Characteristics of an Entrepreneur
“If you don’t build your dream, someone will hire you to help build theirs” – Tony Gaskins
Entrepreneur is, One who is willing to take risk and execute initiative, who take advantage of market opportunities by planning, organizing, and employing resources usually by innovating new or improving existing products.
We are going to go deep into what makes an entrepreneur an entrepreneur. There is not a binary answer to the question.. if a person has in him/her to be entrepreneur? Still there are certain elements which stands out in an entrepreneur’s persona (by virtue of certain situations he/she need to deal with).
Let’s discuss some of the characteristics that are quite likely to be part of an entrepreneur’s profile:
- Vision: Ability to Identify and seize Opportunities. Always looking for ideas, pain points in daily life which are opportunities to work upon.
- Innovation: Creative thinking to explore the idea, refine the idea into marketable service or product. Explores alternatives and zero in on better ones.
- Self-confidence: A belief in own abilities & idea. Belief is backed with solid commitment to make it real.
- Passion: Self-drive/determination to change the world and take the idea through
- Action Orientation: ability to plan, allocate resources, track the plan diligently and bring the plan into real action.
- Sharing: Ability to Partner, Network, Collaborate. Identifies all stakeholders, map skill-sets, delegates responsibilities with trust, collaborate to connect the dots, acknowledge achievements.
- Adaptable: Agile in nature, timely decisions, Ad-hoc course correction where needed
- Result Focus: Ensure product or service is sold with profit
- Multitasker: capable of managing every aspect of business, from talent management to production to finance to marketing to sales to support. Even managers multiple businesses / ideas in parallel
- Social: strive for job creation, passionate about social changes
Mind it….while you are on Entrepreneurial journey:
- Don’t be too attached to an idea: The approach should be to evaluate idea, it’s feasibility and move ahead if found feasible. If idea is not validated, drop it immediately and work on another swiftly.
- Get to know your customer: One might have an excellent idea but one need to know the end users and customers who are going to pay for the service/product. The entrepreneur should proactively engage with representative users & customers to refine idea as appropriate.
- Don’t stretch too much to get everything done yourself. If you can partner with someone then consider the option… this can bring additional skill-set, helping hand and the risk will become shared. Though one need to assess the similar level of passion in the partner group.
- Invest in talent. One should always look for talent & skill-set around and hire/partner top talent.
- Research competitors, network with competitors and discuss challenges/learning to make a great collaborative ecosystem to build new industry/market.
- Learn from failures. Entrepreneurship is tough and one has ups/downs in the journey. Don’t panic… learn from ups/downs and keep evolving and moving with even greater drive.
- Invest in yourself. One should buy & read books, surf websites/blogs, attend industry events/conferences, develop missing skill-set (marketing, sales, finance etc.), join business associations/club to build your solid network.
Click to know What is Entrepreneurship and Why?