6 Characteristics of an Entrepreneur
It's a complex cluster of characteristics.
1. Motivation; Successful business types are doers who make ideas happen. They are highly motivated and have a burning desire to win.
2. Hard work; Success does not come easy. You must persevere and be willing to contribute a lot of blood, sweet and tears. Most entrepreneurs are naturally hard workers.
Whether it’s an off-site day or office pinball machine, creating culture costs money.
“One thing I have learned is the importance of consistently pursuing what you believe in. So-called 'overnight' successes usually happen slowly over time, with a fair bit of trial and error. It is important to be dynamic about what you do and be willing to change courses if that's the right move.”
3. Focused passion; Entrepreneurs have passion that drives the blood, sweat and tears.
Passion is the ingredient that enables all the hours and hard work to make sense. It must also be accompanied by direction. “The entrepreneur must remain flexible lest the passion become delusion. The entrepreneur will always be pulled in multiple directions. Staying focused takes work and experience, but it is crucial.”
4. Nonconformity; Entrepreneurs are independent souls who set their own goals, avoid toeing the line, and prefer not to work for others.
“Entrepreneurs tend to be indefatigable, relentless and have somehow inoculated themselves against pessimists, naysayers and obstacle placers. They also know how to sell, be it a service, a material good, or simply themselves."
5. Leadership; Successful entrepreneurs are people who battle through uncertainty and risk. He or she understands the balance between security and risk and pushes ahead without compulsively taking a gamble with the business.
Good leadership also requires careful product and market knowledge and selection, creative financing, good team building, and superb planning.
“The entrepreneur must be able to foresee what the collective unconscious will crave next and be able to work doggedly despite other's lack of insight. But those that are truly successful know how to build a team and channel each individual's unique talents toward a single goal. Behind every great entrepreneur is a team of talented people that believed in him.”
6. Street smarts; Some of the best entrepreneurs do not have a college education. Business leaders are inherently shrewd decision makers who know how to make the right moves. They use common sense and instinct.
And no longer are the most successful entrepreneurs white, middle-aged men. The main requirement for a triumphant entrepreneur is “the ability to appeal to and influence people. He is also vibrant, dynamic, charismatic and most importantly, so passionate that his enthusiasm for the company is contagious!”
https://www.americanexpress.com/en-us/business/trends-and-insights/articles/6-characteristics-of-an-entrepreneur-1/6 Characteristics that Make Entrepreneurs Successful
Entrepreneurs are born with rare talents that set them apart from the pack. At the same time, smart business people cultivate other characteristics that help to promote success. Here are six common qualities that give successful entrepreneurs an edge over the competition.
Passion: Successful entrepreneurs must work countless hours and overcome endless frustrations. This requires unwavering dedication despite setbacks and disappointments. If you don't have a passion for your work, you will have a hard time persisting through inevitable adversities. If you're thinking of starting your own business, make sure it's something that inspires you to get up every day fueled by excitement.
Open-mindedness: Even the most talented entrepreneurs have plenty to learn from others. Successful business people ask for advice and leave room for insight from others. If you let your ego get in the way, you may lose out on valuable information that can save you time and money. Smart entrepreneurs are like sponges that soak up as much information as possible. They also regularly expose themselves to industry insiders, who can provide advice and networking opportunities.
A forward focus: A successful entrepreneur must make decisions with an eye toward future gains. This means forgoing short-term interests in favor of long-term goals. Circumstances and strategies may change over time; but, the commitment to success should never waver. If you can't maintain a consistent trajectory that serves your long-term interests, you will probably struggle to meet your goals.
Resourcefulness: A good entrepreneur should know how to artfully balance his or her limited budget, especially in the early stages of business development. This may mean forgoing pricey office leases in favor of co-working space. It could also mean outsourcing tedious but important tasks to a virtual assistant to help free up time for marketing and client outreach. Whatever the case, successful entrepreneurs must figure out effective ways to grow their businesses despite having limited budgets.
Persistence: Setbacks and disappointments are part of almost every business endeavor. To achieve success, entrepreneurs must be able to rally in the face of adversity. It's not always about being the smartest or most talented business person; sometimes, it's all about persevering longer than anyone else. If you are expecting a smooth ride to success, you're in for some sobering disappointments. Mentally prepare yourself for inevitable setbacks, so you can bounce back up after getting knocked down.
Versatility: Most entrepreneurs begin as solopreneurs who have to wear many hats. Without the luxury of a full-time staff, you'll need a wide array of talents to tackle diverse responsibilities. At the same time, you will also need to use your time wisely by focusing your talents on key tasks that fuel growth. If your to-do list starts to get unwieldy, consider outsourcing some lower-level responsibilities.
https://www.intelligentoffice.ca/blog/6-qualities-of-successful-entrepreneurs
6 Attributes of Great Entrepreneurs
I was slightly reluctant to write a piece about the common characteristics of excellent entrepreneurs. Despite having strong opinions on the matter, most times, for obvious reasons, these pieces do not include enough data points to support the conclusions that are made by the writer. However, I truly do believe that it’s important for budding entrepreneurs to understand what will be required of them to successfully start a business. And even for existing entrepreneurs, I hope this piece may provide some insight into the things that you want (and need) to focus on in leadership.
1. Great entrepreneurs blend vision with execution;
We tend to think of successful entrepreneurs as big-picture people and visionaries. This may be true, in some cases, but the best ones I’ve worked with can blend their “vision” with the ability to get things done. In fact, I’d even advise aspiring entrepreneurs to avoid spending too much time on developing business ideas. Most ideas are going to have to be heavily revised when you get out to market. Successful entrepreneurs are highly goal oriented, blending their big-picture strategy with a laser focus on execution and results.
2. They have an ability to find backdoors;
Good entrepreneurs tend to be skilled problem solvers and analytical, but they also approach problems in a creative fashion. The very good entrepreneurs that I have met are not trying to be eccentric or unconventional; they simply tend to think a little bit differently and creatively. Without question, there’s a “cult of the entrepreneur” in this country. Part of this involves assigning an almost mystic quality to individuals who start successful companies from scratch. I’m very reluctant to do this. Successful entrepreneurs are not sages or mystics. They are resourceful and creative folks who burrow a little bit further and try different angles than other people. They tend to be good at finding backdoors and keys to locks that other people don’t see.
3. They’re willing to work the long hours;
Facebook went from an idea in a dorm room to a billion dollar company in a flash. That is the exception not the rule. The truth is that the task of building a successful business is a thankless and grueling one. The hours are intense. The rate of success is relatively low. It takes a long time to generate momentum. The amount of work involved is unfathomable for those who haven’t tried it yet. I don’t mean to trivialize the success of great American entrepreneurial stories like Facebook. But the story behind entrepreneurial success seldom resembles “The Social Network.” It’s probably closer to “All at Sea.”
4. They can either sell or build;
Good entrepreneurs tend to fall into one of two buckets: those who sell stuff or those who can build great products. Some of them, a rare breed, can do both. Companies live or die on the strength of their products and their ability to market and sell those products. To successfully lead a company, you have to be able to drive at least one of those pillars. Steve Jobs was a good communicator, but his skill lay in products. Even though Bill Gates had technical expertise, he was actually a sales and marketing specialist. Scott Cook at Intuit is a product entrepreneur. Donald Trump is a sales entrepreneur (among other things).
5. They can reduce complicated data into something manageable and actionable.
Even extremely complex business problems usually reduce down to three or four important components. Good entrepreneurs are able to identify the few key factors that are important to a decision or a business. Shark Tank is an entertainment show, without question. But notice how the judges on the show (all of whom are successful entrepreneurs) really know what they are talking about. They rapidly get to the success or failure points of the business almost every time. Regardless of the industry or product, they can almost immediately home in on the two or three key points that the business’ success depends upon.
6. They are very effective with people.
As Americans, we tend to admire people who are out on the edge a little bit. At the risk of getting too philosophical, I think this goes back to the founding of our country by revolutionaries. We tend to admire people who represent fringe elements, even while we may criticize them. Entrepreneurs fall into this category. The popular media representations would make you believe that entrepreneurs are successful in spite of, or because of, their antisocial, “outlaw” tendencies. This results in an inaccurate portrayal of the entrepreneur as a loner or malcontent. Let’s briefly dissect this. Growing a business is a matter of getting people to work together; the probability of being able to build a business, without working well with others, is very, very low. This does not mean to say that good entrepreneurs, like the rest of us, do not have personal foibles, because they do. However, if you look a little bit more closely, it is obvious that the truly great entrepreneurs are very effective with people, or else they would not have achieved the same level of success.
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