To be an entrepreneur is one thing but to be a successful entrepreneur is another altogether. Have you ever dreamed of being a successful Entrepreneur? Is there a difference between an Entrepreneur and a typical small business owner? To answer these questions, read this article carefully.
Who is an Entrepreneur?
An entrepreneur is an individual who is ready to dare and brave enough not to be afraid of failure. Further, an entrepreneur is constantly looking for new ways to produce and bring about renewal and change in society. An entrepreneur is patient, a leader, and a relentless competitor. In addition, an entrepreneur is a person who likes to be responsible and work hard while looking at the future. Above all, an entrepreneur can change community problems into business opportunities.
Entrepreneurs’ vs Business owners
Both the small business owner and the entrepreneur do business. The difference lies in the desire for growth and the motive to do business.
The desire for Growth
Business owners are mostly content with how the business operates and do not wish to engage in more growth opportunities. On the other hand, entrepreneurs run their businesses with a clear and creative vision and are interested in expansion opportunities. Consequently, small businesses do not pursue growth; they remain small or medium scale throughout their lifespan; though they may be cash-rich, entrepreneurial-run businesses grow because their owners keep exploring new growth opportunities.
Business owners and entrepreneurs differ in terms of the motive to do business. The motive of the business owners in doing business is to make a profit, while the entrepreneurs’ explanation is to introduce a new product or service to the market. In other words, an entrepreneur is a creator of a need that did not exist. Furthermore, an entrepreneur is a person who is willing to take risks to succeed.
What are the Characterists of an Entrepreneur?
There are several characteristics of a successful entrepreneur. Here are eleven features that I found worth sharing.
Creativity is a must-have trait for an entrepreneur. A creative entrepreneur focuses on the community’s needs and turns them into profit-making opportunities. Creativity goes with cleverness. You will thus agree with me that all successful entrepreneurs are clever. Such entrepreneurs do not always cling to the same type of business; instead, they find new ways for new activities or markets. So, to be successful, you need not work on a business-as-usual basis.
2. Following Individual Passion
Following individual passion is one of the fundamental factors for business success and longevity. A business managed by a passionate entrepreneur performs better than one driven by an owner without passion. Passion provides what we call mental fortitude to work hard. Without passion, you miss the endurance to achieve your objective sustainably. Passionate entrepreneurs see more opportunities than challenges. Following individual passion allows the entrepreneur to work extra hours to make a difference. Following personal passion is necessary at the beginning of any entrepreneur where more hurdles exist.
3. Risk-Taking Ability
Another vital trait of an entrepreneur is risk-taking ability. Risk-taking is about the will to explore the unknown; otherwise, an entrepreneur can not discover anything unique. However, the approach towards risk differs from one entrepreneur to the other. Promising entrepreneurs are always ready to invest their time, money, or both.
4. Right Source of Advice
Most people fail in business because they do not know the suitable sources
of advice. All successful entrepreneurs have records of other successful
entrepreneurs and their respective kinds of business. Thus, they quickly go to
the list and select the proper advice source in case of need for advice. You
can not expect appropriate advice from a failure. What answer would he give you
if he failed? You can not expect a medical practitioner’s advice on operating a
To be successful, learn to know and keep records of other successful entrepreneurs and business development service providers.
5. Wide Business Network
An entrepreneur must have a good relationship with many business operators and, above all, the successful ones. The network should help access capital, raw materials, marketing, and the services necessary for business development. An entrepreneur who confines himself to a particular group limits himself on the channels of success, and hence, business limited growth.
6. Loves Competition
A typical business operator hates competition and considers competition a threat to the business. However, for an entrepreneur, competition is a healthy sign. The existence of competition widens the entrepreneur’s ability to think and discover new things and better products.
Many people fear starting a prominent business just because there is competition around. But, in entrepreneurial thinking, you can know your shortcomings through competition and adjust accordingly. Thus, loving competition is among the traits of a successful entrepreneur.
7. Considers Failure and Disappointments Part of the Business Development Process
An entrepreneur should not be afraid of failure and disappointment. But instead, consider failure and disappointments part of the business development process. Many successful entrepreneurs have failed several times and tried again and again. In other words, failure should not stop you from achieving your dream.
8. A Learning Habit
Constant learning is an essential trait of a successful entrepreneur. If you want to be successful, you must give yourself time to read as many books, journals, and business leaflets as possible, attend seminars and workshops on entrepreneurship and do not be ashamed to ask questions from successful entrepreneurs. The learning habit may assist you in becoming accepting even in the event of a loss.
9. A No Time to Waste Attitude
One of the critical success factors today is time management. Time not correctly managed is time wasted. All successful entrepreneurs have no time to waste. They spend extra time doing activities that add value to either existing or new businesses. A successful entrepreneur is competent in doing more than one business.
Empathy Is the ability to understand what goes on in someone’s mind. Coined in Emotional Intelligence (EI), empathy is about people. Empathy can make a difference in how an entrepreneur becomes successful, and another does not. Promising entrepreneurs should know their employees’ and customers’ strengths and weaknesses to make them loyal to the business, which is possible if you can make your workplace light and happy. Without empathy, an entrepreneur can neither reach employees’ hearts nor the success he desires. An entrepreneur’s manners and behavior with their employees and clients are essential in developing organizational culture. Empathy is about how you discipline yourself and act to the people you serve, and it is vital because any simple misconduct may result in losing many customers.
Planning is amongst the most critical traits because it is what is required to run a show; that implies strategizing the whole game; it sums up all the resources at hand that helps you to come up with a good structure and a process that will help you figure how to reach your goals. If you fail to plan, then you plan to fail, this is an essential quality, and one should be very careful because it carries the whole success process. So, it would help if you were a panner to be a successful entrepreneur.
As said at the beginning of the article, being an entrepreneur is one thing, but being a successful entrepreneur is entirely another thing. The decision and powers to be successful rest on you.