Successful entrepreneurship often exhibits certain characteristics. They are attributes, features, traits in entrepreneurs and shape their attitudes and actions in realizing innovative ideas, managing operations and growing the business.
These characteristics are a success factor when starting a business. Business success does not only depend on how much capital we have, but our quality to run and build it. Some characters may have stood out in us and others we may need to hone through experience.
What are the list of characteristics of entrepreneurship? Let’s dig one by one.
Innovation
Innovation requires creativity, curiosity, open-mindedness and not complacency. Entrepreneurs often have an out of the box approach to problem solving, thanks to their experience and passion for continuous learning.
Problems often arise because our resources are limited. But, that doesn’t stop us. It actually motivates us to look for ways to get the best out of the resources we have.
We should see problems as business opportunities by offering solutions. We are able to identify gaps in consumer demands or needs, which existing products have not met. We consistently innovate to generate new ideas and improve what already exists. And innovation makes us better prepared for changes in demand and competition.
Self-motivation
Being an entrepreneur requires us to be passionate about our ideas. We define what we want to achieve. It motivates us to stay on the right track to the final destination. We are not easily swayed just because obstacles get in the way.
Dedication and self-motivation are essential to make us stronger from time to time. Difficulties do not dampen our spirits. Rather, it becomes our reason to keep learning to improve and perfect ourselves. So, every time they meet failure, it does not frustrate us. We keep moving forward.
Discipline
Entrepreneurs strive to do whatever it takes to make the business a success. They plan carefully what they have to do. They map the stages to success.
And, when we have done it, we are disciplined to run it, which is reflected in our daily life. Discipline means our regularity in doing business or what we have planned. It drives our passion and motivation to do the important work needed to succeed and achieve the targets we set.
New business failure is high. And, that’s no reason to give up. If we want to be successful, we should continue to learn from past mistakes. Failure is common and correcting mistakes is what matters. We take a positive attitude to continue our journey towards the ultimate goal, success.
High commitment
High commitment means we stick to our principles and dedicate ourselves to building a successful business. While running a business, we may discover many new things, which may not be in our plans. And commitment is about doing what we think is right even when we don’t have the courage to go through the unknown or unplanned.
Risk tolerance
No return without risk. There is no success without problems. And successful entrepreneurship requires us to tolerate risk, solve every problem we face and be passionate about learning.
Tolerating risk does not mean we take all risks. However, we take risks if they are worth pursuing and contributing to success. It requires us to take responsibility for all our decisions and take even the toughest risks if it is essential to success.
Taking risks is what separates employers from workers. Workers do what has been set to achieve the company’s success. Instead, entrepreneurs define what must be done to achieve success and engage with uncertainty about the future.
Confidence
Having a great idea and a great product does not guarantee success. We know it’s true and everyone will love it. But, if we don’t trust ourselves to share it with people, how will other people believe in us and our products.
Confidence requires us to believe strongly in our abilities and strengths to make our ideas a success. It encourages us to make strong decisions and commitments to what we think are the keys to success.
Leadership qualities
Having excellent leadership qualities enables us to earn the trust and respect of our team. We need to build the chemistry with the people we need to be successful. It becomes the motivation to move them in the direction we want.
We need to build a supportive environment and spread positive energy and values through our teams. It ultimately affects the quality of work and the confidence of the team in pursuing what we plan.
Independence
We may have to face difficult situations that require us to make quick decisions. And, we have to be ready for that. We build independence in determining what he thinks is best.
However, independence doesn’t mean we don’t need other people. People’s suggestions and criticisms are important to us when making decisions. But, we are responsible for what we decide. So, we also have to be realistic and not do all the criticism and suggestions. We filter it. And, here, our practical experience is important in guiding.
Networking
Successful entrepreneurship requires us to build a network. We cannot progress by relying solely on our abilities because they are limited.
Networking is important to let us know who we should approach for when we are facing a problem or chasing something. For example, when we need a reliable team to realize our product idea, we know where to look for the right talent pool. Likewise, when we need certain inputs for the business, we know where to buy them at the right price and quality.
Interpersonal skills
Building relationships and working with those in our network requires interpersonal skills. It requires us to communicate, interact and work with key people effectively, including our staff.
Interpersonal skills are important in running a business. For example, when raising start-up capital, we must communicate effectively to convey our ideas and business to potential investors, get them to trust and be willing to put their money into our business. Then, it is also necessary when we negotiate contracts with suppliers.
Interpersonal skills then also help us in building a conducive environment for our staff. Thus, it is easier for us to condition and direct the team towards the goals we want to achieve.
Integrity
Entrepreneurs have personal qualities and do the right thing in a reliable way. They prove themselves to be credible and maintain the highest standards of integrity. Without it, no one wants to do business with them.
Long term focus
Entrepreneurs have big dreams in the long term. They know what they are headed for. It keeps them from being complacent on their short term wins or success. They are more focused on the long term.
They build a vision and pursue it. It requires them to break it down into missions and goals. So, when they have achieved their mission and goals, they see it as a path to a vision, not as an end to success. They continued to move forward.
Small, short-term successes in achieving missions and goals can change as the environment changes. For this reason, successful entrepreneurs do not immediately rest on their laurels and say they have achieved their dreams.