Entrepreneurship 101 (Part 2) THE ENTREPRENEUR: What are the key characteristics of great entrepreneurs? Let me begin by saying entrepreneurship is a discipline. It is about WHAT you become in thought, character and actions. There are some unique character traits that separate an entrepreneur from the rest. The good news is that any person can become an entrepreneur just as any person can become an employee. Below are some of the character traits of successful entrepreneurs: 1. VISIONARY THINKING: Entrepreneurs look beyond the present. They see things as they can become not as they are. An average person can see a bush and sees grass and shrubs. An entrepreneur will see the same bush and see a shopping complex emerging on that bush. An ordinary person sees a problem and complains and whines. An entrepreneur sees a problem and visualizes products and services developed to solve that problem and make money in the process. Vision is foresight, it is the mental picture of your desired future; what you want to become and achieve with your life or in your business. An entrepreneur looks into the future and sees what he/she can become and achieve with his business. While everyone sees an orange seed just as a nuisance to be thrown away while eating an orange fruit, an entrepreneurs see the single seed as an orchard. He focuses into the future and sees what a single seed of an orange can become if planted and taken care of. While every person sees a Dollar as money to be spent, an entrepreneur sees the dollar multiplied into thousands in a few years’ time if invested. 2. RISK-TAKING: Everyone takes risks, but entrepreneurs take calculated risks. There are many risky things we all do. For example, crossing the road is risky, a car can hit you. Getting into a relationship is risky because you can be left heart broken. Drinking water is risky because you can choke. But we take all these risks anyway. The difference with entrepreneurs is they take calculated risks. They know investing can lose them money, so they research before investing. They know leaving a secure job is risky, so they develop a business plan first before quitting their job. Entrepreneurs realize that the greater the risk, the higher the returns. With this in mind, they are willing to sacrifice because they know it pays once the returns are realized. 3. LEADERSHIP ABILITY: An entrepreneur usually has to work with people of diverge personalities, skills and backgrounds. Leadership is therefore one key skill and attribute needed to succeed in business. The key roles of an entrepreneur are to spot opportunities and then build a team that can function together as a unit, to develop and deliver goods and services that will satisfy the spotted opportunities. The ability to lead people towards a common goal in a unit called business or enterprise is very vital to business success. 4. CREATIVITY: If you look at different products that have dominated the market place today, you will see creativity which is the footprint of entrepreneurs. Creativity is what makes the world of business fascinating. Creativity is what makes an entrepreneur find solutions to common needs in society through invention of products or services. Think of bottled water; this is a very creative solution to a simple common need in society. But it takes creativity to think of such an ingenious solution. Look at your cellphone; that is a clear example of entrepreneurial creativity. 5. LATE GRATIFICATION: Probably one of the rarest character trait of entrepreneurs is the ability to delay gratification. Most people want instant pleasure and they want it today. Most people given $100 today will rush to blow it on new clothes, shoes, and of course the change will go to ice cream. An entrepreneur might also desire these things but has the discipline to hold on, wait until the appropriate time. He/she is willing to forgo pleasures of life today for the sake of building the capacity to generate more resources. If you can’t delay gratification, you do not have the seed of greatness in you and cannot make it in the world of entrepreneurs. (…to be continued)
Posted on: Mon, 09 Jun 2014 11:12:24 +0000
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