What exactly is meant by entrepreneur? An individual ready to take on financial risks and is ready for venturing into new financial projects for profit is an entrepreneur and a person who holds seriously the responsibility for the risks as well as outcome which are incurred in a project.
Derived from French words ‘entre’ and ‘prendre’, which mean to enter and to take respectively, the word was introduced in English for the first ever time by Richard Cantillon, who was a renowned Irish economist. He defined entrepreneur as a person who acts as the middle-man between labor and capital.
Being an entrepreneur is one of the most difficult and challenging, yet rewarding undertakings that a person can venture into. The situations are very rarely in favor of the entrepreneur so certain traits are required to be a successful entrepreneur. Let’s examine some of the traits that are essential for an entrepreneur to be successful.
Focused or Confused. Entrepreneurs need to be thoroughly focused. Focus must be on the goals and aims they want to achieve. The goals set by them should focus on satisfying the customer needs and requirements. I am a firm believer that if you help others to get what they want you will eventually get what you want. Entrepreneurs should also focus on rendering motivation to his employees, team mates or associates which in turn can make the customers satisfied and build the business.
Vision with a Plan. The next essential trait that must be possessed by an entrepreneur is vision. It is an entrepreneur’s vision that helps them foresee where they want their venture to be positioned in future. The vision should be framed in such a way that it is realistic and achievable. The entrepreneur should be able to communicate this vision to employees or associates who also in turn should be passionate about the vision. Ryan Kavanaugh
Leadership. The third buzz word for being a successful entrepreneur is to be a good leader. An entrepreneur cannot work alone for his goals to be successful. With a focused team and vision in hand synergy is accomplished. It is team work which needs proper guidance. A team does not succeed unless it has a leader which works hard and who is able to identify the needs of the team and guide them towards their vision.
Persistence and Passion. Lack of passion is something that will never give you success. Anything you do must be done whole-heartedly and sincerely combined with lots of passion. Then only, you will be able to achieve success. Similar is the case with persistence. There is no shortcut to victory. Only hard work which comes with a strong determination of being successful yields victory. There will be times where you feel that you are yielding out yourself, but if you possess a very strong will power and are very passionate about what you do then victory will definitely be yours.
Technical Skills. Even though you are an entrepreneur or the boss of your firm, it does not imply that you need not have any idea regarding the technical aspect of the firm. The entrepreneurs need not be the greatest technical assets of the company, but they should have enough technical knowledge to lead the technical team. They should be able to understand what the technical team is communicating so that they can work together for achieving the vision.
Flexibility. Last, but not the least, entrepreneurs should be able to adapt themselves to the ever-changing dynamic world. Even though they will have to stick on to certain policies and skill sets, they must make sure that the policies and strategies are molded in such a way that they can adapt to the constantly changing environment.