What does it take to make successful entrepreneurs?
Who is an entrepreneur?
An entrepreneur is an individual who creates and runs a business and who assumes all the risks and rewards of that business venture. This means, when an entrepreneur starts a business of, say, selling potatoes, if the business turns profitable, he or she enjoys the profit. However, if it fails, he or she bears the losses. A business venture could be an idea or goods or services offered for sale. The entrepreneur is commonly seen as the business leader and innovator of new business ideas and business process.
Entrepreneurs play a very important role in any economy. They are the people who have the skills and zeal to take new ideas to the market and make new and proper decisions in order to make their idea profitable. And the reward they could earn is the potential economic profit(s) of the risk taken.
The capacity and willingness to develop, organize and manage a business venture alongside any of its risks in the hope of making a profit is called entrepreneurship. The entrepreneurial enthusiasm is characterized by innovation and risk-taking and is a vital part of any nation’s ability to succeed in an ever-changing and increasingly competitive global marketplace.
Benefits of entrepreneurship.
Entrepreneurship forces a “creative destruction” (and brings a new order) in the market and industry, as well as create new products and business models. In this way, the damage is responsible for the creative changes of the industry and in the long-term economic growth.
Without entrepreneurs, there won’t be businesses. Entrepreneurs are the engine of job creation and economic growth. An entrepreneur has enthusiasm, vision, persistence and determination. One needs inspiration and motivation to succeed.
Entrepreneurial activities bring benefits, not only to the entrepreneur but the whole country. And here are some of those benefits:
• Personal finance
• Development of the industry
• Availability of high-quality products
• Availability of more services
• Developments of new markets
• Freedom from dependence.
Traits of successful entrepreneurs.
Business is an art and not everyone knows how to master this art. Some people have the inborn qualities to be a successful entrepreneur but others work to develop these qualities.
Successful entrepreneurs have the following traits in common;
Creativity is the ability to bring something new into existence. A successful entrepreneur is a creative thinker with loads of ideas constantly flowing through his or her mind. These ideas usually evolve through a creative process whereby imaginative people bring them into existence, nurture them and develop them successfully.
In business, innovation refers to creating more effective processes, products or services and ideas. It could mean implanting new ideas, improving services or creating new products thus changing your business model and making changes in the existing environment to deliver better products or services. Therefore, entrepreneurs should come up with new and different values and different ways to convert materials into a resource or to combine the existing resources in a new and more productive configuration.
Hard-working business owners (entrepreneurs) are incredibly motivated to succeed. So, because of this, they are willing to do everything to see their businesses through the turbulence of the time. They are never greatly impacted by the defeats they encounter- they always get a way out. And in case they fail, that is not the end, they try again and again and again until they get the success they expected.
4. Problem-solving ability.
An entrepreneur faces problems. And they are therefore motivated by their urge to solve those problems. They define the problem, gather information, identify various solutions, evaluate alternatives, select the best options, take actions and evaluate the action taken.
5. Risk decision-making ability
Entrepreneurs take decisions under conditions of uncertainty and are therefore ready and willing to either win or lose. But, in order to avoid loses, they think with absolute clarity and coordinated actions and in this way, correct decisions end up being be made.
6. Technical knowledge
An entrepreneur must have sufficient technical knowledge in their areas of operation. However, an entrepreneur with a high level of administrative ability, human relations, and communication skills, creative and technical knowledge stands a higher chance of success.
Entrepreneurs should be focused on making their businesses work and eliminate any hindrances or distractions to their goals. They have overarching strategies and outline the tactics to accomplish them.
Entrepreneurs are sure that they will eventually make their businesses succeed. They, therefore, have confidence in everything they do. They also know that they are worthy for a success.
Entrepreneurs realize that every event and situation is a business opportunity. Ideas are constantly being generated about workflows and efficiency, people skills and potential new businesses. They have the ability to look at everything around them and focus it towards their goals.
10. Self- starter
Entrepreneurs know that if something needs to be done, they should start it themselves. They set the parameters and make sure that projects follow that path. They are proactive and do not wait for someone to give them permission.
Many companies are formed because an entrepreneur knows that they can do a job better than the other. That they need to win at the business they create.
12. Strong communication skills
The entrepreneur should have strong communication skills to sell the products and motivate the employees. They are very good at highlighting the benefits of any situation and coaching others to follow them.
Passion is the most important trait of a successful entrepreneur. They genuinely love their work. They are willing to put that extra effort, work that extra hour to make the business succeed because there is a joy their business give which goes beyond the money.
There are benefits of encouraging a sense of ownership and this can be achieved through encouraging people to adopt the mindset of an entrepreneur through cultivating a feeling of personal investment and a willingness to try new things.
The above calls for an entrepreneurial culture- the system of shared values, beliefs and norms of the members of an organization(s) or workplace or government. This includes valuing creativity and tolerance of the creative people, believing that innovation and seizing market opportunities are appropriate behaviour to deal with the problems of survival and prosperity, environmental uncertainty, competitors, threats and expecting organizational members to behave accordingly.
Also, entrepreneurial culture can be achieved through encouraging proper communication, giving positive feedback to all ideas, allowing failures, teaching entrepreneurial thinking to employees or citizens, giving employees autonomy and rewarding innovation among others.