Characteristics of successful entrepreneurs An entrepreneur is someone with the capacity to lead a business to success and is willing to take the risks in order to accomplish their goals. (Dollonger, 2002). Starting a new business is an example of entrepreneurship. Entrepreneurs are very important in order for any business to succeed, however, only some entrepreneurs will succeed in life. Here are some of the characteristics of successful entrepreneurs.
To be an entrepreneur, it takes the willingness to prosper with calculated risks; both personal and financial-and then do everything possible to get the odds in your favor. Driven by an intense commitment and determined perseverance, entrepreneurs work very hard at what they do. They excel and want to win. Entrepreneurs are amazing people with a high respect of character. They use their mistakes as something to learn from rather than a failure.
An entrepreneurial leader process many qualities that allowed them to succeed in the field they decided to work in. It is important for entrepreneurs to p4rocess these skills because of the high risk involved in starting their own business. History have shown many examples of failed business due to the weaknesses of the entrepreneurial whether it was lack of creativity, inability to see opportunity of the market or an inability to change course in a business in response to a new competitor. So, if I was joining an entrepreneurial start-up it is essential for the leader of the business team to process these skills in order for the business to be successful. The three skills that these leaders must have is creativity, high tolerance of risk, and opportunity obsession.
Benjamin Franklin, one of history's greatest entrepreneurs, once stated “If passion drives you, let reason hold the reins.” The potential business owner could learn from Benjamin Franklin's passion and dedication. This passion drives an astonishing number of people to make the switch to entrepreneurship, despite challenges they face, such as high failure rates, difficulty providing benefits to their employees, and obtaining financial backing. With a creative approach, business owners can face and overcome these challenges and turn their passions into a successful career. Much like Benjamin Franklin, business owners are headstrong, driven people, who prefer to take the wheel and drive, so to speak. The potential success as a business owner sparks the entrepreneurial spirit in numerous people every day, regardless of the difficulties presented.
Reading from an academic abstract, titled 'Entrepreneurship: owing your future ', dialogues about the tools and implements needed to become a successful entrepreneur. The book gives an introduction of entrepreneurship and defines it as: "Someone who creates and runs a business", (Mariotti, 2016, p5). A first principal characteristic of a successful entrepreneur begins with a self-assessment, which comprise of evaluating your strengths and weaknesses. Associating to my individual characteristic, I lean towards the habit of always evaluating myself, this include an evaluation of my attitude, action and performance. Self-assessment is an important characteristic of becoming a successful entrepreneur because it helps you take full advantage of your strong points and develop on your weaker points.
Financial specialists, investors and business accomplices oblige that successful entrepreneurs are especially sure about their prospects. The best business people accept that they can characterise their own particular future and utilise this confidence to convince individuals to attach their fortunes to theirs (Moridi et al., 2014). Tolerance It can be defined as the ability to persist in behaviour for a search result, despite difficulties or delays which have to cope. This is a fundamental quality in the entrepreneur, because it will have to face delays or unforeseen difficulties that can lead to disappointment and failure (Lerner and Damon, 2012). Planning and
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
Introduction ‘Entrepreneurship has always been important. The concept of a person or group of people using their minds and creativity to solve a problem is both the foundation of a business and also basis of human progress” – (https://richardhlucas.wordpress.com)An entrepreneur is a person who accepts a large risk in order to use their creative initiative to start a company. Entrepreneurial activity is the backbone of the economy, and leads to economic growth, creates job opportunities, and raises stability and creativity. However, entrepreneurs face a large number of challenges in their business ventures. They conquer these challenges through the use of financial strategies and other important planning.
Indications of great inspiration incorporate attributes, for example, • Initiative • Perseverance • Responsibility • High self-esteem Entrepreneurship is a showcase for you. It takes resolution, responsibility and desire to succeed. Numerous entrepreneurs respect money related benefit from the business as evidence of particular victory, not as an objective in itself. - Innovation At work, entrepreneurs continually confront circumstances and tests to which they must discover an answer through another working system or method for advancement. Keeping in mind the end goal to succeed, a business visionary must have the capacity to respond creatively and do things in eccentric ways.
It means the positive attitude against the business and strength and will to achieve success. A successful entrepreneur has to own certain qualities that would enable him to succeed in his business. Entrepreneur's should have a strong drive to successes and overcome obstacles. Confidence and strong will are must. An entrepreneur should be sharp and always think of ways to run their business flexibly .Another important quality of a successful entrepreneur is being adaptable to quick changes and should have the eagerness to learn new things.