Research & Insights
5 characteristics of an entrepreneur
Entrepreneurs: born or made?
Whether you’re a C-suite pro at a large company with hundreds of workers or you’re the founder of a startup that has only a few employees, you can benefit from thinking like an entrepreneur.
While some believe that entrepreneurs are born rather than made, anyone can at least learn some of the characteristics that make entrepreneurs what they are. There is no single definition of what an entrepreneur actually is, but the term usually refers to someone who, among other things, spearheads a venture, makes decisions on how to proceed, secures the capital needed to make the venture a reality, and shoulders most or all of the associated risk.
In order to think like an entrepreneur, you need to have or develop the characteristics of an entrepreneur. Read on to find out about entrepreneurial skills that will help you in the workplace.
Free PDF Guide Journey to the Summit: The CEO’s 7 Laws of Leadership
Entrepreneurs are by nature motivated. After all, they put in long hours to get their ventures off of the ground and invest large sums — sometimes everything they have — to pursue their dreams. They do all of this knowing that it could take months or even years for them to possibly reap the fruit of their labor. And despite their hard work, they know that there is a chance that their efforts won’t be rewarded with material success. Yet they refuse to give in to a fear of failure. So strong motivation, not to mention a steely focus, is needed to stick with ventures over the long haul.
Passion is another characteristic of entrepreneurs. While a good payday at the end of the tunnel is good for motivation, entrepreneurs tend to be more driven by a passion for their offering as well as by a desire to make a difference. This passion or drive also helps to sustain entrepreneurs during periods where discouragement might otherwise manifest itself.
The best entrepreneurs have a vision as to what they want to achieve, how they can accomplish their objectives, and whom they need on their side to reach their goals. Their vision acts like a compass that points them in the direction of opportunities that perhaps no one else has found. They also have the ability to translate their vision in a way that staff and investors can understand. Through networking opportunities, entrepreneurs can find people they want to align with.
Without confidence or self-belief, entrepreneurs cannot possibly succeed. They have to be confident both in themselves and in the products or services they sell. If they believe in themselves, they will have the ability to stay the course regardless difficulties or discouragement. get. They also have the stomach to take risks — after all, they believe that they will succeed.
Being able to make decisions quickly is an important characteristic for entrepreneurs because it can be the difference between success and failure. Entrepreneurs not only need to have good decision-making skills, but also must have the capacity to make those decisions quickly in order to avoid missing opportunities. This necessitates quickly considering the facts and then deciding.
As you can see, there are definitely some key characteristics of entrepreneurship. As a leader at your company, you can use these traits to more capably and confidently perform your duties. Whether entrepreneurs are born or made is, as it turns out, not the key consideration. What really matters is that leaders acquire or develop the winning characteristics of an entrepreneur.