Characteristics of successful entrepreneurs

Successful entrepreneurs

Characteristics of successful entrepreneurs

The characteristics of entrepreneurs mentioned here are distinguishing features identified from a collection of entrepreneurs who have built successful companies.

It does not imply that a single entrepreneur has all these characteristics. While many entrepreneurs would naturally possess some of these characteristics, some aspects could be acquired through training.

Vision and mission

Entrepreneurs have a world-view that views work as an extension of themselves, they are out on a mission, with clarity of vision.

They see things others do not see, and go ahead to implement them. That is, they build a sustainable business around their vision.

A vision is a reflection of the dreams, hopes, desires or creative ideas of an entrepreneur.

The vision of a venture is clearly defined in its mission statementa document that highlights how the business should be established and run in order to realize a profit or a goal.

Responsibility

Entrepreneurs have both personal and moral responsibility. In order to create great and lasting venture, entrepreneurs have the responsibility to act ethically within the chain of activities and events that they partake in.

They are answerable not only to their investors and employees, but also towards the society – for creating a better world. Irresponsible entrepreneurship leads to negative impact on the business, investors, and the society.

Leadership skill

As leaders, entrepreneurs create the conditions for a successful business venture through how they affect the performance of their employees and top management teams.

The leadership abilities of an entrepreneur significantly influences employees’ commitment to the business goals. Good leaders encourage proactive, independent, and high quality work.

Characteristics of successful entrepreneurs

Self-directed and achievement oriented

Successful entrepreneurs prefer to take responsibility for finding solutions to problems.

They have an appetite for risk-taking – they can handle complex tasks and take risks according to their goals and skills, and the financial rewards they are pursuing.

Positive and resourceful

Entrepreneurs tend to be positive without being unrealistic and possess the resourcefulness to overcome all sorts of challenges.

Resourceful entrepreneurs are capable of transforming the advantages they find into opportunities, and are able to transform advantages to opportunities.

Also, they are socially adept, capable of communicating effectively and good at inspiring others.

Technologically savvy

Many start-up owners and aspiring start-up owners are technologically intelligent.

A great number are young people who are comfortable with new technologies, computers and electronics.

They are comfortable with the radical shifts that new technologies bring and are not fearful of change.

Good communicator

Successful business people tend to be good salespeople. They are able to represent and promote their companies and products in the marketplace.

That is, they are skilled at communicating with investors, customers or potential buyers, face-to-face – with the purpose of selling an idea, a product or service.

How great ventures are created

Characteristics of successful entrepreneurs

successful entrepreneurs

Creativity and independent thinking

Entrepreneurs are independent, free agents who begin their entrepreneurial journey with portable skills.

They possess skills necessary for finding business opportunities – independent thinking, problem-solving are necessary skill-sets that are linked to creativity.

Where they do not possess managerial skills, they are able to employ others who possess skills they do not have.

It is also believed that independent thinking allows entrepreneurs to demonstrate moral reasoning skill.

Flexibility

Entrepreneurs must learn to rapidly adapt to a dynamic business environment. Great entrepreneurs are able to build organizations that are as adaptable and fast as the challenges they face.

They also know when it’s time to delegate day-to-day operational duties, to give them time to face more strategic issues.

Educated

Higher education, work experience, and expertise, have a strong impact on entrepreneurship and entrepreneurial success.

Although there are successful entrepreneurs who never went to college or are college dropouts, these are exceptions rather than the norm. Even then, they know the importance of upskilling.

In addition, even in circumstances where the entrepreneur does not possess an higher education qualifications; the entrepreneur would still rely on the knowledge and skills of workers, acquired through educational and professional attainments.