Common Traits of an Entrepreneur that Leads to Huge Success
Entrepreneurs are individuals that create businesses for profit be you a fruit seller on the streets or big owners of most prominent companies of the world. Entrepreneurship generally involves having the capacity and willingness to develop, organize and manage a business, taking risks in the process with the sole aim of making profit. Through entrepreneurship, many individuals earned great name across the globe for their great impact and contribution to the growth of human race.
It is because of entrepreneurs of the world since the beginning of time that we are seeing the world and technology growing at a rapid rate. There are hundreds of entrepreneurs who are using their business skills in the market to earn their livelihood and making an impact in the society.
While some people possess natural skills of entrepreneurship, some people develop entrepreneurial skills by experience or by circumstance. But this is of less importance. After all, once the skills are there, wonders can be caused in anytime.
Microsoft, Amazon, Virgin group or Alibaba, and all have gone this far as a result of entrepreneurship.
Read more: Who is an Entrepreneur?
What then are the traits of an entrepreneur and how do you identify them?
Traits of an Entrepreneur
An entrepreneur is supposed to build a business model to generate sales and bring more revenue to the organization by keeping the best quality, providing high quantity and retaining customers.
Some of the traits of an entrepreneur includes –
- Creativity – An entrepreneur must be creative at uniquely using his ideas. Ideas are of no value until they are picked up by a mind that has the creativity to translate it into a business. In today’s market, many entrepreneurs have numerous ideas, but the one with creativity can come out of the Pandora’s Box and hit the buzzer of success.
- Long-term vision – You can’t grow an organization if you have a short-term vision. An entrepreneur looks for the vision of the organization in long-term, where he wants to take the business and what organizations wish to offer to the society in the long run.
- Passion – An entrepreneur must be passionate about the idea to take it to a higher level and must be motivated enough to fight any setbacks with the same intensity of passion.
- Flexible – A stubborn person who is an entrepreneur doesn’t stand in the storm for a long time. Market changes with time and business must change their model with time keeping the same vision. Thus, the entrepreneur must be flexible to the changes in the market and needs of society.
- Discipline – This trait builds dedication in an entrepreneur. Even if you have an idea, vision, passion, and creativity, until you work on it with discipline, you won’t go far. It is the discipline that keeps you focused and gives you the direction to move.
- Leadership – Any good entrepreneur must be a good leader.
Every business needs a team. “If you want to go fast, go alone. But, if you want to go far, go together” (African Proverb). Unless you are a leader, you cannot motivate a team to go far, without which it is challenging to turn the stones.
Risk taking ability
There are many times while running a business where an entrepreneur needs to make decisions which have some sort of risk. An entrepreneur can access the threat, identify the pros and cons, calculate the risk and then act upon it. It has been a proven history that those who have taken significant risks only have grown big. It is never about what an opportunity is, and it is always about how you look into it. But risk must be taken with calculation and with clear vision. Otherwise, it will be just an arrow shot in the air with a hope of hitting it to the fish eye, which will never happen and you’ll fail miserably.
Capital and Investment
A major factor that decides the fate of an entrepreneur is money. Every start-up or business needs money to start. It is again a matter of creativity to arrange and manage funds. Although there are many companies and banks that offer loans to people to start their own company who gives a loan to people for different purposes.
- Jack ma – Jack Ma is the owner of China’s biggest online marketplace “Alibaba Group.” After failing multiple times in his college, career, job, he finally decided to jump to business which initially offered him many failures and setbacks. But having a passion, creativity, and discipline. Ma had a vision for the society by looking at the rapid spread of the internet and its effect on the community, which made him run the stick of creativity and turn it into a multi-billion dollar company.
- Mr. Bean – One of the unique entrepreneurs, not as a business owner, but as a person who converted his weaknesses into strength to become one of the best comedians which earned him a vast sum of money. After having been rejected by many theaters due to his speaking disorders, he had his vision and idea of comedy, which made him start his show. Rest of the story is history know to everyone.
- Bill gates – Bill gates has been the wealthiest person on the globe for many years. He has reached this position only because of possession of greatest skills of entrepreneurship that are motivation, passion, and discipline.
There is a considerable list of entrepreneurs from every corner of the world who have always inspired the world and changed the face of the society. Entrepreneurs play a significant role in the development of the nation as their firms contribute to the rise and fall of GDP which indicates the growth of the country.
To grow as entrepreneurs, living environment is also majorly responsible. To give birth to more entrepreneurs, the nation must focus on providing an entrepreneurial environment which generates the thought process as an entrepreneur since early stages.
The world has been witnessing many great entrepreneurs over time and will keep seeing more with innovations endlessly in the future.
Before you go, also read Principles of Entrepreneurship
Kelly Wilson is an experienced and skilled Business Consultant and Financial advisor in the USA. She helps clients both personal and professional in long-term wealth building plans. During her spare time, she loves to write on Business, Finance, Marketing and Social Media. She loves to share her knowledge and experts tips with her readers.