So you’ve got your business idea. Thought about the company name and logo. But do you have what it takes to become an entrepreneur? Let’s look at the characteristics of an entrepreneur…
Noun: a distinguishing feature or quality
For many, entrepreneurship is mysterious and starting a business is only for special people. While entrepreneurship is not for everyone, it can be learnt and practiced. However, to be a successful entrepreneur you must have certain characteristics.
Starting a new venture is full of risk and uncertainty. But risk comes in many forms and levels. People who start ventures risk their capital and they also risk their careers. They might leave a promising and safe job and lose out on present and future prospects. They lose benefits such as paid vacations, sick leave and health insurance.
An entrepreneur must first be comfortable with risk taking as it is as a necessary part of the process of starting a venture.
A new venture must have “something special” that would give it competitive advantage over existing businesses. This “something special” comes from the entrepreneur who can think creatively. While thinking about that new and special something you must also be able to change thoughts into action. This is innovation.
Creativity has to do with taking thoughts and making them into reality.
Entrepreneurs believe that their business ideas are better than others. Successful entrepreneurs do not worry about the problems they will meet in the future as they are confident they have the ability to solve any challenge they may face and can cope with the unknowns.
New ideas and innovative ways are seldom embraced by society. As our world changes, we become very resistant to new ideas. An entrepreneur must have the mindset to deal with resistance and be strong willed to cope with the unknowns.
Confidence is having a firm belief in your own ability and your chances of success.
Enthusiasm and motivation are the fuel of any business. They keep you from being depressed when your Facebook page likes are decreasing and from being paranoid when clients don’t come.
It is OK to be discouraged or depressed when starting out but the difference between those who fold up shop and those who stay is that the latter picked themselves up no matter how many times they fell. Motivation is crucial to success as you must not only motivate yourself but others within your network – investors, employees and clients.
Motivation helps the entrepreneur can bounce back when things don’t go as planned.
The average person views life’s problems as problems but an entrepreneur sees it as an opportunity. They look at the market potential of solving that problem. They spend lots of time and late nights using their creative and innovative thinking to find a way around that obstacle?
Entrepreneurs are undaunted by apparently unsolvable problems.
Getting a business off the ground requires a lot of effort – market research, developing your business plan, registering the legal entity, creating the organisational chart, compiling job descriptions, performance standards and the list goes on and on. The ability to plan and implement is key to launching and growing your business.
Entrepreneurs are productive people who how to put order to chaos.
Be a Psychic
We all know what is needed today and possibly these needs are met already. The talent to forecast what will be the next big thing is what defines an entrepreneur. They understand the importance of trends and believe that tomorrow’s world is slowly evolving today and organise their thoughts and resources to grasp those opportunities before that window closes. Thinking about the future of your business in an organised manner is essential to growing your business thus empowering you to shape your future.
Entrepreneurs train their brains to see things that are new and vital to the future of their business.
It’s All in the Mind
While there is no one “right’ set of characteristics for being a successful entrepreneur, keeping these traits and skills in mind will help you succeed. Successful entrepreneurs have different ways of thinking and perceiving the world around them. So get out of the “business as usual” mindset because thinking differently is the reason some are entrepreneurs and some are employees.
Next week, we will discuss the habits of a successful entrepreneur!
Be sure to join our Facebook, Instagram, Tiktok and our Website for more valuable information. Ask about our Business Startup Kit, Retainer Package, Year End Retainer Package , Business Bank Account or learn how manage your finance with our Prerecorded and Live Courses. Book a FREE 15 mins CONSULTATION on Fridays from 1pm to 3 pm.
“A wealthy person is simply someone who has learned how to make money when they’re not working.” – Robert Kiyosaki