Entrepreneurship is the term that has been doing rounds for quite some time now. An entrepreneur gets some idea and creates the idea or ideas till they develop into a full-blown business with profit potential. If you want to become a successful entrepreneur it is important to understand the characteristics and factors that make someone an entrepreneur. Following are some of the broad areas that people have identified as being the characteristics that make up successful entrepreneurs. These characteristics are indicators but not rules so just because someone does not possess these characteristics doesn’t mean that they can’t be an entrepreneur. It is very important to acknowledge that people who are certainly more successful in the space of entrepreneurship do tend to possess some of these characteristics. Not necessarily all of the characteristics but certainly some of the characteristics that are enlisted below
Entrepreneurs tend to view and think of situations in very different ways than the average person does. So most successful entrepreneurs tend to be good at putting together connections from random pieces of information from the external environment and coming up with new and novel solutions to problems quicker than anyone else can. That’s why they are considered problem-solving individuals so the thought process of an entrepreneur is something that we tend to look at a lot in any research. People consider this as an innate thing but we can train ourselves to think in particular ways and there are quite a several practices that you can use to learn ways that are more like entrepreneurial thinking.
- Determination and perseverance
Entrepreneurs are far more determined and have greater perseverance. They tend to be able to take knocks and setbacks better than others while other people might turn away in frustration. An entrepreneur is likely to look at those problems and might think about how I can take lead, or what might I change about the way I approach similar problems in any future situation.
- Drive to achieve
Entrepreneurs also have a very strong drive to achieve and they focus on outcomes. We tend to talk rather than being goal-focused and so because they are goal-focused, they have this very high level of drive to achieve those goals. They do everything in their power to ensure that as an individual they achieve the outcomes that they set. So in general they are much more motivated, much more focussed on outcomes linked to the idea of entrepreneurial cognition.
- Opportunity orientation
Successful entrepreneurs have a very strong opportunity orientation. Rather than seeing problems, entrepreneurs tend to see opportunities, they tend to see why is it cutting through and coming up with solutions to situations that the average person does not seem to see. Opportunity orientation is probably the hardest thing for people to acquire because it tends to link very much to our personality. Some people are more positive, they can achieve anything that they set their mind to and so they do have a much stronger orientation around pursuing opportunities
- Seeking feedback
Entrepreneurs also tend to be very good at seeking feedback as they value criticism, they value other people’s input and they view it as a way to learn and develop. Receiving feedback doesn’t always sit well with people, some people are afraid that people might say negative things about them and that might impact the way they see themselves or how they believe themselves to be successful or otherwise. On the other hand, entrepreneurs tend to be much more responsive to receiving any type of feedback because they know that only through getting the feedback they can learn about what works and what does not work within a particular situation.
- Internal locus of control
Entrepreneurs have a very high internal locus of control so they tend to believe that they are the master of their destiny, that any success or problem that they experience is a direct function of their actions, and that they can control the situations around them rather than blaming other people. Rather than be externally focused, they believe that it’s their internal activities and abilities that are going to drive their success as an entrepreneur.
- Tolerance for ambiguity
Entrepreneurship is all about entering into new situations or changing situations where the rules that we currently know change so you have to engage in that space. If you are going to be an entrepreneur then you need to tolerate the ambiguity that comes with those sorts of conditions so it is a very important skill that all entrepreneurs need to work at developing over time.
- Calculated risk-taking
It’s a general notion that entrepreneurs are risk-takers, people think they are extreme risk-takers but in reality, they take calculated risks. Looking in a situation, identifying risk but also being very good at identifying the payoffs or if the returns far outweigh the risks.
- Tolerance of failure
Entrepreneurs tend to be willing to accept failures. They understand that failure is an important part of their growth and development so as a result, they enjoy being in situations where they can gain feedback from those failures a bit like the achievement outcome. This is how they avoid past failures holding them back.
- Seek help and guidance
Entrepreneurs love to take suggestions from other entrepreneurs and business professionals (like accountants and lawyers) as they can be valuable. Successful entrepreneurs consider putting together an advisory board and are not scared to motivate members by giving stock options in your business. They love to read industry newsletters and entrepreneurship publications like entrepreneur.com and allbusiness.com. New entrepreneurs need to find mentors to advise on hiring, marketing, product development, and fundraising.
- Think outside the box.
Entrepreneurs tend to be very upbeat, very positive, and outgoing people. They are also very creative and innovative as they are often able to look at situations in very different ways. Entrepreneurs have a knack for thinking differently. They look for opportunities to fill a void and innovative ways to change the market, company, or industry
- Strong vision
Their strong vision is very much linked to the goal focus or the opportunity focus characteristic as they have visions about where they would like to go in the future and they make it their mission to try and achieve those objectives with the minimum amount of fuss and wastage. They believe that by engaging in proper robust entrepreneurial processes they can achieve those outcomes.
- Keen observers
It is important to bring in employees with relevant backgrounds and experience. The people will need to fit into the company culture you are planning to build. They should be flexible and hardworking, as employees in new businesses often have to function in multiple roles.
- Team builders
The job of an entrepreneur is to work as a part of a team to achieve objectives and outcomes so successful entrepreneurs are very good at bringing people together and working with and through people to achieve their objectives. Building a team means that can sustain itself even in the face of significant external pressure.
- Entrepreneurial leadership
Organizations and individuals must try and build their abilities as entrepreneurial leaders because whenever they are driving a change process they are going to lead people through that process. So they must have the skills that are linked to the leadership of people. So to be an entrepreneurial leader you must have all those sorts of abilities to be able to manage your group and your organization through some quite challenging and different times. That the business is being started up and the entrepreneurial leader provides the clear vision and focus that the organization needs to take it forward as it goes through its new business venture.
Success in business plays an important role as it is ever-changing and is more compatible with the global market.
If you are an entrepreneur, you must possess some of the above-mentioned characteristics along with hard work and efforts to be successful. If your one idea is not fruitful, start with another. You are an entrepreneur, whether it is success or failure, up or down, remember that and head towards your goals. Most importantly, as an entrepreneur, it is difficult to do everything all on your own. So don’t hesitate to ask for help. People will respect your willingness to be humble and learn. It will be surprising how fruitful it can be to ask for help. Do what you originally want, entertain, and enjoy the venture, create the favorable culture and business you have always dreamt of. Fun and adventure are contagious and will help you attract the right market, the appropriate teams, and all the compatible opportunities. Lastly, entering the market as a first-time entrepreneur can be challenging, but with sincere commitment and efforts, it is worth the while.