The characteristics of an entrepreneur.Latest figures show that more and more people are becoming entrepreneurs. Some do it out of choice, others are forced into it through downsizing and a tough job market. Whatever the circumstances, these are the key competencies and characteristics required for entrepreneurship.
Curiosity – the desire to learn new things
Do you want to understand how things work? Do you enjoy learning new skills? Entrepreneurs like to find out about their subject, they read all the information they can get their hands on, they keep up to date, they search their environment to find opportunities. Their antennae are always alert to new markets, new needs, new products and services.
Optimism – view reality in a positive way3
To succeed with your own business you need to be a positive optimist. How do you react to problems? Are they opportunities to improve or do they bring you to a grinding halt? Do you believe in yourself and your environment? Realism is essential but so is the conviction that you are able to deal with it and succeed. This all impacts on how you handle failure. Entrepreneurs are able to manage and learn from failure. They are able to view it positively – an opportunity to learn and grow and then move on.
Risk taker – there are no guarantees
Are you prepared to risk your time and effort, your money and your reputation in the entrepreneurial venture? Risk takers are willing to trust their instincts and act on them. The risk can be significantly reduced by careful research, planning and implementation of your idea but you have to be able and willing to step out of your comfort and safety zone to get going.
High energy – willing to work long and hard
The only place that success comes before work is in the dictionary! Are you willing to put all your energy into this venture? Are you excited by the thought of working hard at your own business? If you don’t have true passion for what you are doing you will find it difficult to gather the energy to work at it. Are you able to adapt to changing circumstances? Do you have stamina? Persistence is essential to entrepreneurial success.
Innovative – bring creative ideas to life
Do you think outside the box? Are you responsive to change? Do new ideas excite you? Innovation is not just about coming up with creative ideas and solutions it is about the ability to create value from them. Can you create business value from your idea? Innovation is the process of using available resources to bring your ideas successfully to life.
Self Discipline – self motivated and accepts responsibility
Are you accountable for your actions? Do you motivate yourself from within to perform or do you rely on outside motivators? An entrepreneur firmly believes that success or failure is within their personal control and take full responsibility. They don’t allow themselves to be distracted by external influences and they set goals for themselves.
Look at your past experiences. When have you demonstrated entrepreneurial spirit? Successful small (and big!) business owners typically displayed entrepreneurial tendencies from a young age.
If you think you have what it takes then find out more about starting a small or home-based business at Top Home Based Businesses.
Julia Derby’s website My Home Business Ideas offers a free and practical guide to starting a home based business from finding the right home business idea to planning, setting up and marketing your own home based business. An information-packed site that will set you on the path to success with your own small business.