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It is possible for people to develop these characteristics and succeed in their careers as
entrepreneurs. Successful entrepreneurs have many common characteristics. For
convenience these are divided into five clusters namely: (1) Personal Traits, (2) Interpersonnel Skills, (3) Achievement, (4) Planning and (5) Power.
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PERSONAL TRAITS
These attributes are the inherent qualities of a person, and following are the ones
which most entrepreneurs possess:
Positive Mental Attitude This is undoubtably the most important of all the characteristics.
Nobody can be a successful entrepreneur without a positive attitude. The one thing you
can be sure of is that you will experience difficult times. If one maintains confidence,
persevere and continue to stay positive, one will be successful. Conversely, if one allows
doubt and uncertainty to prevail, then one will probably fail.
2. Prudence Too much enthusiasm, however, can also be an entrepreneur's downfall. Too
many hopefuls have fallen prey to overconfidence. It's easy to gloss over some glaring
faults to your entrepreneurial blueprints when you're extremely excited with the prospect
of your business becoming a success. A good entrepreneur knows when to step back
and look at the big picture. Entrepreneurship is one of the biggest risks they'll ever take in
their life, and prudence allows them to take calculated risks. Prudence will act as their
safety net, making them question every move they make so as to avoid any serious
problems.
Creativity When problems do arise, one can count on creativity to bail one out.
Creativity is probably what leads the entrepreneurs to envision their company in the
first place, and it'll be creativity that will help them realize the possible solutions to any
hitches that might come their way. Successful entrepreneurs find inspiration
throughout the entire process, and often discover ways to turn roadblocks into
opportunities. When creating a business idea, many entrepreneurs have to be very
creative. There is a good chance that someone else has already established himself
as the authority for the niche that a new entrepreneur chooses. However, with a little
creative twist, new entrepreneurs can take old ideas or business models and
revolutionise them, making them attractive to potential clients or customers.
Entrepreneurs are very Optimistic A positive outlook is essential for the entrepreneur,
who learns to see setbacks as bargain priced tuition for the valuable business
lessons gained through firsthand experience. Past shortcomings, failures, or
disappointments are relegated to the past so that they cannot continue to haunt the
present or obstruct the future. And when things go right and business prospers, this
further fuels the optimism and positive mindset of an entrepreneur, helping to give
impetus and momentum for greater accomplishments and increased hopefulness.
Entrepreneurs by their natural tendency are very positively inclined, desire-driven and
solution-oriented. Hence they normally become very trustworthy and tend to trust
everybody they meet, with the hope that they also share the same thirst and
commitment to the cause. As a result of this, very often entrepreneurs get cheated
and are vulnerable to people who look for short-term gains.
Possess Technical Skills and Knowledge Every business requires unique technical
skills and knowledge on part of the owner. You have to be good at what you do for
your business to succeed. This often means getting additional education and training
on an ongoing basis, sometimes for the purpose of obtaining specific credentials
(e.g., certifications, licenses).
Entrepreneurs are often autodidactic learners, which means that much of what
they know they learned not in a formal classroom setting but instead on their own
by seeking out information, asking questions, and doing personal reading and
research. They also are quick to learn from their own mistakes, which means they
are less prone to keep repeating them due to arrogance, ego, or a blindness to
ones own faults, shortcomings, or errors in judgement. To teach is to learn. And
to lead, train, and impart experience to others the entrepreneur is constantly
striving to learn more and get better educated. Because of the passion for
education, true entrepreneurs surround themselves with people who either know
more than they do or know things that are different from what they know. They
entertain the views of others and perspectives that may be unlike their own, for
instance, in order to be better students of human nature. In this way they continue
to enrich themselves with knowledge while also making a concerted effort to grow
that knowledge by sharing it with others who are also front row students
students of lifes valuable and unlimited lessons.
They generally donot have the patience to spend all their time on just one thing,
but when needed, they may have the perseverance to see it throgh as well.
Independence Entrepreneur needs independence in his work area as they are not
known to follow their rule of thumb.
They dislike working for others. Entrepreneurs do not like to work for others and
therefore start off on their own. They wish to be their own masters and be
responsible for their own decisions.
Flexibility :
They are flexible. Successful entrepreneurs have an open mind and do not
hesitate to change their decisions, if after weighing the pros and cons, find that
the situation so demands.
Analytical Ability:
They have a dispassionate approach to problems. Entrepreneurs will not let
personal likes or dislikes come in the way of their taking a business decision
based on ground realities. They seek out experts for assistance rather than
friends and relatives. Their decisions are objective and not emotional or
impulsive.
Because business is all about people, entrepreneurs tend to be socially outgoing. They
get excited about sharing ideas, products, and services, and that excitement is
contagious to their employees, clients, friends, and other contacts both within and beyond
the business sphere. But women and men who work hard as entrepreneurs also relish
the unique opportunity to have fun doing something that they love as their primary
vocation. Human resource experts, career counselors, and business psychologists all
agree that those who do jobs they enjoy and are good at have higher rates of success
and broader measures of satisfaction.
They have Excellent Communication Skills
Entrepreneurs recognize that the most important part of any business is the human
element. Human resources whether in the form of clients, employees, or strategic
partners are what makes or breaks a business, and communication is the key to
successful relationships with people.
Communication can be defined as the accurate exchange of information between two or
more parties. This is important because one needs to be able to accurately exchange
information in a fast--moving world using a variety of communication methods (e.g.,
interpersonal, electronic). Of particular importance is the ability to listen and truly
understand where another person is coming from.
The entrepreneur works to hone communication skills, whether those are written, spoken,
or non-verbal messages conveyed through body language. And to support
communication, he or she will take advantage of all available tools and resources. Those
might include foreign language or public speaking classes, computer and telecom
technology, search engine optimization or neuro linguistic programming as it relates to
sales and marketing, or specialized writing such as that needed for grants, business
proposals, mission statements, or policy manuals. Above all, the entrepreneur develops a
keen ability to listen and hear what others are trying to say, because the best
communicators got that way by first being the best listeners.
They have Interpersonal Skills
Entrepreneurs can deal with people at all levels and come across all kinds of people.
They have to make them work for them and with them to help realize their objectives.
They like working with people and have skills to deal with them.
They are Good Motivators
They are great in motivating people, and can influence others. A successful entrepreneur
can influence others and motivate them to think and act in his way.
They are Self-Driven with High Energy Levels
Most entrepreneurs are self-motivated and self-driven. They dont need any external push
to do what they are doing. They do it for a reason. They derive energy from this thought
and the desire to succeed.
They have Excellent Negotiation Skills
Entrepreneurs deal with all kinds of agencies, like the suppliers, customers, builders,
contractors, govt and semi govt people, investors, financier, bankers, etc. and frequently
they are required to negotiate for something or the other to their own benefit. They can
very cleverly perform this responsibility with accuracy and a win-win situation.
ACHIEVEMENT CLUSTER This cluster emphasises the attributes for Achievement,
which are given below:
Need for Achievement
A strong desire to win. Most people dream of success, but seldom do anything to
implement it. In contrast, entrepreneurs have a strong desire to continuously hit new
goals and will not rest till they win. Successful entrepreneurs are achievement--oriented.
They value accomplishment and the intrinsic rewards that go along with achieving difficult
goals. It is a strong motivator for most business owners.
Entrepreneurs are driven by Strong Desire
Entrepreneurs are recognised in society because of their varied mind-set and high
dreams which motivates them to bring in invention and innovation in are of their business.
It is important to understand that desire is very different from hope. Desire is the strong
and burning need to achieve something. Almost every entrepreneur has some reason in
the mind which they want to achieve at any cost. Entrepreneurs compromise all of their
personal and professional aspirations to achieve that singular objective, albeit within the
the ethical and moral framework.
Opportunity Seeking
Entrepreneurs can see opportunity in a problem. They act upon new business opportunities even in situations where other people see nothing but problems/hopelessness. It
also encourages them to seize unusual opportunities for obtaining the necessary
resources such as financing, equipment, land, workspace, technical assistance, etc,
which will enable them to implement their business ideas.
Ability to find and Explore Opportunity
Alert to opportunities and seizing them to their advantage. Entrepreneurs are innovative
and can convert crisis into opportunities. But they are realistic enough to ensure that the
opportunity suitably dovetails into realising their goals.
fulfillment, satisfaction, and the pleasure that comes from ones accomplishments and
contributions.
Decision-Making
Entrepreneurs call all the necessary shots. While their creativity makes them men of
ideas, it's their ability to make decisions that will make them men of action. The decisions
that entrepreneurs make will determine the fate of the company, and it's only through
decision-making that things will actually happen. An entrepreneur with poor decisionmaking skills will have his company caught in a state of inactivity and degradation; good
decision-making skills, on the other hand, will ensure that the best possible measures in
putting up the business will be enforced.
Perseverance
Perhaps the most important of all the characteristics of entrepreneurs is the ability to
withstand the troubles that come with starting a business. An approach of never-say-die.
Once committed to a goal and a course of action, entrepreneurs never retract. Difficulties
do not deter them and they work hard till the entire project is successfully accomplished.
Beginning a new enterprise is an immensely difficult task, and the entrepreneurs, who
stick through the storms and stress can see their venture to be a success. It sometimes
takes years for a good idea to start making money, but when it does, the entrepreneur is
glad he stood strong in the face of adversity.
Persistence
This is the quality, which enables the entrepreneurs to develop determination to have a
thorough job done at any cost in terms of personal sacrifice. By doing this, the
entrepreneur remains working towards the achievement of his/her set goals.
Moderate Risk Taker
Entrepreneurs prefer a middle-of-the-road strategy while handling tricky situations. They
dont take high risks; they are not gamblers. They prefer a moderate risk to a wild gamble,
high enough to be exciting and containing a reasonable winning chance, somr sort of
calculated risk. Risk Taking Ability This is one of the major trait of successful
entrepreneur.
Entrepreneurs are people who prefer taking moderate risks.
Before they commit themselves and their resources, they assess the risks that are
associated with a business opportunity that they have selected, and their ability to
manage them, the benefits that they will realise and the challenges that they will face
from the venture to be undertaken.
Entrepreneurs can earn profits as a result of taking risks and the higher the risks, the
higher the profits. However, entrepreneurs will always prefer to take on those risks that
they can manage.
They train themselves to acknowledge and accept risk taking as a part of the
entrepreneurial journey. So they learn to intelligently handle risks.
Not Afraid of Risk or Success
Many people could be successful if they only took chances. And many people who do
take chances and become somewhat successful find the realisation of their dreams an
overwhelming possibility, so they sabotage their continued success by retreating back
into a comfort zone of smallness. As discussed earlier, the employee mindset is
preoccupied with a need for security. Those who cling to what is familiar to them even if
it means the denial of their dreams lack the perseverance and ambition that the real
entrepreneur exhibits. Entrepreneurs are not immune to fear. But they prioritize their
approach to life so that the fear of failure, frustration, boredom, drudgery, and
dissatisfaction far outweighs the lingering fear of success.
Stress Taker
They can work for long hours and simultaneously tackle different problems. As a key
figure in his enterprise, the entrepreneur has to cope with several situations
simultaneously and take right decisions, even if it involves physical and emotional stress.
This is possible if one has the capacity to work long hours and still keep cool.
Facing Uncertainty
Entrepreneurs do not get deterred by unfamiliar situations but interesting situations.
Achievement-driven people are optimistic even in unfamiliar situations. Even if they find
the odds daunting, they see no reason why they cant succeed with their treasure of
abilities. They march undeterred, making the best of the fine opportunities that come their
way even without guidelines. They quickly come to grips with the new environment and
present a picture of boldness and prudence. They apply their special insight and skill.
Applying their special insight and skill, they quickly understand the environment and
adjust to it.
They have Great Survival Instincts and Adaptability
Entrepreneurs are the people who are very adaptive and flexible. They quickly
understand and adjust themselves to any environment, because their sole goal is to
survive and to see their objectives are fullfilled. So whether its difficulties in business or
personal lives or any other aspect, they face it boldly and handle it effectively. Its
pertinent to quote the proverb here which goes like this:
WHEN THE GOING GETS TOUGH, THE TOUGH GET GOING.
(This is attributed to both Joseph P. Kennedy (18881969), father of U.S. President John
F. Kennedy, and sometimes to Norwegian-born American football player and coach Knute
Rockne (18881931)
Demand for Efficiency and Quality
This is the quality that enables an entrepreneur to do things that meet or surpass existing
standards of excellence or improve on performance by striving to do things
faster, better and cheaply. By doing this, the entrepreneur remains ahead of others,
makes more profits and retains a growing market share.
PLANNING CLUSTER
The Planning and Organising cluster is made up of the following characteristics:
Vision
Entrepreneurs work hard to fulfil their dreams and to achieve their objectives, and in the
process they visualise market scenario, socio economic, and technological environment.
Based on these information they predict future situation and accordingly plan their vision
and ways to achieve the desired objective.
Objectives Planning & Goal Setting
Entrepreneurs think ahead of others and plan for the future. Most successful people set
goals for themselves and plan to realize them in a time frame.
Planning refers to the ability of an entrepreneur to set clear and specific goals and
objectives. These goals and objectives are normally high and challenging but at the same
time, realistic and can be attained, given the resources that one has got at his/her
disposal. However, one needs to be impartial and dispassionate when it comes to making
business decisions because emotion, bias and sentiment can result in poor choices.
Dedication
Entrepreneurs dedicate themselves to the fulfillment of their plans, visions, and dreams,
and that tenacity of purpose generates electricity throughout the whole organization. One
of the biggest reasons that companies fail is because they lose focus. Target a goal,
clarify the objective, refine the brand, and narrow the margin of error. Regardless of what
the effort might involve, an entrepreneur brings a single-minded dedication to the task by
being committed to a positive outcome and ready and willing to do the needful. No matter
what that might mean in terms of rising to meet a challenge or acting above and beyond
the call of duty, the entrepreneur shows steadfast dedication.
Information Seeking
This is having the urge to look for the required information in order to make an informed
decision, for example, selecting, starting and successfully managing the desired
business. This calls for the concerned person to personally seek and obtain information
regarding customers, suppliers, competitors as well as any other relevant information that
is required to enable the entrepreneur make decisions and improve knowledge on his/her
business.
Using Feedback
It is important for them to know how they are faring when they work on their goals.
Entrepreneurs take immediate feedback on performance and prefer prompt and accurate
data, irrespective of whether they are favourable or not. Unfavourable news spurs them
into making amends to attain their goals.
Systematic Planning and Monitoring
This is the ability to develop plans that will be used in monitoring and evaluating the
progress of the business. This helps the entrepreneur to carefully monitor his/her
business actual performance against desired performance and turn to other alternatives
whenever the need arises; so as to achieve his/her set goals.
They are System-Oriented
Like mathematical formulas, good systems allow us to reproduce great results every time
with less and less exertion of energy or resources. Entrepreneurs rely upon systems
before they rely upon people, and they look for systembased solutions before searching
for human resource solutions. If the person gets the job done but falls sick or leaves, the
job is threatened. But if a system is created to get the job done, anyone can step in and
follow the blueprint to get the desired result. Similarly, when troubleshooting and problem
solving, the entrepreneur will first examine and study the system because a flaw in the
system will produce a flawed outcome each and every time. Designing, implementing,
and perfecting systems is one of the most useful and rewarding skills of an entrepreneur.
They do Value Addition
Entrepreneurs are known for bringing new things in market. They create, innovate, add
value to existing products in market.
They are Intuitive
Entrepreneurs do not become successful due to luck. Every successful entrepreneur
created his own path with his intelligence, creativity and intuition. Business models are
constantly changing. Consequently, the way business owners market and grow their
business constantly changes. The most successful entrepreneurs understand how fast
current trends change. More importantly, however, they know how to keep up with the
changes.
POWER CLUSTER
Entrepreneurs are Great at Persuasion and Networking
This is the ability to link, convince and influence other individuals, agencies and other
groups in order to maintain business contacts at a high level. This will help or work for the
cause of the business in a positive manner to accomplish own objectives.
Successful Entrepreneurs realise that it is not possible for them to achieve anything
alone. They quickly learn to connect with people who have positive and mutually
beneficial relationships. Entrepreneurs also realise the importance to constantly network
and stay in touch with the overall market, which enables them to grow their business.
They have a Great Amount of Self-Confidence and Self Esteem
This refers to having a strong belief or confidence in oneself and the ability to complete a
difficult task or meet a challenge.
Confidence is a hallmark of the entrepreneur. Entrepreneurs are determined people who
will achieve what they set out for. Entrepreneurs exhibit a great sense of self-confidence
and have great depth of self-esteem. They consider themselves as good, and they donot
allow external criticism to effect either of these qualities.
Many confident people gain their sense of self esteem and faith in their ability to greet
challenges by acting even when they lack the confidence and then gaining strength
and belief in themselves by seeing the results and gaining the praise and respect of
others.
They are Authoritative
Entrepreneurs learn very quickly that there are many people with whom they need to
network. However, not everyone has their best interest in mind. They may encounter
naysayers, manipulators and scammers. Entrepreneurs do not allow themselves to be
easily influenced by exercising authority. Though there is nothing wrong with taking
advice or opinions, in the end, its the entrepreneurs who strongly believe their decisions
will be the best for their company.
They have a Sense of Ownership
Taking responsibility for getting things done and doing them with care and attention
means to act like an owner. Rather than viewing a problem as someone elses, the
entrepreneur sees it as his or her own and takes pride in finding a solution, leaving things
in better shape then they were before encountering them, and improving upon situations
rather than leaving them unattended. While a sense of ownership makes for a stellar
employee, the entrepreneur knows that the goal is not to be owned by the enslavement of
too much responsibility. Rather than controlling situations in an attempt to possess them,
the entrepreneur teaches other people how to take charge. In that way the clever
importance of teamwork, and they understand the need to appreciate others, support
them, and reward them accordingly. True leaders do not become indispensable,
otherwise things fall apart in their absence and they can never rise to the highest level of
entrepreneurial freedom and prosperity. Neither do they squander the potential of those
working under their guidance.
As a renowned business consultant and retired United States Air Force Major General
Perry M. Smith once wrote, Leaders who share their power and their time can
accomplish extraordinary things. The best leaders understand that leadership is the
liberation of talent; hence they gain power not only by constantly giving it away, but also
by not grabbing it back.
Entrepreneurs work under Constraints but Never Accept Constraints
It is most common to quote contraints are a reason for failing to achieve. However,
entrepreneurs understand quickly that they have constraints and they will also have
limitations. So instead of blaming the situations they try to identify innovative ways in
which they can overcome the problem. Their focus is always on the solution and not the
problem.
Conclusion
Most people desire to be an entrepreneur. Becoming your own boss and creating your
own career is very attractive to most people. Additionally, many movies glorify people
who found a way to make a living on their own. However, not everyone has an
entrepreneurial mindset