This article has been extracted from How Much Should An Entrepreneur Or Small Business Owner Earn?
Every business is different but there are at least five essential components to entrepreneurship:
- Ideas - a clear vision of the future and ideas for turning the dream into reality
- Management skills - the ideas need to be implemented effectively and efficiently
- Time and commitment - the focused time the entrepreneur is prepared to invest in the business.
- it often requires an initial investment to build a business to a
level where it can generate cash on an ongoing basis and the
entrepreneur needs to be able to provide or raise the cash. Other tangible assets might also be used to support a business like a property.
- Relationships and reputation