You also need to plan and organize to be a successful entrepreneur. All the drive and determination in the world will still leave you falling flat on your face if you haven’t worked out exactly what it will take in the way of resources to get your business off the ground, and just as importantly, to keep it going in the early stages until the positive cash flow starts coming in to make it self-sustaining. The ultimate resource, of course, that any business needs, is money.
Entrepreneurs need to plan all aspects of their business, but nowhere is planning more critical than with regard to money. If you run out of start-up capital before you reach the point of decent profits coming in, then you are in trouble. This is why one important trait of entrepreneurs needs to be to present their business plan to financial backers in a way that makes them and their business idea appear to be a safe bet to support. These backers are called venture capitalists and they are the lifeblood of entrepreneurship in America.
Marc Sparks is a venture capitalist, based out of Dallas, Texas, who has helped numerous businesses achieve success. He has reached success himself by knowing what to look for when choosing businesses to back. He recommends that entrepreneurs pay attention to what information they are providing potential backers when they come up with presentations for them. He stresses that they keep the presentations simple and that they make an important point with all the visuals and data they convey. Mr. Sparks also believes that someone who wants the backing of a venture capitalist such as himself should be confident enough of their product and the team they work with to have them front and center as part of such a presentation.
There are of course other traits and skills that those who strive to be successful entrepreneurs need, but without the necessary capital, it’s hard to get off the ground even with a boatload of other necessary skills. With the necessary capital, one can hire those people who complement skill sets that they may be lacking in to help ensure the securing of capital for a business and then for the business itself. Entrepreneurship is not for everyone, but for those who have the internal calling to and drive for this type of life, it can be extremely rewarding both financially and personally.