11 Characteristics of a Successful Entrepreneur
Entrepreneurship is a common word in most societies. In this article, I would like to share enough details about entrepreneurship and through it, an entrepreneur. You will learn who is an entrepreneur, and how entrepreneurship differs from a small business operation. You will also know the basic characteristics of a successful entrepreneur.
Who is an Entrepreneur?
An entrepreneur is an individual who is ready to dare and brave enough not to be afraid of failure. Further, an entrepreneur is constantly looking for new ways to produce and bring about renewal and change in society. An entrepreneur is patient, a leader, and a relentless competitor. In addition, an entrepreneur is a person who likes to be responsible and work hard while looking at the future. Above all, an entrepreneur has the ability to change community problems into business opportunities. In other words, an entrepreneur is a creator of a need that did not exist. A person who is willing to take risks in order to succeed.
Are You Ready To Be An Entrepreneur?
If you want to be an entrepreneur, answer the following questions and see the answers. If your answers are yes, you are an entrepreneur, but if not, you need to reorganize yourself and look for other ways to facilitate your ambition to become an entrepreneur. Perhaps by learning entrepreneurial concepts.
1. Are you prepared to work hard to achieve goals?
2. Are you ready to face and solve problems and challenges?
3. Are you familiar with the environment in which you live, and are you ready to use it and start something new?
4. Are you willing to wait a long time for the results of your efforts?
What are the Characteristics of an Entrepreneur?
There are several characteristics of a successful entrepreneur. Here are eleven characteristics that I found worth sharing.
Creativity is a must-have trait for an entrepreneur. A creative entrepreneur focuses on the community’s needs and turns them into profit-making opportunities. Creativity goes with cleverness. You will thus agree with me that all successful entrepreneurs are clever. Such entrepreneurs do not always cling to the same type of business; instead, they find new ways for new activities or new markets. So, to be successful, you need not work on a business-as-usual basis.
2. Following Individual Passion
Following individual passion is one of the fundamental factors for business success and longevity. A business managed by a passionate entrepreneur performs better than the other one driven by an owner without passion. Passion provides what we call mental fortitude to work hard. Without passion, you miss the endurance to achieve your objective sustainably. Passionate entrepreneurs see more opportunities than challenges. Following individual passion also allows the entrepreneur to work extra hours to make a difference. Following personal passion is necessary at the beginning of any entrepreneurship where more hurdles exist.
3. Risk-Taking Ability
Another vital trait of an entrepreneur is risk-taking ability. Risk-taking is about the will to explore the unknown; otherwise, an entrepreneur can not discover anything unique. However, the approach towards risk differs from one entrepreneur to the other. Promising entrepreneurs are always ready to invest their time and money or both.
4. Right Source of Advice
Most people fail in business because they do not know suitable sources of advice. All successful entrepreneurs have records of other successful entrepreneurs and their respective kinds of businesses. Thus, they quickly go to the list and select the proper advice source in case of need for advice. You can not expect appropriate advice from a failure. What answer would he give you if he failed? You can not expect advice on operating a saloon business from a medical practitioner.
If you need to be successful, learn to know and keep records of other successful entrepreneurs and business development service providers.
5. Wide Business Network
An entrepreneur must have a good relationship with many business operators and, above all, the successful ones. The network should help access capital, raw materials, marketing, and the services necessary for business development. An entrepreneur who confines himself to a particular group limits himself on the channels of success, and hence, business limited growth.
6. Loves Competition
A typical business operator hates competition and considers competition a threat to the business. However, for an entrepreneur, competition is a healthy sign. The existence of competition widens the entrepreneur’s ability to think and discover new things and better products.
Many people fear starting a prominent business just because there is competition around them. But, in entrepreneurial thinking, through competition, you can know your shortcomings and adjust accordingly. Thus, loving competition is among the traits of a successful entrepreneur.
7. Considers Failure and Disappointments Part of the Business Development Process
An entrepreneur should not be afraid of failure and disappointment. But instead, consider failure and disappointments part of the business development process. Many successful entrepreneurs have failed several times and tried again and again. In other words, failure should not stop you from achieving your dream.
If you are an entrepreneur or want to be one, never be afraid to fail. Here are a few examples of worldwide renowned successful entrepreneurs who failed multiple times.
· Sochiro Honda – Founder of Honda Motor Company.
· Milton Hershey – Founder of the Hershey Compan
· Ikutaro Kakehashi – Founder of Roland Corporation
· Brian Chesky – Founder of AirBNB
· David Barnett – Founder of Popsockets
· Elon Musk – Founder of Spacex and Tesla. Inc
· James Dyson – Founder of Dyson
· J. K Rowling – Founder of Harry Potter Series
8. A Learning Habit
Constant learning is an essential trait of a successful entrepreneur. If you want to be successful, you must give yourself time to read as many books, journals, and business leaflets as possible, attend seminars and workshops on entrepreneurship, and not be ashamed to ask questions from successful entrepreneurs. The learning habit may assist you in becoming accepting even in the event of a loss.
9. No Time to Waste
One of the critical success factors today is time management. Time not correctly managed is time wasted. All successful entrepreneurs have no time to waste. They always spend extra time doing activities that add value to either existing or a new business. A successful entrepreneur is competent in doing more than one business.
Empathy Is the ability to understand what goes on in someone’s mind. Coined in Emotional Intelligence (EI), empathy is about people. Empathy can make a difference in how an entrepreneur becomes successful and another does not. Promising entrepreneurs should know the strengths and weaknesses of their employees and customers to make them loyal to the business, which is possible if you can make your workplace light and happy. Without empathy, an entrepreneur can neither reach employees’ hearts nor the success he desires. An entrepreneur’s manners and behavior with their employees and clients are essential in developing organizational culture. Empathy is about how you discipline yourself and act to the people you serve, and it is vital because any simple misconduct may result in losing many customers.
Planning is amongst the most critical traits because it is what is required to run a show; that implies strategizing the whole game; it sums up all the resources at hand that helps you to come up with a good structure and a process that will help you figure how to reach your goals. If you fail to plan, then you plan to fail, this is an essential quality, and one should be very careful because it carries the whole process of success. So, it would help if you were a panner to be a successful entrepreneur.
In conclusion, becoming a successful entrepreneur is often a difficult and challenging journey. It requires an individual to possess and develop certain qualities, such as creativity, resilience, passion, and a good work ethic. Furthermore, it is important for an entrepreneur to have the ability to make decisions, take risks, and manage resources effectively. Entrepreneurs must also have the necessary knowledge, skills, and resources to succeed. Finally, a successful entrepreneur should be able to identify opportunities, be willing to take calculated risks, and have a strong network of contacts. With the right skills and qualities, an entrepreneur can become successful and achieve their goals.