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Think Like an Entrepreneur

vulnerable and can be attacked by lawsuits for a wide variety of reasons. Don’t
underestimate this risk. If, however, you set up the appropriate corporate structure
or limited partnership for your business, and maintain it properly you can minimize
,
your personal liability. Several legal vehicles accomplish this protection: the
C corporation, the S corporation, limited liability partnerships, and the tax-exempt

nonprofit 501(c)3 corporation. For more information, read Chapters 18 and 20 .

Essential Entrepreneurial Power Skills

If entrepreneurship is so compelling, why do so many people hesitate to start

his or her first venture? Because they may be asking themselves this question:

Am I an entrepreneur?

Having coached thousands of students of entrepreneurship over the past
15 years, at all levels—from high school to advanced PhDs to executive
education—you are not alone with this anxiety. This is the wrong question to
ask, however, and one that leads to inaction. Entrepreneurship is not a “yes” or
“no” phenomenon: “Yes, I’m an entrepreneur.” “No, I’m not an entrepreneur.”
Entrepreneurship is not genetic. Entrepreneurship has nothing to do with
your chromosomes or inherited traits. Entrepreneurs are not born; they make
things happen because of their will to succeed and skills and knowledge. And
you can learn and enhance the skills that make all entrepreneurs successful.
Ask yourself the right question:

How can I learn what I need to know, and improve
my entrepreneurial skills to maximize my chances
of succeeding?

Successful entrepreneurs learn to develop and strengthen their personal
power skills. Don’t give up on yourself before realizing that you can develop
these skills. Trust me: Becoming a successful entrepreneur is within your
grasp if you really want to make it happen. The following list of the Essential
Entrepreneurial Power Skills is excerpted from my book, Trump University
Entrepreneurship 101 ( John Wiley & Sons, 2007):

1. Assess the present situation . Hone your ability to observe, collect informa-
tion, and understand the opportunities and threats that can impact you
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