An entrepreneur’s personality is a critical factor in his or her success or failure. So, before you take the plunge, consider your true motivations and chances of success. Starting or taking over a business necessitates a wide range of complementary skills – so it’s best to know who you are.
What is an entrepreneur?
An entrepreneur is a person who creates a new business, usually by being in a better position than other people. He starts a new company or takes over an existing business, and starts or grows it until it becomes profitable. How does an entrepreneur decide to start a business? It is often the successful entrepreneur who sees an opportunity, learns all he can about it and uses that knowledge to solve an immediate problem. For example, an entrepreneur might use his knowledge of computer technology to create a new business selling computers. In business terms, this is known as starting a new ‘industry’. Once the new business starts to gain momentum, the entrepreneur will naturally start to build a team.
The personality traits that make a good entrepreneur.
A sense of adventure – This one’s a given. Being willing to try something new, take a risk, go for it, that’s part of what’s expected of entrepreneurs. “Often, entrepreneurs look for something to move them out of their comfort zone. To be an entrepreneur is to take action,” states Sherry Chris, “and to be an entrepreneur who does so without making others a victim of your determination.” This one is important, not just for new entrepreneurs but for those who have been in the game for a while. There’s a fine line between inventing and exploiting. Those that take the initiative to come up with innovative products or services are the true trendsetters, and the ones most likely to stay in the game long enough to enjoy its successes and subsequent failures.
How to find your "big idea"
Take time to reflect on what values and passions you cherish, and what traits make you attractive as a partner for your business. Don’t forget your true passions and interests. What can you do in your spare time to satisfy them? Ask yourself how you feel when you learn about a new opportunity or when you see a group of people enjoying themselves? Do you get a warm glow? Do you get a chill down your spine? What’s that sensation? Write a short article or a book outlining your reasons for becoming an entrepreneur. This idea should draw on the foundations of your dreams, passions, and values. Write your intention down and make it public. Share it with a few trusted friends and family members to help make it stick.
Is entrepreneurship for you?
If you can take on the responsibility and give your all, then it might be a worthwhile pursuit. Entrepreneurship can be exciting and stressful. In fact, it can be overwhelming at times, especially when you are not fully qualified or fully experienced. There’s no guarantee of success. If you have no time, interest, inclination or money, then it probably isn’t right for you. It can be rewarding, yet many fail or fade away because they are ill-equipped to cope with the inevitable stresses and strains of entrepreneurship. It is a great risk. Being a sole trader often involves few guarantees. You can’t count on a healthy bank balance to cover your liabilities and pay your suppliers. Many will sink before they get going. It is often better to work for someone else.
The skills required of an entrepreneur.
Being a good entrepreneur means knowing the skills you have, and what you need to acquire. Getting to grips with the business you want to start, or sell, will inform your skills to achieve that. An entrepreneur’s work is demanding; being prepared for that means hiring the right staff and investing in a range of equipment, and doing all the necessary research. Gaining skills If you’re willing to invest time and effort, you can get into business. You have to want to have skills and skills that are vital to the success of your business. This list includes everything from planning and producing all types of products to marketing, managing cashflow, budgeting and project management. Accomplishing your goals.
A list of successful entrepreneurs
1. Warren Buffett: Berkshire Hathaway (A stock investment holding company) 2. Bill Gates: Microsoft (A computer software and software manufacturing company) 3. Peter Thiel: Palantir Technologies (A private high security data mining company) 4. Jeff Bezos: Amazon (A retail and online retailer) 5. Elon Musk: SpaceX (A space exploration and manufacturing company) 6. Mike Novogratz: Galaxy Digital Assets (The first crypto hedge fund) list goes on …
Starting your own business may seem like a pretty scary prospect, but once you get past the initial scary feelings and think about it logically, it actually isn’t that scary at all. It may take a lot of money and work, but, in the end, it’s very rewarding and fulfilling.