outstanding Results (Financial Times Series)



Tags: getting products to marketCategory: Growing Isabel Isidro is the co-founder of PowerHomeBiz.com. A mom of three boys, avid vintage postcard collector, frustrated scrapbooker, she also manages WomenHomeBusiness.com and LearningfromBigBoys.com. Follow her on Twitter and connect with her on Google +
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