Ten characteristics of a successful entrepreneur

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Basic Check Team

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5. enterprenuership characteristics

You should ask yourself if the term “entrepreneur” has the meaning of “a person that starts a business and is ready to risk everything in order to earn money” or it means “innovative and visionary”. The answer might be surprising, but that term has to do with both interpretations. Thus, an entrepreneur is a person who organizes, manages, and takes the risk for the business, but at the same time that person is innovative and with a vision. There comes the question that will define you. Can you be a future entrepreneur?

Below you will find the ten characteristics of a successful entrepreneur:

  • Passion and motivation

Even though there are a lot of characteristics that define a successful entrepreneur, the most important ones are passion and motivation. Success can be achieved through passion and determination from the moment that you have the idea until the moment that you present that idea to the investors.

  • They are not scared to take risks

Entrepreneurs are not scared to take risks and they are willing to dive into the unknown future. Even though not all risk takers are successful entrepreneurs. What does it distinguish a successful entrepreneur from another in term of risk-taking? Successful entrepreneurs are ready to risk their time and money for an unknown future, but they also save some sources for hard times.

  • Self-confidence, hard work, and dedication

Entrepreneurs believe in themselves and they are dedicated to their business. Their intensive dedication and their trust in their ideas can sometimes be misunderstood as stubbornness but is the simple motivation for hard work and to challenge the odds that makes them successful.

  • Adaptive and flexible

Being passionate and dedicated is important but being inflexible with the client’s needs will ruin your success. Successful entrepreneurs always accept feedback, in order to suit their offer based on the client’s needs.

  • The product and good knowledge of the labor market

Entrepreneurs know their products very well. They also know the labor market. Most of them become successful because they are creating something that doesn’t exist on the market or them better an existing product.

  • Better money management

Every business needs time to get profits. Until then the sources are limited and should be used wisely. Successful entrepreneurs draft a plan for their debts and create an emergency fund. Even after securing the necessary funds, a good entrepreneur keeps evidence for the cash flow, because it is the most important thing for a business.

  • Good planning

Entrepreneurship means building a business from scratch, while reasonably managing the limited sources (time, money, etc.). This requires good planning skills even though it is impossible to plan everything for every possible outcome. Also, that might stop you from making the right step. Successful entrepreneurs have already a business plan, but they are always willing to face some unforeseen opportunities. 

  • Having the right people

Entrepreneurs as other people seek help to their close friends, relatives, etc. Successful entrepreneurs find people for advice faster than the others. If they don’t possess the necessary skills, they hire someone with those skills in order to keep a good performance in the business.

  • Ready to give up on the business

Not every attempt will be successful. The rate of failure for businesses is really high. Something the best thing to do is to go out there and try something new, instead of wasting your time for a business failure. Many entrepreneurs did not succeed in their first attempt, but they knew when is the right time to give up on business.

References:

https://www.monster.com/career-advice/article/entrepreneur-traits

https://www.investopedia.com/articles/personal-finance/101014/10-characteristics-successful-entrepreneurs.asp

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