The New Oxford American Dictionary defines”a “trait” as “a distinguishing quality or characteristic, typically one belonging to a person.” What essential qualities do you need to succeed as an entrepreneur?
Naturally, a good amount of ink has been lost regarding this issue in the early days before the internet era. Here’s my update on the checklist of characteristics required to be a successful entrepreneur. My opinion is built on the experience of watching and conversing with entrepreneurs over time and researching the economics of entrepreneurship training in entrepreneurship and innovation being an entrepreneur.
Entrepreneurship requires a minimum degree of creativity. The business owner must be imaginative in spotting an opportunity that others have not. Be it in the form of providing a unique product or service, improving an existing product service finding a market that is not serving—developing new processes or efficiency, or finding ways to set up an enterprise to sustain hard times and find avenues to grow. It requires primary imagination – Says Dr. Jay Feldman.
Courage(?) Over Fear:
When establishing or operating your own company, there’s lots of pressure on you at times, fast and without notice. A myriad of risks, uncertainties, and challenges can cause anxiety. If you tend to be fearful, it’s a difficult journey. Fear can lead to the state of being paralyzed, which can be fatal on the market.
However, some people like to assert that you need the courage to be an entrepreneur. It’s true, but the term “courage” tends to get overused these days, and I’ve tendencies to restrict the usage of “courage” for times when people put their lives at risk and face severe illness or have family issues. In terms of entrepreneurs, I’d prefer replacing the word “courage” with phrases like “action-oriented” and “problem-solving.”
Entrepreneurs don’t have the luxury of remaining in a state of limbo or delaying in facing challenges, risks, and uncertainties. An entrepreneur must instead be opposed to actions and have the mindset of an expert in problem-solving, whether it’s solving problems in the marketplace by introducing better or new products, taking action, or making necessary changes to ensure the company is moving forward. Entrepreneurs should be willing to act over Fear.
Goal-Oriented. What’s The Goal?
What do you hope to accomplish as an entrepreneurial person? Whatever the answer, whether that’s changing the entire industry or creating an entirely new field. Becoming an entrepreneur on your own, operating a part-time venture that pays the expenses, or just making sense of satisfaction for you – each entrepreneur must have a plan and a set of objectives. A goal-oriented entrepreneur can stay focused and ensure that all work is directed towards this end or the desired outcome – Says Dr. Jay Feldman.
What number of times have you heard people say, “Yeah, I’ve got an idea for a business, and I’ll get around to it someday”? It’s elementary to make up a story and let time pass without action. A significant thing I learned while working as a journalist was that deadlines are crucial. It did not take long for my twenty-plus years as a newspaper columnist to get a sense of deadlines, and that’s been vital to my economics career and my ventures into entrepreneurship.
Deadlines have been essential in getting from thinking to taking action in the context of new experiences. If I am focused on deadlines, my productivity rises. But if I don’t set firm deadlines, there’s a tendency to allow things to fall by the wayside, which causes productivity to drop and the odds of failure to increase. Another characteristic that people often attribute business owners is that they are “disciplined,” and that’s entirely true. However, I’d argue that being deadline-oriented is the key to discipline.
The market is not static. It is rather dynamic and constantly changing. Entrepreneurs must be flexible to adapt and change. Think about all the elements that could and will change and consequently influence your business. It includes the technology industry, consumer preferences, competition, economy, prices, government policies, etc. It is essential to be flexible to adapt to these and a myriad of other influencers.
In the end, honesty is essential for entrepreneurs. The first is, who would deal with dishonest people? There aren’t many. Therefore, it’s pretty simple to keep it simple, be honest, and stick to The Golden Rule.
In addition, honesty is essential for entrepreneurs in evaluating their capabilities, abilities, products, and business. It’s simple for business owners to fall into believing that they can be able to do everything. It’s not true, and it doesn’t aid the business. Entrepreneurs need to have unwavering honesty with themselves. They must answer a few hard questions.
For instance, which are the things I am good at, what am I not good at, and where will I need assistance? What areas do I need to enhance, like my communication skills? How do I make my products improve? Does the market I was hoping to see for my product present? Do I have to alter my service or product in any way? Or is it effective? Should I look elsewhere? Have I figured out how to communicate with customers?
So, here are my thoughts on the discussion about entrepreneurial traits. While specific characteristics would benefit entrepreneurs, they may not be required. Here is my top list of features for entrepreneurs, regardless of whether the entrepreneurial person is trying to change the status quo or earn a few extra dollars and have fun with some part-time business.