Characteristics of Entrepreneurs
There are basic needs for starting a business and they are all listed here.
17:10 20 January 2022
There are basic needs for starting a business. They include a strong concept and initial funding. Even so, the most important factor is an entrepreneur without whom the business idea cannot be converted into a fully operational business .What do you do when you have a Twitter account but you don’t have followers? You can Buy Twitter followers from reliable sellers. The same can be said about characteristics of entrepreneurs.. Before starting your business, it is good to consider qualities that make entrepreneurs successful. Do you know what entrepreneurship is? Though it is usually thought of as the process of starting a business, some nuance exists in this.
In some online courses, it is defined as the pursuit of opportunity that’s beyond the resources that are currently in your control. Moreover, it also involves ventures to sell a product or service for which customers are willing to pay as compared to operational costs and requirements for investment. Entrepreneurs come from all walks of life. It’s therefore imperative to pay attention to a team of entrepreneurs rather than just being fixated on one person. No single personality can succinctly describe an entrepreneur though there are certain qualities worth embracing when starting to start a leading venture.
Seeking new opportunities requires a touch of curiosity. It is only the curious who can seek and find new opportunities. What sets entrepreneurs apart? Why do you think some people get into risky businesses even if odds are not on their side? Unlike entrepreneurs, other people choose to settle for what they know while failing to ask challenging questions and explore different opportunities. Some scholars describe entrepreneurship as discovery.
Even after diving into the venture, a person should continually ask challenging questions to keep going. Moreover, you should try so many opportunities; keep what works and discard what's not. What you have to keep in your mind is not to allow your why to become vague. Before diving into business, have the reason why you are into it written down. Along the way, you can change what you are doing and how you do it. However, deviating from why will cost you the business. It is what keeps you going.
- Structured experimentation
Some people do so many things efficiently while others struggle to provide even one service as per the customer needs .What is the difference? What gives the others an edge in whatever venture they pursue? Now, as an entrepreneur, lace your curiosity with structured experimentation. Don’t just dive into any other opportunity that presents itself before determining whether it’s worthwhile and the pursuit.
For every business opportunity, you must do market research to see into it that customers are willing to pay for the service you provide. To do this, thorough market research and other meaningful tests should be done to validate your idea. Even so, in some cases market research may not be what you need. In 1972, American Telecom and Telegraph did market research on video calling. While the results showed that most people were willing and able to video call, they were surprised when they finally took the products to the market as it failed with a thud. Sometimes, what you need is to slowly introduce the product into the market while taking note on how the consumers interact with the product. Henry Ford said that you cannot ask people what they want yet they don’t even know it. Therefore, don’t be demoralized by a contrary result in a market research.
One of the qualities that separate successful people from unsuccessful ones is the ability to make a decision and stand by it no matter the circumstances. Now entrepreneurship is not an exception. As an entrepreneur, you are the leader of the business in all sectors. This ranges from guiding the business direction, funding the business and allocating the funds to different business sectors. Think of it this way. You have other decisions in social life that you are required to make while at the same time still torn on how to make these decisions. What does it mean to be decisive?
At its core, decisiveness doesn’t mean having all answers. It means evaluating the surrounding factors, taking a decision based on the results and standing with that decision through .If the outcome is not in your favor, you take a decision correction action and move on. With this attitude, you will really go far. Most of us by nature are risk averse. We only want to venture into something whose outcome is definite. This nature limits our potential of getting bigger returns.
- Risk Tolerance
Entrepreneurship involves taking risks. Even so, the risks can be managed so that you know how to bounce back in case it doesn’t turn out alright. Many things can go wrong when starting a business. This involves not finding clients and even suppliers. In the same breadth, many things can go right. The key to overcoming all these is to manage your business in such a way that it’s able to balance risks and rewards while benefiting from the upside. To reap bountifully, successful entrepreneurs usually encounter some risky opportunities .Even so, it’s important to put in a lot of effort while venturing into these risky opportunities. For some entrepreneurs, it involves working for more than 80 hours a week.
Innovation and entrepreneurship are inseparable. As an entrepreneur, you should always be abreast of the needs and changes that occur in the priorities of consumers. You can then take the existing products and drastically change them to meet the ever changing market needs. To introduce a product successful when competitors exist, you need to be 10xer.What does it take to be one? 10exers means introducing products that are 10 times superior to the competitor’s product. Though we hate it when we hear it from other businesses, superiority gives you monopoly.
In the search engine market for instance, Google has more than 64% of the market share. What is this if not monopoly because there are more than 5 search engines. Fortunately, an entrepreneur can learn to be innovative. It starts by developing strategic thinking skills.
Are you planning to get into entrepreneurship? Do you have all these characters? Now worry not, most of these characters are acquired through experience. Don’t hesitate. As Nike Employee would say, “Just show up”, you will be able to acquire all these as you move along.