What an Entrepreneur is made up of
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| What an Entrepreneur is made up of |
Can everyone or anyone at all be an entrepreneur? Who can become an entrepreneur? Wiles Successful entrepreneurs come in various ages, income levels, gender, and race, there is no one definitive profile of entrepreneurs. They differ in education and experience. But research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and “smarts.”
Creativity
Creativity
Creativity is the spark that drives the development of new products or services or ways to do business. It is the push for innovation and improvement. It is continuous learning, questioning, and thinking outside of prescribed formulas.
Dedication
This is what motivates the entrepreneur to work hard, 12 hours a day or more, even seven days a week, especially in the beginning, to get the endeavor off the ground. Planning and ideas must be joined by hard work to succeed. Dedication makes it happen.
Entrepreneurs enjoy what they do. They believe in themselves and are confident and dedicated to their project. Occasionally, they may show stubbornness in their intense focus on and faith in their idea. But the flip side is their demonstrated discipline and dedication.
Determination
The extremely strong desire to achieve success. It includes persistence and the ability to bounce back after rough times. It persuades the entrepreneur to make the 10th phone call, after nine have yielded nothing. For the true entrepreneur, money is not the motivation. Success is the motivator; money is just the reward.
Flexibility
Flexibility
Flexibility is the ability to move quickly in response to changing market needs. It is being true to a dream while also being mindful of market realities. A story is told about an entrepreneur who started a fancy shop selling only French pastries. But customers wanted to buy muffins as well. Rather than risking the loss of these customers, the entrepreneur modified her vision to accommodate these needs.
It’s good to be passionate or even stubborn about what you do. But being inflexible about client or market needs will lead to failure. Remember, an entrepreneurial venture is not simply about doing what you believe is good, but also making successful business out of it. Market needs are dynamic: changes are a recurring phenomenon. Successful entrepreneurs welcome all suggestions for optimization or customization that enhances their offering and satisfies client and market needs. A product you develop for yourself alone may qualify as a hobby, but a product for the market should satisfy market needs.
Leadership
This is the ability to create rules and to set goals. It is the capacity to follow through to see that rules are followed and goals are accomplished.
Entrepreneurs get close to the greater ones they know for their lives and success stories and hold templates to where they need to be.
They have a mentor and they get closer to the ones they already have. They follow the steps of great leaders and successful people before them.
Risk Taking
It’s good to be passionate or even stubborn about what you do. But being inflexible about client or market needs will lead to failure. Remember, an entrepreneurial venture is not simply about doing what you believe is good, but also making successful business out of it. Market needs are dynamic: changes are a recurring phenomenon. Successful entrepreneurs welcome all suggestions for optimization or customization that enhances their offering and satisfies client and market needs. A product you develop for yourself alone may qualify as a hobby, but a product for the market should satisfy market needs.
Leadership
This is the ability to create rules and to set goals. It is the capacity to follow through to see that rules are followed and goals are accomplished.
Entrepreneurs get close to the greater ones they know for their lives and success stories and hold templates to where they need to be.
They have a mentor and they get closer to the ones they already have. They follow the steps of great leaders and successful people before them.
Risk Taking
Entrepreneurs are risk takers ready to dive deep into a future of uncertainty. But not all risk takers are successful entrepreneurs. What differentiates a successful entrepreneur from the rest in terms of risk? Successful entrepreneurs are will to risk time and money on unknowns, but they also keep resources, plans and bandwidth for dealing with "unknown unknowns" in reserve. When evaluating risk, a successful entrepreneur will ask herself, is this risk worth the cost of my career, time and money? And, what will I do if this venture doesn't pay off?
Passion
Passion
Passion is what gets entrepreneurs started and keeps them there. It gives entrepreneurs the ability to convince others to believe in their vision. It can’t substitute for planning, but it will help them to stay focused and to get others to look at their plans.
The one word that describes the basic requirement for an entrepreneurship venture is “Passion.”
Is there something that you can work on over and over again, without getting bored?
Is there something that keeps you awake because you have not finished it yet?
Is there something that you have built and want to continue to improve upon, again and again?
Is there something that you enjoy the most and want to continue doing for the rest of your life?
Your demonstration of passion and motivation will determine your success in any entrepreneurial venture. From building and implementing a prototype, to pitching your idea to venture capitalists, success is a function of passion and determination
Self-confidence
Self-confidence
It comes from thorough planning, which reduces uncertainty and the level of risk. It also comes from expertise. Self-confidence gives the entrepreneur the ability to listen without being easily swayed or intimidated.
Smarts
Consists of common sense joined with knowledge or experience in a related business or endeavor. The former gives a person good instincts, the latter, expertise. Many people have smarts they don’t recognize. A person who successfully keeps a household on a budget has organizational and financial skills. Employment, education, and life experiences all contribute to smarts.
Every entrepreneur has these qualities in different degrees. But what if a person lacks one or more? Many skills can be learned. Or, someone can be hired who has strengths that the entrepreneur lacks. The most important strategy is to be aware of strengths and to build on them.
Smarts
Consists of common sense joined with knowledge or experience in a related business or endeavor. The former gives a person good instincts, the latter, expertise. Many people have smarts they don’t recognize. A person who successfully keeps a household on a budget has organizational and financial skills. Employment, education, and life experiences all contribute to smarts.
Every entrepreneur has these qualities in different degrees. But what if a person lacks one or more? Many skills can be learned. Or, someone can be hired who has strengths that the entrepreneur lacks. The most important strategy is to be aware of strengths and to build on them.
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