Understanding the Characteristics of Successful Entrepreneurs

Characteristics of Successful Entrepreneurs

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A business proprietor doesn’t consequently mean being an entrepreneur. If that would have been the scenario, we wouldn’t require a new and complicated term. An entrepreneur is someone who initiates a business, taking on monetary risks in the desire of profit. Agreeing to the economist Joseph Alois Schumpeter, “Entrepreneurs are not fundamentally inspired by profit but witness it as a specification to evaluate accomplishment or success.”

Peter Drucker, well recognized as the father of modern management enhances the explanation by highlighting “change” and “opportunity” as entrepreneur characteristics. He describes the entrepreneur as “A person who always looks for change, acknowledges it, and utilizes it as an opportunity”.

Below listed are the top 15 entrepreneur characteristics which would help us understand the term more effectively:

  1. Creativity

    Entrepreneurs mostly have the dexterity to chalk down a lot of concepts and ideas and then execute them. Not inevitably every idea will work but yet the experience gained is worth it. Without being creative, innovation is difficult. Creativity benefits in showing up with new solutions for the dilemmas and allows one to determine the divergent solutions and is the most crucial entrepreneur characteristic.

  1. Knowledge

    An entrepreneur should acquire the entire knowledge of his industry and his niche. Overcoming any obstacle becomes easy if one has a thorough knowledge of the industry vertical s/he is working in. Knowledge plays an important role in entrepreneur characteristics and empowers the person to hold a record of the advancements and the regularly changing demands of the market. Whether it is a new product launching in the market, an improvement in technology or a new competitor in your industry, knowledge is the navigating force when it comes to excelling in a competitive environment.

  1. Vision

    Having a vision is like the North Star that guides you towards achievement. Vision differentiates an entrepreneur from others; it helps him decide for his company. Entrepreneurs with a strong vision always propel them in the direction of success.

  1. Versatility

    A leader does not stick to a single role and responsibility; he has to perform tasks outside his job description. This is what differentiates a successful entrepreneur from the crowd. An entrepreneur must understand all the roles and responsibilities of the company. In any given situation, an entrepreneur needs to mold himself into other roles as per the requirement.

  1. Social skills

    Craft, intelligence, and talent is a repository with which an entrepreneur can make his business flourish. But on the other hand, Social Skills are equivalently required to be a successful entrepreneur.
    Social Skills include the following:

    • Building relationships.
    • Sourcing and hiring talent.
    • Team Strategy conceptualization.
  1. Decisiveness

    Decision-making skills are something that develops over time. As an entrepreneur, one needs to be decisive under pressure. Decisiveness will allow his team members to gain trust in the leader. This also depends a lot on past experiences and instincts. On the other hand, he needs to think rationally before taking any decision.

  1. Collaboration

    According to the National Association of College and Employers Job Outlook 2020 survey, 98% of the hiring managers seek job candidates who exhibit strong teamwork skills. An exceptional entrepreneur needs to be a prominent team leader. Being a team player, he can not only contribute towards the success of the company but also gains respect and appreciation amongst the team members.

  1. Motivation

    Motivation is such a powerful tool and a leading entrepreneur characteristic that can be used by an entrepreneur to push himself as well as his team to work the extra mile. Motivation forms entrepreneurs by fulfilling needs such as appreciation, admiration, and contentment. Various theories describe motivation as an arousing concept that brings out hidden expertise and creativity.

  1. Flexibility

    Flexibility means being adaptable and adjustable. As an entrepreneur, s/he must perceive that he needs to be resilient to the new trends of the industry. Flexibility is also very crucial when your business is seeing unpredictable twists and turns. Flexibility is a shrewd attribute for Entrepreneurs to cultivate.

  1. Open-mindedness

    The true recognition of which scenario can be a beneficial opportunity is one of the essential entrepreneur characteristics. To perceive such opportunities an open-minded point of view is needed. An entrepreneur should be committed. He should accept his defeats with a positive outlook and his accomplishments, humbly. Work till you prosper is the appropriate mentality. A real entrepreneur seizes the experience of this slowdown and works even harder with the next target in life.

  1. Empathy

    Perhaps the value which is least considered today is empathy. Empathy is the realization of what is running in a person’s mind. A good entrepreneur should be familiar with the strengths and weaknesses of his employees. You must perceive that it is the employees who make the business grow. Cheerless employees are not determined towards the work and as an entrepreneur, it is your responsibility to shape a happy and friendly working environment where people are excited to come.

  1. Risk tolerance

    Risk tolerance is a substantial entrepreneur characteristic of being an outstanding entrepreneur. A successful entrepreneur should be comfortable with risks and change. Always playing safe and not stepping out of the comfort zone might not lead the business to prosper.

  1. Professionalism

    Professionalism is a trait which all good Entrepreneurs must maintain. An Entrepreneurs’ eccentricities and attitude with their employees go a long way in the development of the organization. Along with professionalism comes authenticity and credibility. Also, Self-discipline facilitates an entrepreneur to accomplish their objectives and be formulated. Professionalism is one of the most necessary characteristics of an entrepreneur characteristic.

  1. Listen and learn

    The most crucial aspect of learning is listening – and a positive entrepreneur will have this entrepreneur characteristic in profusion. They know that they can gain something from everyone they meet, so they don’t hesitate to ask queries. When discussing with people about your business, make it a point to ask more questions than you are answering.

    You should attempt to gain from every interaction with anyone, even if it’s with a consumer, a manufacturer, or a worker.

  1. Self-belief

    Often while initiating, Entrepreneurs don’t have many people around who rely on their concept or probable success. Flourishing Entrepreneurs have to have self-belief. They believe in their capability to perform on the idea they see they can work on. Entrepreneurs are consequently an optimistic circle of people.

No Intermission!

For an entrepreneur, every week is a packed week. S/he might think that after clearing the workload, there may be some time to relax but this happens rarely. As an entrepreneur, the intermission never appears. The work does not stop, even after you are positioned at the top—especially when you are positioned at the top. So as an entrepreneur, you cannot seek breaks and be comfortable after the achievement. You have to continuously strive to maintain the position and be aware that the competitors are still hustling. So, keep experimenting with new initiatives, take calculative risks, and build new goals. When you begin to feel satisfied, it’s the right time to shake things up. Always discover new ways to push your entrepreneurial barriers!

Also Read: The Eight P’s that set successful Entrepreneurs apart

Read Full Magazine: The 10 Most Disruptive Tech Entrepreneurs to Look for in 2020

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