This means that they need to inspire others, which shouldn’t be a problem due to the passion they already have for their business. Communication skills and the ability to get on with people are essential here. Being able to communicate a vision and instil excitement for it in others are so important for motivating a team. Many entrepreneurs are also managers, but it is important to know that leaders are not always managers and vice versa. A successful entrepreneur will connect with their team, sharing their goals and successes.
They may not all be born with these traits, but they all acquire to have them in order to be successful. Traits such as passion, resilience, strong sense of oneself, flexibility, and vision. Foremost a successful entrepreneur must have passion. Without passion they are likely to fail. Many successful entrepreneurs work a tremendous amount of hours and are not driven by the money, but they are driven to either solve a problem or make it easier.
The successful entrepreneur must be clear with the reason of doing business. This aspect must approach it in a positive way, not the negative issue or inquiry. Solid inspiration can make a business flourish and is of assistance to survive times of anxiety. Recognise fundamental and prime more profound reasons and find in the event that they are the right individuals to prompt achievement or possibly to where it needs to go. A few inspirations are right budgetary flexibility, want for change toward oneself, which went about similar to an own supervisor, and so on.
I have understood that for entrepreneur to be successful, he has to be literate, possess good interpersonal communication skills and leadership qualities (Birt & Sleeman, 1999). Entrepreneurs are most likely to succeed when markets are in disequilibrium and customer needs remain unfulfilled. The entrepreneur has the autonomy and can follow his own lifestyle and I would like to have that freedom. I would prefer to have freedom of creativity and innovation to build and grow my business. Entrepreneurs may or may not have a business plan.
Whilst it cannot be denied that entrepreneurs are all ultimately unique in some way empirical evidence suggests that they all do share some common characteristics and skills, some of which can be taught (Colette, et al., 2005). This essay attempts to define those characteristics and skills that enable entrepreneurs to realise the business potential in their ideas. In addition it explores the difficulties entrepreneurs may come up against along the way towards having a successful business venture. Meredith et al. (1991) describes an entrepreneur as someone who has the ability to see and evaluate business opportunities, gather resources to take advantage of them and undertake the necessary actions to ensure success.
First, entrepreneurs need to have a passion for the business but not just only money. Passion actually had been stems inside the entrepreneur mind and belief that the business will be successful and can be able to influence the other people thoughts or lives. Entrepreneurs always wish, or can be said like is the motivator for entrepreneur to work success, so that they can be remembered and make some differences in other's people lives. Passion is also really significant for these both organizations, which is for profit and non for profit, an entrepreneurial organization. This is just because starting a business is really difficult
Here are some of the characteristics of successful entrepreneurs. Passion Most successful entrepreneurs are have a passion for their product or service as well as a desire to solve a problem and make life easier, better, cheaper (10 Qualities of successful entrepreneurs, 2010). Their desire to be an entrepreneur is mostly due to in internal factor rather than an external such as money. Vision entrepreneurs have the ability to come up with new ideas in various situations of which one might have never imagined. Entrepreneurs have a curiosity that identifies overlooked niches and they are constantly trying to innovate (Robinson, 2014).
Organizing for innovation/key partners Is partnership important and what mode of partnership? It is said that two heads are better than one. Being alone in this very fierce business environment seems not to be a good idea. The more connections ones have, the more successful ones seem to be, because firms can take advantages of the connections to explore business opportunities and seek for potential customers. “Partnerships help the individual partners to work beyond their own capabilities and create something more than the sum of their parts.
(Drucker, 1985) These people like to work for their own selves rather than working for some other business. They believe in quality of work and take acceptance for responsibility which is a hallmark of a true leader. These entrepreneurs believe in a positive approach and give rewards whenever they deem fit. Their thinking is more on the lines of providing excellence towards work and they are good organizers as far as work ethics are concerned. They want to make a profit and this profit helps them to accomplish more and more in their passage towards success and achievements.
Simon (2007) found that no evidence to substantiate that entrepreneur are more self confident than non entrepreneurs and over confidence is bad for success in business, success as an entrepreneur is primarily determined by the individual’s smartens. According to Nandram and Samson (2007) the main determinants of a successful are found to be – watchful to spot the opportunities, persuasive, goal oriented, self confidence, creativity, courage, trustworthy, ambitious, capacity for empathy, perseverance and locus control. There was a significant relationship between need for achievement, innovation, internal locus of control, marketing and lack of bureaucracy and success entrepreneur. “Those entrepreneur’s personal characteristics such as need for achievement, need for cognition and internal, locus of control have positive influencer on firm performance” David and Edward