6 Characteristics of a Successful Entrepreneur
The beauty of becoming a successful entrepreneur is that there are no real requirements. There is no mandatory degree or exam to pass. No official job description to fit. Previous experience or background is not necessary. By definition an entrepreneur is a person who organizes and manages any enterprise with considerable initiative and risk.
No two entrepreneurs are alike but there are several characteristics entrepreneurs often share in common. Entrepreneurs are often dreamers, risk takers and able to clearly communicate the story behind their vision. A few of the characteristics most entrepreneurs share in common include:
Passion lies at the root of the success of any start-up. Projects that truly spark the imagination of entrepreneurs and represent their dreams are likely to be ones that have staying power. It’s critical that any entrepreneurial venture provides some form of purpose, personal satisfaction and enjoyment. If you don’t feel passionate about the product, idea or service, chances are you won’t succeed.
Ability to Build and Inspire a Team
Behind every great entrepreneur is an incredible team. To be successful, entrepreneurs need to have the ability to build a top-notch team that is dedicated, enthusiastic and passionate about the business. Empower team players to help make the project a success and avoid the temptation of trying to do everything on your own. When a challenge has you puzzled, ask team members to help. Often the best solutions come about in a collaborative setting.
An entrepreneur must be able to get things done and make decisions even when information is limited. The ability to push forward, make decisions and quickly adapt to changes are qualities that every entrepreneur needs.
There is no one job description for being an entrepreneur. It’s not a job that allows you to do the same thing day after day. Entrepreneurs really have to wear many hats and roll with punches. Flexibility, creativity and a willingness to jump in to make things happen is critical.
Entrepreneurs need to have remarkable focus on the vision and objectives for the start-up. It’s often easy to get sidetracked by new opportunities and ventures that arise. Part of staying focused includes the ability to say no from time to time. To build a successful business, you’ll have to spend hours on tasks you may not enjoy or working late instead of taking the time to do something fun.
Entrepreneurs need to be good at developing relationships and constantly growing and nurturing their network. A strong network provides honest advice, idea validation and even financial backing. Beyond traditional networking avenues, entrepreneurs take advantage of building relationships online as well. Investment Crowdfunding sites like iCrowd connect entrepreneurs with investors that share the same passion and are willing to offer advice or provide financial backing to help make entrepreneurial dreams a reality.
The dreams and ideas that drive the passion that fuels an entrepreneur may vary, but these characteristics are likely to be something they all share in common.
About the Author: Brad McGee is the co-founder of iCrowd. He has extensive experience in small and new business, global business, strategy development, finance, and mergers and acquisitions. He served as President, Tyco Specialty Products and Executive Vice President, Chief Strategy Officer at Tyco International, Ltd., and played an instrumental role in Tyco’s growth from a $3 billion to a $40 billion global company. He also ran Tyco’s investor relations, public relations, and corporate marketing functions. Brad was Chief Administrative Officer and a member of the Executive Committee of The CIT Group. At the time, CIT was the largest U.S. non-bank commercial lender, and the largest originator of Small Business Administration loans. Brad cofounded or was a founding member of numerous businesses. He has a BS in Systems Engineering from the US Naval Academy, served on nuclear submarines, and retired as a Captain from the Naval Reserves. He earned an MBA from Harvard Business School, attended Harvard’s Entrepreneurial Toolkit executive education course, and is a member of the HBS Angels. Brad is an Ironman triathlete and a marathon swimmer.”
You might also like
I enjoy taking business lessons from non-business niche. This time, I take a reflection and philosophical look at 2010 FIFA World Cup South Africa. Of course, I enjoy the football/soccer
2009 – New years, renewed hope and renewed optimism. Observing on human behaviour, this year is probably the tipping point of economic situation. Tipping Point: Q2 2009? I’m not an
As an entrepreneur with a struggling business, so many times you feel powerless. Your business has been hit hard by the recession; the industry your business is in is also