Important entrepreneurship traits

Entrepreneurship is a serious venture, because in building a successful enterprise, a lot of virtues are required from the entrepreneur. For example, he has to have philosophy, values, and be highly committed, so as to record outstanding success.

Therefore, to a successful entrepreneur, the following traits are required:

1. Hardworking: running an enterprise requires a lot of energy and drive. This involves ability to work for long hours when necessary, to work intensely in spurts and to cope with less than a normal amount of sleep.

2. Self-confident: to succeed, entrepreneurs have to believe in themselves and in their ability to achieve the goals they have set for themselves. This is often shows by a belief that “if you want something badly enough and are prepared to work at it, you’ll usually get it.

3. Builds for the future: the goal for most successful entrepreneurs is to build a secure job and income for themselves which is based on their own abilities. This means entrepreneurs understand that it may take several years to build up business income to a reasonable standard.

4. Profit-oriented: Interest in generating money is a clear indictor of an entrepreneur’s suitability for being a business owner. This means recognizing that the enterprise comes first. Once profits are generated, the entrepreneur can make decisions about how the profits are generated, the entrepreneur can make decisions about how the profits can be used to expand the enterprise or for personal use.

5. Goal-oriented: Success in entrepreneurship depends upon being able to set goals or targets and to work with determination to achieve them. This ability to set goal (for things the person thinks arc worthwhile) and to work to achieve them is fundamental to being an entrepreneur.

6. Persistent: every form of entrepreneurship has their own problems and disappointments. Being persistent in solving a problem us one of the keys to being a successful entrepreneur.

7. Coping with failure: every form of entrepreneurship has inevitably contained disappointments and failures as well as success. Coping with failures involves recognizing these failures, learning from them and seeking new opportunities. Without this trait early failures may end a person’s attempt at self-employment.

8. Responds to feedback: entrepreneurs are concerned to know how well thy are doing and to keep track of their performance obtaining useful feedback and advice from others is another important characteristic of entrepreneurs

9. Demonstrates initiative: research shows that successful entrepreneurs take the initiative and put themselves in positions where they are personally responsible for success or failure.

10. Willing to listen: the successful entrepreneur is not an inward looking person that never use outside resources. Self-reliance does not exclude the ability to ask for help when needed from such people as bank officials, accountants and business adviser being able to listen to the advice of others is a key characteristic of an entrepreneur.

11. Risk-Taker: being an entrepreneur involves some risks. Entrepreneurs have ones ability to take measured or calculated risks. Such risk involves working but the likely costs and gains, the chance of success and the belief in oneself to make the risk pay off. Entrepreneurs may be considered risk avoids when key reduce their risks by having others assume part of the risk. Those who assume the entrepreneur’s risk may be bankers, supplier and customer.

Not all entrepreneurs have all the traits above. However, each entrepreneur is strongly driven by his personal motive and enjoys doing what key do irrespective of the amount of hard work required.