Key Elements of Entrepreneurship

We know there are many people who have tried to be entrepreneurs, but really how many have been so successful. Do they have the key elements of entrepreneurship? As I have lived failures when starting businesses, those same mistakes will help build strength that allows to return to act with more experience at the time to be a successful entrepreneur.

Being an entrepreneur is not an endpoint, it is a lifestyle that can make you forever live with it. You must have the spark to start and grow a business. Being entrepreneur will be characterize you with a spirit for wanting to change something in your environment. It is a long term path to develop the key elements of entrepreneurship. Whether because of economic necessity, or a benefit to the community, an enterpreneur move his different ideals to lead to success or failure.

As entrepreneurs we recognize when we are wrong, and over all we know that there are key elements that can help us for a greater success.

I share with you four key elements of entrepreneurship that are needed to be succesful according to Jeff Charles SmallBizTrends.

hand of a businesswoman is holding a pen pointing at the graph and using a laptop


In one of my attempts to start a business in something I liked, I recognize that I had the error of not being persistent. I wanted to have an immediate market response because I believed that what I offered was really necessary. But I fell into an error, I was desperated by not seeing quick results.

Perseverance is undoubtedly the most important skill an entrepreneur can have. Without perseverance, quality or innovation will not matter. Perseverance helps you keep striving every day no matter if they are good days or bad days. The results take time to arrive, but consistency is what will allow you to achieve your goals. Perseverance is absolutely necessary for the success of an entrepreneur, and perhaps we are so involved in improving one aspect at the time, maybe we ignore the daily motivation that leads to continuous effort.

How many success stories have been heard without having any difficulty? Surely few or none, the way of an entrepreneur is full of challenges and it is his courage that will take you to persevere to achieve success. In addition, it is better to tell a story with a difficult climax where you become your own hero. The entrepreneurs who keep going and create new products walk closer to success.

Certainly, being constant and persevere in hard time is one of the key elements of entrepreneurship.

Manage your cash flow

And why start a business without having the goal of being profitable? Companies need to generate revenue so that they can keep running over time. It is also likely that one of the main reasons why entrepreneurs start to create value and build wealth. However, when you are starting a business with a goal besides making more money, you still need it to create assets that generate the wealth with a responsible management.

Having large income streams and not know how to use them can take you to failure. The entrepreneur must constantly learn and stay updated about his finances. Developing knowledge in financial management is another of the key elements of entrepreneurship that must be developed to keep healthy finances, and therefore a better chance of success.

It is also ideal to have some expert or accountant who will support you at some point when you feel overwhelmed or hard to solve problems in monetary matters. Remember, maybe you are the head of the idea, but at some point you can not do everything.

To be able to manage properly the cash flow of a business and improving its income it is an indicator that the entrepreneur is developing one of the key elements of entrepreneurship. 

young female entrepreneur reading electronic book on laptop during lunch in modern restaurant
Entrepreneurial Process Stages

Turn yourself into an Influencer

Being a leader is knowing how to reach the minds and hearts of people. As an entrepreneur and future businessman too much time will be taken to have influence over people. To get them together and turn them into a good team that achieves what you want to accomplish. Leadership role models constantly change over time, and to become an influence will certainly be important because it will help you to overcome the problems that arise. Not only for the fact that there are people who will follow you, but because you generate confidence and transmit energy to a team that will be with you to solve those obstacles.

In short, you can not succeed if you do not know how to move others to action. As a head in a large corporation you have authority, but as an entrepreneur you have to earn that respect to have influence on people, especially if you want to be a successful entrepreneur. Also, the influence should run out of the organization with customers and potential investors. You must convince people that your idea is successful and show your vision so that they can also adopt it.

Being an leader takes time to learn from mistakes, but as one walks the path of entrepreneurship, the leadership skill is developed and the person can fully acknowledge himself on working in all the key elements of entrepreneurship.

Don't do it alone

One of the biggest mistakes entrepreneurs make is to do everything themselves. Believing that the only way to succeed is to make on behalf of one, it falls in an error. Some want to do everything, from sales, marketing, finance, to design websites. It sounds pretty tired, and yes, it is. Maybe at the beginning there is not enough resources to hire each of the different departments, but as you grow, ideally you will be covering key positions that will improve that area. But, doing it alone for long time, it would be criminal.

You need to create a team. The moment you begin to find weaknesses, it’s time to find strong people to support the entrepreneur. We all have our strengths and weaknesses, so the smart thing to do is get those people that we can complete the puzzle.

An important point is that you hire the right people. There are leaders who prefer attitude over skills, because skills can be developed and learned over time. Instead the attitude and values of a person are more difficult to educate.

african entrepreneur reading financial reports working in modern office

In conclusion

As an entrepreneur, it is normal to want to succeed quickly, but remember that to build a great company requires time to have an impact on society. Meditate the key elements of entrepreneurship, and think if you’re working on your perseverance, financial management, your influence and team. Entrepreneurship is to build lock by block to achieve your desired empire. We have mentioned four, but it can also be 5 key elements of entrepreneurship, or even 6 elements of entrepreneurship. What it matters the most is that the entrepreneur is able to recognize the abilities and skills to keep going.

Recap of Key Elements of Entrepreneurship