When a person manages, organizes, and becomes accountable to the risks and outcomes of a business or enterprise, he can be appropriately classified as an entrepreneur. This is the basic definition, but it takes more than a line or two to correctly define such a person. Who then is the ideal candidate for entrepreneurship?
It is always good to find out if you are in fact the perfect entrepreneur candidate. Such awareness enables you to realize your own potential and defy limits instead of being stuck in a 9 to 5 office job. Why bound yourself to being an employee when you can do so much better, when you can be your own boss?
Twelve Noticeable Traits of an Entrepreneur
The Cox School of Business at the Southern Methodist University conducted a study to find out what traits are common among successful entrepreneurs. They listed down 200 successful entrepreneurs of today and below are the results.
Entrepreneurs believe in their own abilities and affirm that anything is possible. They are relentless when it comes to pursuing their goals and they tackle every endeavor courageously.
2. Realistic Outlook
Entrepreneurs are visionaries – they look on to the future. However, they maintain a realistic approach to what they do, they are straightforward, and they want to always be updated and informed of what is going on.
They know what are at stake and they are prepared to face anything, good or bad.
4. Sense of Urgency
They understand that there has to be urgency to the situation, and any bright idea must be acted on efficiently and as quickly as possible otherwise someone else might get the same idea.
They are focused on operations and outcomes. They value their customers and their people however they fully understand that all their acts and deeds are for the betterment of their business or endeavor.
6. High EQ
They are emotionally stable individuals and know how to manage difficulties and stressors.
7. Love Challenges
Redundancies bore an entrepreneur and they love to take on new challenges. They understand that challenges are inevitable and they prepare themselves for these.
8. Good with Numbers
They always utilize numbers to describe situations and they are financially literate.
9. Values Freedom
They want to be in control of the situation and do not like it when they are rendered helpless. They must have the freedom to direct and control, and must be given responsibility of the situation.
10. Shows Creativity
Entrepreneurs are very creative; they can make something out of nothing and they always find a way.
An Entrepreneur is an Innovator
According to Joseph Schumpeters, an entrepreneur has to be accustomed to innovation because he will often find himself dealing with new things- new products, methods, organizations, and even new markets. This person has the capacity to create demand for something that has never been realized before, and as a result, provide revenues for his endeavor.
To be an innovator means being a pioneer. This person should be able to initiate and embrace change openly and must never be one to accept and be content with the way things are. He should be able to tell himself that nothing is absolutely impossible, and that there are always new ideas and new strategies waiting to be unfolded.
Why Leadership Matters
Leadership has been defined as a set of behaviors that allow a person to influence others in a positive way. It is about bringing out the best in others; having the capacity to make tough decisions; provide solutions to problems; and also to initiate change for the benefit of the organization, the company, or even society.
Leadership is a very important requirement for every entrepreneur because without it, you will be missing a key ingredient that drives success in every entrepreneur. If you do not have leadership qualities, it will be very difficult to influence and transform others and it will be even more difficult to promote change whenever necessary.
Hopefully, this has helped you discover new possibilities and realize that you too can climb the echelons of success. While being an entrepreneur does not come in easily, having the aforementioned traits and with the right amount of training, an unbreakable commitment, and dedication, you can be a great at it.