A lot of us would like to be as successful as Bill Gates, Steve Jobs, and Mike Zuckerberg. These are just a few successful entrepreneurs amongst many others. And then the questions about how they came up with such ideas, funds, how they overcame the challenges and so on also spring up in our minds. Many have given different meanings to these set of extraordinary people (entrepreneurs). Among all the definitions, certain characteristics these groups of individuals possess keep occurring.
So we’d start with….. What is an entrepreneur? This is basically an individual who would rather be self-employed than be an employee at some firm. Within this definition is one of the many characteristics of an entrepreneur- self-employed. In this case, he comes up with an idea, plans on how to execute it, and assumes all the risks and rewards presented to him from his/her viable business. According to Forbes.com, entrepreneurs are starters, initiators drivers or challengers. Entrepreneurs see opportunity in every challenge. These set of people run world economies and are good at what they do. They come up with viable ideas and are determined to see it through. Our world today is driven by some of the world’s greatest entrepreneurs, some of which have been highlighted at the beginning of this publication.
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Then the next question becomes….. What does it take to be an great entrepreneur? For me it takes one with an idea(s), the willingness and determination to follow through with your idea, be accountable,(take full responsibility for whatever happens). One important thing for entrepreneur is to have a mentor, one that would guide you through.
For people aspiring to become successful entrepreneurs, they must understand their competition. Sometimes, most new entrepreneurs fail to observe their competition and how they could do it better. Never underestimate the competition. It’s always better to make an incisive SWOT (strengths, weaknesses, opportunities and threats) assessment of key market competitors; this will help the individual have a good perspective of what he or she is about to encounter. Now, we’ll be highlighting some of the major characteristics of entrepreneurs.
Characteristics of successful entrepreneurs
1) Absolute determination
It is important when starting out as an entrepreneur that clear and time bound goals are set. Challenges occur from hiring the right set of people to increasing sales and growing your business. An entrepreneur needs to be focused and determined to pull off a successful business.
2) Takes Risk
The most successful entrepreneurs in the world presently took major risks that paid off in the long term. Many would assumes that it’s not possible to start a business with very little money, but those that dare to take risks don’t see this as a hindrance to being successful.
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It’s always great to believe in your abilities to accomplish a task that has been set out. The greatest failure in business is to believe that things are IMPOSSIBLE.
4) Learning from mistakes
Failure is just part of the whole game. If you don’t fail or make mistakes, then you don’t learn anything. Failure as matter of fact is a vital key to success.
In any business, it is important that we meet and speak to other people about your products and services offered. That way, you reduce the cost of advertising. Sometimes, it’s even advisable that you have a complimentary card to go with your networking tactics. More often than none, people without it tend not to be taken seriously by a prospective client. It’s also important that you brush-up your communication skills.
6) Superior customer service
It is important that your customers come first in business. Seek for the customers’ ABSOLUTE satisfaction. It is not enough to just sell your products and services. Yes, you might have sold that product, but what’s the probability that customer will patronize you next time? Know who your customers are inside out.
This is one of the most important characteristics required by every entrepreneur. This involves analyzing every detail, research and data compilation in order to make necessary conclusions.
No business venture will ever survive if the owner isn’t innovative. This is what differentiates you from your competitions. What makes your product or service different from the others? How convenient can it be for your client to get your products or service? What is the EXTRA thing your product or service has?
9) Money management
Money made and unaccounted for is easily spent. Prudence is vital when it comes to spending money. Buy what your business needs to grow and not what you want. Try cutting down on cost example: recycling paper, switching off equipments when they aren’t being used in order to reduce electricity bills.
10) Never procrastinate
This is particularly bad for business. If there are things that need to be done at the moment, then just do it. Procrastination only kills the chances of you growing your business
Finally, be the best you can be and believe in the power of your dreams.