7 Characteristics Every Entrepreneur must possess
Who is an entrepreneur?
An entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit. Such person is willing to take risks by making consistent effort to create job opportunities for others. The true mark of every entrepreneur is their ability to take risks and take actions until their ideas becomes a reality. Entrepreneurs are made and not born. To be an entrepreneur is to think differently.
“An entrepreneur tends to bite off a little more than he can chew hoping he’ll quickly learn how to chew it.”- Roy Ash
The characteristics of an entrepreneur
1.Willingness to take risks: Are you a risk taker or are you the first to condemn a business idea when you hear one. Entrepreneurs are known to be fearless, not because they have no fear, but because they have the courage to follow their dreams. Bill Gates had that courage; Oprah Winfrey too had that courage. At some point in your life as you are thinking of a startup, you will have to have the courage to start up your own business, to create job opportunities for others, to take risks even when you don’t know where the road leads to. That’s what shows you have a true entrepreneurial spirit.
2. They think outside the box: Entrepreneurs are creators. To be a creator is to be a thinker. They are not big talkers because they have busy minds. Their minds are soaked with inventions. The mind of an entrepreneur is like an engine room, constantly processing various thoughts and innovative ideas. They do not follow the market trend; they define the market. They are the pace setters. Think of all the successful entrepreneurs you know in your niche and what makes them different and unique. Create that list and find your own uniqueness. Successful entrepreneurs are not copy cats. They are creators and others copy them. They are source of inspiration to others.
3. They are willing to fail and try again: In my previous article on why you should fail, you will see why entrepreneurs embrace failure. They understand the beauty of failing. You can’t achieve greatness without failing at something. If you never failed at anything that means you never tried at anything. Failure is the mark of any great invention. The life of an entrepreneur is full of trials and errors until they finally succeed.
“I’ve missed more than 9000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.” – Michael Jordan
This quote is coming from an all-time star. You’ve got to fail and you’ve got to pick up yourself each time you fall. The fear of failure has stopped many great ideas from coming to life. Please don’t let it stop you. Failure is a mark that you are moving forward and not stagnant.
4. They are Readers:
“Show me an entrepreneur who is not a reader and I will show you a business that is doomed to fail”.
Readers are great leaders. From Jeff Bezos to Bill gates to Warren Buffer and the rest, they were all great readers. When you read books, it opens your mind to new ideas, things you never know of. No one who read Rich dad, Poor dad with great insight would reason same again. It’s a great book that exposes one to the fact that time is money and too many people want your time with little or no money in sight. The Richest man in Babylon is another great book on how to save your money and invest. We have others like Zero to One, think and grow rich etc.
As an entrepreneur, when you don’t read, your thinking grows stale. Be ever willing to learn and also be a good listener.
5. They are highly optimistic: They dream big dreams. Your dream must be bigger than you that’s the only way you grow into it. Thus, because their dreams most times do not match with their reality, they grow tough muscles. When you meet such entrepreneur, you will think they are crazy because their reality does not match with their present situation. But yet they are dogged and not relenting. So, they see opportunity in every problem.
“ Our greatest weakness lies in giving up. The most certain way to succeed is always to just try one more time” – Thomas Edison.
6. They are confident and self-motivated: There are people less qualified than you, doing the things you want to do simply because they decided to believe in themselves. As an entrepreneur, you’ve got to believe in yourself first, before others can believe in you. How do you want to convince others of your plans and visions when you are not convinced about them.
7. Highly passionate and ready to make sacrifices until their dreams become reality: Passion is the drive. It’s the fire that burns within the heart of every entrepreneur. That fire makes them restless, keeps them awake at night planning, keep them running with their vision and goals until they become reality. Do you have passion for what you do?
What’s your reason for trying to start up your own business? Your visions must be clear and concise. Don’t just be an entrepreneur because others are. Be one with a different. Have a clear objective, have a goal or mission statement, be confident, be willing to fail, learn and take risks then watch your goals transform into reality.