Published on January 28th, 2014 | by admin0
What Are The Ingredients To Be A Successful Entrepreneur?
As well as a clear, inspirational business idea, it requires much more besides for an individual to build a successful business empire. But what exactly is this DNA we refer to and how much of these traits can be acquired as opposed to natural flair and personality characteristics we may, or may not already possess?
According to research recently undertaken by Elana Fine, managing director of the University of Maryland’s Dingman Center for Entrepreneurship, the best entrepreneurs do share a broad collection of characteristics which can be broadly categorised as: tenacity, passion, tolerance of ambiguity, vision, self-belief, flexibility and rule-breaking.
So we decided to investigate each of these factors in more depth, starting with tenacity. Deciding to start a business venture has been likened to an ‘ultramarathon’. So being prepared to embrace a whole range of obstacles head on is crucial. Dealing with setbacks is a necessity.
Next up is having a passion for whatever the business venture is. A common miss-conception would be that successful entrepreneurs are driven by money. Not true! In most instances it is actually a passion for the product or service that makes up their business which is decisive. What’s more it is having a passion for a company’s specific mission which is so crucial and can sustain an entrepreneur between paydays. This is highly significant considering that financial rewards can often only be longer term ambitions for a business owner until they become more established in their marketplace.
The ability to manage the fear of uncertainty is another essential trait for any budding entrepreneur. Having a tolerance of ambiguity, able to win on the mental battlefield and push through fear is cited as a quality that most business owners possess. Such adversity is often due to the overwhelming range of responsibilities and challenges to be overcome which often lead to severe financial pressures including all the costs associated with running an office.
An inspirational business idea, and having the ability and knowledge to identify an opportunity which others have overlooked is another cornerstone to any successful venture. A clear vision which can effectively be communicated to investors, customers and staff has been identified by many entrepreneurs themselves as vital to their success.
Task-specific self-confidence also makes the shortlist for key entrepreneurial traits. In practical terms this can be interpreted as an ability to possess enough confidence and self-belief to get the job done whilst mitigating the risks.
Adaptation of the original business model devised to make any new venture a quantified success is also deemed essential. Business survival necessitates flexibility and maintaining a clear awareness of changing needs, trends and market conditions. In most instances, the final product and market launched to market by an entrepreneur is far removed from the initial concept.
Last but not least, one definition of an entrepreneur is someone with the ability to defy conventional wisdom who is not adverse to rule-breaking. In itself, starting a business is breaking the rules to a certain extent as only a small percentage of us are actually ever engaged in entrepreneurship.
Do you possess some of these traits and do you have what it takes to be an entrepreneur? There’s only one way to find out.