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Characteristics of a Successful Entrepreneur

explanatory Essay
1586 words
1586 words
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Characteristics of a Successful Entrepreneur

ABSTRACT

First, there was an interview with a successful entrepreneur. Second, there was a talk on entrepreneurship by a guest speaker, Mr. Azmi Ahmad (the CEO of Skali.com) and later, an "elevator speech" by fellow students on various issues related to entrepreneurship. This collective information and some reading on entrepreneurship journals, books and articles have brought to the idea on writing this paper, towards certain perspective, on successful entrepreneurial characteristics.

This paper examines the myths associated with what it takes to be an entrepreneur, the profiles and the common characteristics among these successful entrepreneurs.

INTRODUCTION

The first definition on entrepreneur was simply someone who invented something. Eventually, it turned into someone who owned a business. But the best definition, the one used most often today, is someone who organizes, manages, and assumes the risks for a business or enterprise. This shows that not only does a person "invent" something, but that they see the opportunity and build a business around it. An entrepreneur has a vision and builds around this vision.

Although no one has found the perfect entrepreneurial profile, there are many characteristics that show up repeatedly. Good health was a characteristic mentioned the most because they are physically resilient. In good health, entrepreneurs work extended periods of time.

DEBUNKING ENTREPRENEURIAL MYTHS

Let us examine a few "flying myths" and put things into a better perspective.

i. Entrepreneur are born, not made

It is true that most entrepreneurs typically have a flair for the creative and a lot of energy. They are born with it. But having these characteris...

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...the characteristics of the entrepreneurial personality, by Hannu Littunen, University of Jyvaskyla,

Journal of Small Business and Enterprise Development, Volume 7, Number 3

Seven Ages of Entrepreneurship by David Irwin

Academy of Entrepreneurship Journal, Volume 6, Number 1, 2000

The five-factor model of personality: Assessing entrepreneurs and managers

by Brooke R. Envick, Margaret Langford

http://www.Businesstown.com/entrepreneur/articles

Entrepreneurial – Profile of an Entrepreneur

http://www.Vcinstitute.org/materials/surefire

The twelve (almost) sure-fire secrets to entrepreneurial success

Entrepreneurship Characteristics

The origin of the entrepreneurial species by George Gendron

Seven characteristics of highly effective entrepreneurial employees by Joe Hadzima

http://www.karunya.edu/cic/entre/char

Characteristics of entrepreneurship

In this essay, the author

  • Explains that most entrepreneurs have a flair for the creative and energy, but having these characteristics alone could not help much to become successful. they have to gather the right skills, use them, and continue to improve these talents.
  • Opines that anyone can acquire a business license and open the shop, but the hardest part is surviving, sustaining and building the business. success requires focus, creativity, diligence, time and resources.
  • Explains that an entrepreneur, though independent, has to serve many masters including customers, employees, families, and those involved in social and community obligations.
  • Opines that personal achievement and accomplishment, feeling in control of their destinies, and realizing their vision and dreams are the most powerful motivators for entrepreneurs. money is viewed as a tool and way of keeping score.
  • Explains entrepreneurs' belief that they are smarter than their peers and superiors. they need freedom to choose and act according to their own perception of what actions will result in success.
  • Explains that entrepreneurs are self-confident when they are in control of what they're doing and working alone. they tackle problems immediately with confidence and are persistent in pursuit of their objectives.
  • Explains that entrepreneurs have a never-ending sense of urgency to develop their ideas. inactivity makes them impatient, tense, and uneasy. they have drive and high energy levels.
  • Explains that successful entrepreneurs can comprehend complex situations that may include planning, making strategic decisions, and working on multiple business ideas simultaneously. they are farsighted and aware of important details.
  • Opines that entrepreneurs tend to be too trusting and may not be sufficiently suspicious in their business dealings with other people.
  • Explains entrepreneurs have the ability to identify relationships quickly in the midst of complex situations. they identify problems and begin working on their solution faster than other people.
  • Opines that successful entrepreneurs find their satisfaction in symbols of success that are external to themselves.
  • Explains that entrepreneurs are more concerned with people's accomplishments than with their feelings. they avoid becoming personally involved and will not hesitate to sever relationships that could hinder the progress of their business.
  • Explains that entrepreneurs have a considerable amount of self-control and can handle business pressures. they are comfortable in stress situations and are challenged rather than discouraged by setbacks or failures
  • Opines that the majority of entrepreneurs do no market research. they know about market availability and any possibilities to capture even a niche market.
  • Explains that there is comparison by relevant features of their product versus all other logical purchase alternatives towards better market penetrations.
  • Explains that they focus on key results areas, such as gross margins, monthly fixed costs, sales/employee, and sales to budget, dollar production/day.
  • Explains that the best entrepreneurs equate cash with blood, and part with it only when it stands to directly further their objectives.
  • Explains that true entrepreneurs take things personally when they succeed and fail. they don't make excuses for past shortcomings.
  • Explains that optimism based on reason, however, what might be called "inner" confidence, is rare indeed.
  • Explains that the best entrepreneurs reduce their pursuit of their strategic objectives down to action plans with detailed budgets, people responsibilities and deadlines. they monitor the assault on a real-time basis.
  • Opines that sound entrepreneurs recognize that there are risks associated with their endeavors and have thought about them. they will even admit that forces hostile to their success are present.
  • Explains that they are not intimidated by partners smarter than them. they recruit charismatically, with equity participation as bait.
  • Opines that almost everything is stacked against entrepreneurs. they even the odds with sustained, superior effort.
  • Explains that the pursuit of their dream is punctuated by experiences which produce natural highs. everyone is having a ball and they work at making it that way.
  • Explains that true entrepreneurs have such a strong achievement orientation that winning each marketplace battle, and ultimately the war, become compulsive needs.
  • Narrates how an interview with a successful entrepreneur, an entrepreneurship talk by mr. azmi ahmad, and an elevator speech by fellow students have led to the idea of writing this paper on successful entrepreneurial characteristics.
  • Explains that the best definition of an entrepreneur is someone who organizes, manages and assumes the risks for a business or enterprise.
  • Analyzes how david mcclelland (1961) and bird (1992) see entrepreneurs as mercurial, cunning, opportunistic, creative, and unsentimental. busenitz and barney (1997) claim entrepreneurs are prone to overconfidence and over generalizations.
  • Explains the typical characteristics of a successful entrepreneur, such as the ability to take risk, innovativeness, knowledge of how the market functions, manufacturing know-how, marketing skills, and business management skills.
  • Explains that the entrepreneur is the driving force behind economic events. the vision of a future state is promoted diligently and passionately. people live their values every day.
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