Top 10 characteristics of an entrepreneur
Enter “characteristics of an entrepreneur” in Google. You will see a lot of WebPages defining the most common qualities and characteristics of Entrepreneurs. However if you see and analyze the character of a successful entrepreneurs you will see a common set of things among these entrepreneurs. These are the common things or characteristics of an entrepreneur that derive them towards doing extraordinary things and achieving success. We also did some research to find most important qualities of entrepreneurs and we come up with following qualities, characteristics and traits.
10 Key characteristics of an entrepreneur
“Most entrepreneurs I know believe they will change the world,” says Jay Friedlander, a professor of sustainable business. “There’s an excitement and belief in what they’re doing that gets them through the hard times.” Entrepreneurs are not driven by money but by Passion. It’s the Passion and ambition that turn the ideas into a success story. If you are not enjoying your work and don’t spend extra time on your business then you are not passionate about it. This excitement helps entrepreneurs achieve success beyond one’s imagination.
2. Focused, goal-oriented and disciplined approach
This is perhaps one of the most important characteristic of an entrepreneur. Every year thousands of Startups are initiated by people but Majority of them die in the very first year. Why? Because these are started by the people who do not follow the game plan and are not disciplined to honor their business. Successful entrepreneurs are well organized with their thoughts and their work. The put their thoughts into action with proper plan and make certain that their business works. They enjoy the fruits of success later.
3. Attitude towards failure
Successful Entrepreneurs are never afraid of facing failure, instead they learn from their mistakes. After a mistake and facing a failure, they always ask a question “How Can I improve?” You will never find any entrepreneur who has not faced hard time in setting up his/her business. While Scientists making WD 40, they were failed 40 times before they successfully found the chemical composition. In short the famous quote of Michael Dell fits well on these Entrepreneurs
“Recognize that there will be failures, and acknowledge that there will be obstacles. But you will learn from your mistakes and the mistakes of others, for there is very little learning in success.”
Self belief and the confidence is also one of important characteristics of an Entrepreneur. It plays a role when Entrepreneurs have to face a situation of taking risk. Successful people take calculated risks where they know that they have the ability to gain success despite of the hurdles in the way. Self Belief makes people courageous to face the difficult situations with determination. Jason Apfel, founder of one of the most successful online ecommerce website says “You have to have a lot of self-confidence. Be willing to take a risk, but be conservative,”
5. New ways of thinking
For an Entrepreneur, this is a key characteristic. New ways of thinking or simply innovation is the basic thing from where Entrepreneurship is started. All the businesses running in the world need continuous positive changes in order to become more productive and cost effective. Hence new requirements are generated by businesses regularly. Entrepreneurs innovate and design, bring out new ideas to provide new solutions for the old problems. Continuous research and Creativity make them able to put their ideas into action. Consider the business marketing their products on Face book. The Innovation in the rapidly growing Social Media Industry has set some new standards. Now 84% of the business are relying more on Social Media Marketing and Old concepts of marketing are now look to be fad out
6. The Right Team
“Right Man for the Right Job” is the primary factor in the success or failure of Small Business Enterprises. Success Entrepreneurs hire the top notch professionals to include in the team. Apart from Professionalism, Cohesiveness among team members plays a vital role in achieving the desired targets. Team members may include people from family and friends but only if they are capable enough to bring value to the business. With a Great level of Team work Small Business grow rapidly and achieve unprecedented success.
7. Contagious optimism
Entrepreneurs are great optimists. For an individual who don’t have enough funding to start a business, setting up a business is a great deal. Yet Most of the Successful 20th century and 21st Century business are started by individuals. The foundation of Microsoft, Face book and Google is worth mentioning. Their founders may also have faced certain hard times that we do not know today, but their optimism and continuous efforts made the successful and now they are industry leaders. The people with great optimism don’t ask “Can we do this?” Instead they ask” How can we do this?”.
One of the Top characteristics of an entrepreneur is leadership. Successful Entrepreneurs are better able to lead their team – to guide them, to give them a direction, to derive energy within the team. They share the common tasks and problems with the team and welcome new ideas from team members. Successful Entrepreneurs respect their team and maintain equal relationships with all. Leader is a person who drives energy between the team members. They are self motivated and motivate others as well to achieve the desired goals. Their excellent communications skills solve many of their problems. In hard times, they do not give up but support and motivates team members to maintain self belief.
Successful entrepreneurs are visionary in the approach. They see the Opportunity and devise their strategy how they can make most out of it. It also includes setting up long term goals achieving them. Robert founder of virgin group for example is a visionary man. He has successful multi billion dollars businesses but still his curiosity to do something different never ends. He knows that Future belongs to space explorations and thus he started working on making the space tours possible for common people.
10. Positive Attitude
Positive attitude is one of the most important characteristics of an entrepreneur that also deals with the personal character. “Weakness of Attitude becomes weakness of character”. The Positive attitude and positive approach makes the things a lot easier of successful people. After failures and setbacks it is the Positive Attitude that urges people to start again. Thomas Edison would never be successful in inventing the bulb if he didn’t had tried again and again after the continuous failures. It is “Positive Never Give up Attitude” that eventually led him to Success.