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qualities of an entrepreneur essay

10 Traits & Characteristics of Successful Entrepreneurs 2024

Entrepreneurship is a popular and exciting topic, especially for those who dream of starting their own business or have already taken the first steps. But what makes a successful entrepreneur? 

While there is no exact formula, there are certain traits and characteristics that successful entrepreneurs share. In this article, we'll explore the key characteristics that make an entrepreneur successful, from passion and hard work to adaptability and risk-taking. 

We'll also delve into the habits and skills that support entrepreneurial success, and highlight some famous entrepreneurs who exemplify these traits. 

Whether you're an aspiring entrepreneur or a seasoned business owner, this article will provide valuable insights into the characteristics of an entrepreneur, and what it takes to succeed in the dynamic world of entrepreneurship.

What Is Entrepreneurship?

Entrepreneurship is the process of starting and managing a new business venture with the aim of making a profit. The concept of entrepreneurship involves identifying a business opportunity, developing a business plan, securing the necessary resources to launch the business and then starting a successful business.

Successful entrepreneurship requires a unique set of skills, traits, and characteristics. The best entrepreneurs obtain and refine these skills over time, because they realise these are the habits that support long-term success.

The 4 Types of Entrepreneurs

There are different types of entrepreneurs , each with its own unique set of characteristics. Here are four of the most common types of entrepreneurs:

The Inventor : These entrepreneurs are creative problem-solvers who have a knack for coming up with new and innovative products or services. They are often driven by a desire to solve a particular problem or meet an unfulfilled need in the market.

The Small Business Owner: These entrepreneurs typically start and operate a small business, often in a specific niche or industry. They tend to focus on developing a loyal customer base and providing high-quality products or services.

The Online Entrepreneur : These entrepreneurs operate businesses entirely online, using the internet to reach a global audience. They often leverage digital marketing strategies and e-commerce platforms to sell their products or services.

The Home Business Owner : These entrepreneurs operate a business from their home. They may start a business that provides services or products directly to customers, or they may operate an online business from their home.

Within the next section, we'll be discussing the top traits of successful entrepreneurs, so you can work to adopt these and not only run a successful and sustainable business, but also strive towards new opportunities as they come into your path.

successful entrepreneurs

10 Characteristics of Successful Entrepreneurs

Every successful entrepreneur has traits and qualities which have enabled them to get to their position. If you want to accomplish something similar, and create a successful business, you must adopt these same attributes and entrepreneur characteristics.

Curiosity : Successful entrepreneurs are naturally curious individuals who are always seeking new opportunities and insights. They are constantly learning and seeking ways to improve their businesses.

Structured Experimentation : Entrepreneurs are often faced with uncertainty and risk. Successful entrepreneurs are skilled at experimenting with new ideas and testing their assumptions in a structured and systematic way.

Adaptability : Successful entrepreneurs are able to adapt to changing circumstances and market conditions. They are flexible and open-minded, willing to pivot their business strategies as needed.

Decisiveness : Entrepreneurs must make many decisions on a daily basis, often with limited information. Successful entrepreneurs are decisive and able to make tough decisions quickly and confidently.

Team Building : No entrepreneur can succeed alone. Successful entrepreneurs are able to build and manage effective teams, delegate tasks, and empower their employees to succeed.

Risk Tolerance : Entrepreneurship involves taking calculated risks. Successful entrepreneurs are willing to take risks and embrace uncertainty in order to achieve their goals.

Comfortable with Failure : Failure is an inevitable part of entrepreneurship. Successful entrepreneurs are comfortable with failure and view it as an opportunity to learn and grow.

Persistence : Entrepreneurship requires persistence and a willingness to keep going in the face of obstacles and setbacks. Successful entrepreneurs are tenacious and resilient.

Innovation : Successful entrepreneurs are able to identify new and innovative ways to solve problems and meet customer needs. They are creative and always looking for ways to improve their products or services.

Long-Term Focus : Entrepreneurship is a long-term game. Successful entrepreneurs have a clear vision of where they want to go and are willing to invest the time and resources needed to achieve their goals.

5 Common Mistakes to Avoid as an Entrepreneur

Starting a new venture, business or startup is challenging and requires a lot of effort, and even the most successful entrepreneurs have made mistakes along the way. Here are five common mistakes to avoid as an entrepreneur:

Not sticking to your budget : Many entrepreneurs make the mistake of overspending and not sticking to their budget. This can be detrimental to a business, especially in the early stages when funds are limited. It's essential to create a budget and stick to it, no matter what.

Making illogical, spur of the moment hiring decisions : Hiring the wrong employees can be costly and time-consuming. It's important to take the time to hire the right people who share your vision and are committed to the success of your business.

Setting unattainable goals : Setting unrealistic goals can lead to disappointment and frustration. It's important to set achievable goals that are challenging but attainable.

Not delegating : Many entrepreneurs try to do everything themselves, which can lead to burnout and decreased productivity. It's important to delegate tasks to others, so you can focus on the big picture.

Making decisions out of fear : Fear can hold entrepreneurs back and prevent them from taking calculated risks that could lead to success. It's important to make decisions based on logic and research, not fear.

Do you have the skills to be a successful entrepreneur?

Take our free quiz to measure your entrepreneurial skills and see if you have what it takes to run your own successful business.

Your results will help you identify key skill gaps you may have! Up for the challenge?

How to Develop the Qualities of an Entrepreneur

If you're thinking about becoming an entrepreneur or want to improve your entrepreneurial skills, here are some tips to help you develop the top characteristics, personality traits and qualities needed of a successful entrepreneur:

Be curious : Successful entrepreneurs are curious and always looking for new opportunities. Develop a habit of asking questions and seeking out new information. Entrepreneurs ask challenging questions, as they realise that gaining the answers to these questions will set them apart from their competition.

Practice structured experimentation : Entrepreneurs need to be willing to experiment and try new things. However, it's important to do so in a structured manner, so you can learn from your experiments and adjust your approach accordingly.

Be adaptable : The business world is constantly changing, and successful entrepreneurs need to be able to adapt to new circumstances. Develop a mindset that is open to change and willing to pivot when necessary.

Be decisive : Successful entrepreneurs need to be able to make decisions quickly and confidently. Practice making decisions based on logic and research.

Build a strong team : Entrepreneurship is a team sport, and successful entrepreneurs need to build strong teams around them. Hire people who share your vision and are committed to the success of your business.

Develop risk tolerance : Entrepreneurship involves taking risks, and successful entrepreneurs need to be comfortable with risk-taking. Start small and gradually build your risk tolerance over time.

Be comfortable with failure : Failure is a natural part of entrepreneurship, and successful entrepreneurs need to be comfortable with it. Learn from your failures and use them as opportunities for growth.

Cultivate persistence : Entrepreneurship requires persistence and a willingness to keep going, even when things get tough. Develop a mindset of persistence and keep pushing forward.

Foster innovation : Successful entrepreneurs are always looking for new and innovative ways to solve problems. Develop a mindset of innovation and embrace new ideas and technologies.

Focus on the long-term : Entrepreneurship is a marathon, not a sprint. Develop a long-term focus and prioritize sustainability over short-term gains.

Conclusion - Characteristics of Entrepreneurship

In conclusion, becoming a successful entrepreneur requires a unique combination of traits, skills, and habits. While some entrepreneurs are born with natural talent, others develop these qualities over time through hard work, determination, and a willingness to take risks. By focusing on cultivating key characteristics of an entrepreneur, like passion, adaptability, and a positive attitude, aspiring entrepreneurs can set themselves up for long-term success.

And if you're interested in pursuing entrepreneurship further, here at Nexford University , why not consider our excellent selection of BBA , MBA and MS degrees , including our BBA in Entrepreneurship and our MS in Entrepreneurship .

Download our brand new free report on how you can acquire the most important skills for creating a widely successful business.

Remember , with the right entrepreneurial mindset, skillset, and education, anyone can make their mark in the exciting world of business.

FAQs

What are the key characteristics of successful entrepreneurs?

Successful entrepreneurs possess a combination of various traits and characteristics such as passion, persistence, creativity, adaptability, risk-taking, problem-solving skills, leadership, and a positive attitude.

What is the difference between a successful entrepreneur and a business owner?

A successful entrepreneur is someone who has started a business venture and has achieved long-term success through innovative ideas, calculated risks, and a variety of other characteristics. A business owner is someone who owns a business, but may not necessarily have the entrepreneurial spirit or skills that successful entrepreneurs possess.

What is the role of passion in entrepreneurial success?

Passion is a crucial factor in entrepreneurial success. Great entrepreneurs often have a deep passion for their business idea and are motivated to turn their idea into a reality. Passion also helps entrepreneurs stay committed to their business venture during challenging times.

Is having a business plan essential for any successful entrepreneur?

Yes, having a business plan is essential for any successful entrepreneur. A business plan outlines the goals, strategies, and tactics that entrepreneurs need to follow to achieve success. It also helps entrepreneurs to stay focused and make calculated decisions along the way.

What are some common mistakes that entrepreneurs make?

Some common mistakes that entrepreneurs make include failing to conduct market research, not having a solid business plan, underestimating the importance of cash flow management, and not being adaptable to changes in the market.

What is the defining characteristic of an entrepreneur?

The defining characteristic of an entrepreneur is the willingness to take calculated risks. Successful entrepreneurs are not afraid to take risks and are willing to make difficult decisions that may lead to failure, but also have the potential for significant success.

What role does adaptability play in entrepreneurial success?

Adaptability is essential for any successful entrepreneur. The business world is constantly changing, and entrepreneurs who are adaptable can quickly pivot their business strategies and products to meet new demands and opportunities.

What is the importance of market research for entrepreneurs?

Market research is crucial for entrepreneurs to understand their target audience and their needs. It helps entrepreneurs to create products and services that are tailored to their customers' needs and preferences, which is essential for long-term business success.

What is the role of risk-taking in entrepreneurial success?

Risk-taking is a critical factor in entrepreneurial success. Successful entrepreneurs are willing to take calculated risks and make bold decisions to achieve their business goals. However, risk-taking should be balanced with careful planning and analysis to avoid excessive risk that may lead to business failure.

What is the importance of a positive attitude in entrepreneurial success?

A positive attitude is essential for any successful entrepreneur. Entrepreneurs who have a positive outlook and believe in their abilities are more likely to overcome challenges and stay committed to their goals. A positive attitude also helps entrepreneurs to build strong relationships with employees, customers, and partners, which is crucial for long-term business success.

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  • 7.2 Characteristics of Successful Entrepreneurs
  • Introduction
  • 1.1 What Do Managers Do?
  • 1.2 The Roles Managers Play
  • 1.3 Major Characteristics of the Manager's Job
  • Summary of Learning Outcomes
  • Chapter Review Questions
  • Management Skills Application Exercises
  • Managerial Decision Exercises
  • Critical Thinking Case
  • 2.1 Overview of Managerial Decision-Making
  • 2.2 How the Brain Processes Information to Make Decisions: Reflective and Reactive Systems
  • 2.3 Programmed and Nonprogrammed Decisions
  • 2.4 Barriers to Effective Decision-Making
  • 2.5 Improving the Quality of Decision-Making
  • 2.6 Group Decision-Making
  • 3.1 The Early Origins of Management
  • 3.2 The Italian Renaissance
  • 3.3 The Industrial Revolution
  • 3.4 Taylor-Made Management
  • 3.5 Administrative and Bureaucratic Management
  • 3.6 Human Relations Movement
  • 3.7 Contingency and System Management
  • 4.1 The Organization's External Environment
  • 4.2 External Environments and Industries
  • 4.3 Organizational Designs and Structures
  • 4.4 The Internal Organization and External Environments
  • 4.5 Corporate Cultures
  • 4.6 Organizing for Change in the 21st Century
  • 5.1 Ethics and Business Ethics Defined
  • 5.2 Dimensions of Ethics: The Individual Level
  • 5.3 Ethical Principles and Responsible Decision-Making
  • 5.4 Leadership: Ethics at the Organizational Level
  • 5.5 Ethics, Corporate Culture, and Compliance
  • 5.6 Corporate Social Responsibility (CSR)
  • 5.7 Ethics around the Globe
  • 5.8 Emerging Trends in Ethics, CSR, and Compliance
  • 6.1 Importance of International Management
  • 6.2 Hofstede's Cultural Framework
  • 6.3 The GLOBE Framework
  • 6.4 Cultural Stereotyping and Social Institutions
  • 6.5 Cross-Cultural Assignments
  • 6.6 Strategies for Expanding Globally
  • 6.7 The Necessity of Global Markets
  • 7.1 Entrepreneurship
  • 7.3 Small Business
  • 7.4 Start Your Own Business
  • 7.5 Managing a Small Business
  • 7.6 The Large Impact of Small Business
  • 7.7 The Small Business Administration
  • 7.8 Trends in Entrepreneurship and Small-Business Ownership
  • 8.1 Gaining Advantages by Understanding the Competitive Environment
  • 8.2 Using SWOT for Strategic Analysis
  • 8.3 A Firm's External Macro Environment: PESTEL
  • 8.4 A Firm's Micro Environment: Porter's Five Forces
  • 8.5 The Internal Environment
  • 8.6 Competition, Strategy, and Competitive Advantage
  • 8.7 Strategic Positioning
  • 9.1 Strategic Management
  • 9.2 Firm Vision and Mission
  • 9.3 The Role of Strategic Analysis in Formulating a Strategy
  • 9.4 Strategic Objectives and Levels of Strategy
  • 9.5 Planning Firm Actions to Implement Strategies
  • 9.6 Measuring and Evaluating Strategic Performance
  • 10.1 Organizational Structures and Design
  • 10.2 Organizational Change
  • 10.3 Managing Change
  • 11.1 An Introduction to Human Resource Management
  • 11.2 Human Resource Management and Compliance
  • 11.3 Performance Management
  • 11.4 Influencing Employee Performance and Motivation
  • 11.5 Building an Organization for the Future
  • 11.6 Talent Development and Succession Planning
  • 12.1 An Introduction to Workplace Diversity
  • 12.2 Diversity and the Workforce
  • 12.3 Diversity and Its Impact on Companies
  • 12.4 Challenges of Diversity
  • 12.5 Key Diversity Theories
  • 12.6 Benefits and Challenges of Workplace Diversity
  • 12.7 Recommendations for Managing Diversity
  • 13.1 The Nature of Leadership
  • 13.2 The Leadership Process
  • 13.3 Leader Emergence
  • 13.4 The Trait Approach to Leadership
  • 13.5 Behavioral Approaches to Leadership
  • 13.6 Situational (Contingency) Approaches to Leadership
  • 13.7 Substitutes for and Neutralizers of Leadership
  • 13.8 Transformational, Visionary, and Charismatic Leadership
  • 13.9 Leadership Needs in the 21st Century
  • 14.1 Motivation: Direction and Intensity
  • 14.2 Content Theories of Motivation
  • 14.3 Process Theories of Motivation
  • 14.4 Recent Research on Motivation Theories
  • 15.1 Teamwork in the Workplace
  • 15.2 Team Development Over Time
  • 15.3 Things to Consider When Managing Teams
  • 15.4 Opportunities and Challenges to Team Building
  • 15.5 Team Diversity
  • 15.6 Multicultural Teams
  • 16.1 The Process of Managerial Communication
  • 16.2 Types of Communications in Organizations
  • 16.3 Factors Affecting Communications and the Roles of Managers
  • 16.4 Managerial Communication and Corporate Reputation
  • 16.5 The Major Channels of Management Communication Are Talking, Listening, Reading, and Writing
  • 17.1 Is Planning Important
  • 17.2 The Planning Process
  • 17.3 Types of Plans
  • 17.4 Goals or Outcome Statements
  • 17.5 Formal Organizational Planning in Practice
  • 17.6 Employees' Responses to Planning
  • 17.7 Management by Objectives: A Planning and Control Technique
  • 17.8 The Control- and Involvement-Oriented Approaches to Planning and Controlling
  • 18.1 MTI—Its Importance Now and In the Future
  • 18.2 Developing Technology and Innovation
  • 18.3 External Sources of Technology and Innovation
  • 18.4 Internal Sources of Technology and Innovation
  • 18.5 Management Entrepreneurship Skills for Technology and Innovation
  • 18.6 Skills Needed for MTI
  • 18.7 Managing Now for Future Technology and Innovation
  • What characteristics do successful entrepreneurs share?

Do you have what it takes to become an entrepreneur? Having a great concept is not enough. An entrepreneur must be able to develop and manage the company that implements his or her idea. Being an entrepreneur requires special drive, perseverance, passion, and a spirit of adventure, in addition to managerial and technical ability. Entrepreneurs are the company; they tend to work longer hours, take fewer vacations, and cannot leave problems at the office at the end of the day. They also share other common characteristics as described in the next section.

The Entrepreneurial Personality

Studies of the entrepreneurial personality find that entrepreneurs share certain key traits. Most entrepreneurs are

  • Ambitious: They are competitive and have a high need for achievement.
  • Independent: They are individualists and self-starters who prefer to lead rather than follow.
  • Self-confident: They understand the challenges of starting and operating a business and are decisive and confident in their ability to solve problems.
  • Risk-takers: Although they are not averse to risk, most successful entrepreneurs favor business opportunities that carry a moderate degree of risk where they can better control the outcome over highly risky ventures where luck plays a large role.
  • Visionary: Their ability to spot trends and act on them sets entrepreneurs apart from small-business owners and managers.
  • Creative: To compete with larger firms, entrepreneurs need to have creative product designs, bold marketing strategies, and innovative solutions to managerial problems.
  • Energetic: Starting and operating a business takes long hours. Even so, some entrepreneurs start their companies while still employed full-time elsewhere.
  • Passionate. Entrepreneurs love their work, as Miho Inagi demonstrated by opening a bagel shop in Tokyo despite the odds against it being a success.
  • Committed . Because they are so committed to their companies, entrepreneurs are willing to make personal sacrifices to achieve their goals.

Ethics in Practice

Ethical choices transform family business into international brand.

Ever since Apollonia Poilâne was a young girl growing up in Paris, she always knew what she wanted to do when she grew up: take over the family business. But she didn’t anticipate how quickly this would happen. When her father—Lionel Poilâne—and her mother died in a helicopter crash in 2002, France lost its most celebrated baker, and Apollonia stepped into the role. She was just 18 years old at the time with plans to matriculate to Harvard in the fall, but the moment her parents had prepared her for had come. As her Harvard admissions essay said, “The work of several generations is at stake.”

With organization and determination, Apollonia managed one of the best French bakeries in the world—based in Paris—from her apartment in Cambridge, Massachusetts. She would usually wake up an extra two hours before classes to make sure she would get all the phone calls done for work. “After classes I check on any business regarding the company and then do my homework,” she says. “Before I go to bed I call my production manager in Paris to check the quality of the bread.” Because the name Poilâne has earned a place with a very small group of prestige bakers, the 18-year-old was determined to continue the tradition of customer satisfaction and quality her grandfather established in 1932. When her grandfather suffered a stroke in 1973, his 28-year-old son, Lionel, poured his heart into the business and made the family bread into the global brand it is today. Lionel opened two more bakeries in Paris and another in London. He developed and nurtured a worldwide network of retailers and celebrities where bread is shipped daily via FedEx to upscale restaurants and wealthy clients around the world.

Experimenting with sourdough is what distinguished Poilâne’s products from bread produced by Paris’s other bakers, and it has remained the company’s signature product. It is baked with a “P” carved into the crust, a throwback to the days when the use of communal ovens forced bakers to identify their loaves, and it also ensures that the loaf doesn’t burst while it’s baking. Today, Poilâne also sells croissants, pastries, and a few specialty breads, but the company’s signature item is still the four-pound  miche , a wheel of sourdough, a country bread,  pain Poilâne .

“Apollonia is definitely passionate about her job,” says Juliette Sarrazin, manager of the successful Poilâne Bakery in London. “She really believes in the work of her father and the company, and she is looking at the future, which is very good.”

Apollonia’s work ethic and passion fueled her drive even when she was a student. Each day presented a juggling act of new problems to solve in Paris while other Harvard students slept. As Apollonia told a student reporter from The Harvard Crimson  writing a story about her, “The one or two hours you spend procrastinating I spend working. It’s nothing demanding at all. It was always my dream to run the company.”

Her dedication paid off, and Apollonia retained control of important decisions, strategy, and business goals, describing herself as the “commander of the ship,” determining the company’s overall direction. Today, Poilâne is an $18 million business that employs 160 people. Poilâne runs three restaurants called Cuisine de Bar in Paris and in London, serving casual meals such as soups, salads, and open-faced  tartines . The company ships more than 200,000 loaves a year to clients in 20 countries, including the United States, Japan, and Saudi Arabia. “More people understand what makes the quality of the bread, what my father spent years studying, so I am thrilled about that,” says Apollonia.

  • What type of entrepreneur is Apollonia Poilâne?
  • What personal ethics drove Apollonia’s decision to take over the family business?

Sources: “About Us,” https://www.poilane.com, accessed February 1, 2018; Meg Bortin, “Apollonia Poilâne Builds on Her Family’s Legacy,” The New York Times, https://www.nytimes.com, accessed February 1, 2018; Lauren Collins, “Bread Winner: A Daughter Upholds the Traditions of France’s Premier Baking Dynasty,” The New Yorker, https://www.newyorker.com, December 3, 2012; Gregory Katz, “Her Daily Bread,” American Way magazine, July 15, 2005, p. 34; Clarel Antoine, “No Time to Loaf Around,” Harvard Crimson, http://www.thecrimson.com, October 16, 2003.

Most entrepreneurs combine many of the above characteristics. Sarah Levy, 23, loved her job as a restaurant pastry chef but not the low pay, high stress, and long hours of a commercial kitchen. So she found a new one—in her parents’ home—and launched Sarah’s Pastries and Candies. Part-time staffers help her fill pastry and candy orders to the soothing sounds of music videos playing in the background. Cornell University graduate Conor McDonough started his own web design firm, OffThePathMedia.com, after becoming disillusioned with the rigid structure of his job. “There wasn’t enough room for my own expression,” he says. “Freelancing keeps me on my toes,” says busy graphic artist Ana Sanchez. “It forces me to do my best work because I know my next job depends on my performance.” 7

Managerial Ability and Technical Knowledge

A person with all the characteristics of an entrepreneur might still lack the necessary business skills to run a successful company. Entrepreneurs need the technical knowledge to carry out their ideas and the managerial ability to organize a company, develop operating strategies, obtain financing, and supervise day-to-day activities. Jim Crane, who built Eagle Global Logistics from a start-up into a $250 million company, addressed a group at a meeting saying, “I have never run a $250 million company before so you guys are going to have to start running this business.” 8

Good interpersonal and communication skills are important in dealing with employees, customers, and other business associates such as bankers, accountants, and attorneys. As we will discuss later in the chapter, entrepreneurs believe they can learn these much-needed skills. When Jim Steiner started his toner cartridge remanufacturing business, Quality Imaging Products , his initial investment was $400. He spent $200 on a consultant to teach him the business and $200 on materials to rebuild his first printer cartridges. He made sales calls from 8.00 a.m. to noon and made deliveries to customers from noon until 5:00 p.m. After a quick dinner, he moved to the garage, where he filled copier cartridges until midnight, when he collapsed into bed, sometimes covered with carbon soot. And this was not something he did for a couple of months until he got the business off the ground—this was his life for 18 months. 9 But entrepreneurs usually soon learn that they can’t do it all themselves. Often they choose to focus on what they do best and hire others to do the rest.

Concept Check

  • Describe the personality traits and skills characteristic of successful entrepreneurs.
  • What does it mean when we say that an entrepreneur should work on the business, not in it?

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  • Authors: David S. Bright, Anastasia H. Cortes
  • Publisher/website: OpenStax
  • Book title: Principles of Management
  • Publication date: Mar 20, 2019
  • Location: Houston, Texas
  • Book URL: https://openstax.org/books/principles-management/pages/1-introduction
  • Section URL: https://openstax.org/books/principles-management/pages/7-2-characteristics-of-successful-entrepreneurs

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So You Want to Be an Entrepreneur?

  • Emily Heyward

qualities of an entrepreneur essay

One founder’s advice on what you should know before you quit your day job.

Starting a business is not easy, and scaling it is even harder. You may think you’re sitting on a completely original idea, but chances are the same cultural forces that led you to your business plan are also influencing someone else. That doesn’t mean you should give up, or that you should rush to market before you’re ready. It’s not about who’s first, it’s about who does it best, and best these days is the business that delivers the most value to the consumer. Consumers have more power and choice than ever before, and they’re going to choose and stick with the companies who are clearly on their side. How will you make their lives easier, more pleasant, more meaningful? How will you go out of your way for them at every turn? When considering your competitive advantage, start with the needs of the people you’re ultimately there to serve. If you have a genuine connection to your idea, and you’re solving a real problem in a way that adds more value to people’s lives, you’re well on your way.

When I graduated from college in 2001, I didn’t have a single friend whose plan was to start his or her own business. Med school, law school, finance, consulting: these were the coveted jobs, the clear paths laid out before us. I took a job in advertising, which was seen as much more rebellious than the reality. I worked in advertising for a few years, and learned an incredible amount about how brands get built and communicated. But I grew restless and bored, tasked with coming up with new campaigns for old and broken products that lacked relevance, unable to influence the products themselves. During that time, I was lucky to have an amazing boss who explained a simple principle that fundamentally altered my path. What she told me was that stress is not about how much you have on your plate; it’s about how much control you have over the outcomes. Suddenly I realized why every Sunday night I was overcome with a feeling of dread. It wasn’t because I had too much going on at work. It was because I had too little power to effect change.

qualities of an entrepreneur essay

  • EH Emily Heyward is the author of Obsessed: Building a Brand People Love from Day One (Portfolio; June 9, 2020). She is the co-founder and chief brand officer at Red Antler, a full-service brand company based in Brooklyn. Emily was named among the Most Important Entrepreneurs of the Decade by Inc.  magazine, and has also been recognized as a Top Female Founder by Inc. and one of Entrepreneur’s Most Powerful Women of 2019.

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How to know if you have an entrepreneurial spirit, what are the 5 p's of entrepreneurship, what are some tips for developing entrepreneurial behavior, fostering the entrepreneurial spirit, take the leap.

In 2021, the U.S. Government received 5.4 million new business applications — a “record high,” according to NPR .

It’s hard to say how many of them will succeed. If anything, these new ventures are evidence of the stron g entrepreneurial spirit in America.

But having an entrepreneurial mindset is about more than having business ideas or launching a new product. These new business leaders are taking a risk and betting on themselves to get through it.

And they’re going to need help. They’ll need people who share their growth mindset and problem-solving skills and who are ready to carve their space in a world reshaped by a pandemic.

Let’s go over the key qualities of these action-oriented, innovative individuals. Who knows — you might even recognize some of them in yourself.

It’s tempting to think of entrepreneurial spirit as some kind of qualification achievable through a professional development course or college program. But this simply isn’t true.

In fact, some of the most successful business people in the world didn’t even finish college. Steve Jobs famously dropped out before founding the tech behemoth known as Apple Inc. 

We’re not saying you should drop out of school. But an entrepreneurial mindset will help maximize the skills you picked up in class, and this will help your career, whether you end up owning a business or not.

While some pick up on it faster than others, everyone can develop this quality. And you can even use it in your current role.

An entrepreneurial spirit will help you take ownership of your job. It means looking at your tasks and responsibilities and asking, “How could we do this better?” 

You can create processes to work smarter or pitch new ideas that will help your organization. Before you know it, you’ll have completely reshaped your current role for the better.

Regardless of which industry you work in, BetterUp is ready to help you develop an entrepreneurial attitude. Whether you’re a small business owner, a manager, or an intern at a startup, having a growth and innovation mindset can improve your and your team's lives. We want to see you chase your goals and develop the entrepreneurial skills to help you reach them.

Want to deepen your understanding of what it means to have an entrepreneurial spirit? Start by getting familiar with its characteristics. 

Businesswomen-setting-goals-at-work-in-a-modern-studio

Heads-up: Not all of these qualities are required — but they’re a good start. As you read over this list of 10 characteristics of people with an entrepreneurial spirit, you may already recognize a few within yourself.

  • Natural leaders . They have an innate ability to inspire and bring out the best in people.
  • Motivated by challenges. Every setback is an opportunity to learn, grow, and beat the odds.
  • Doers, not sayers. Talk is cheap, and entrepreneurial people know it. They’re ready to roll up their sleeves and get the job done.
  • Quick but thoughtful when it comes to decision-making. They know how to find, process, and act on the information they trust.
  • Risk-taking people. Their optimism and fearlessness make them natural risk-takers — even if they’re uncertain about the outcome.
  • Ambitious dreamers. They aren’t happy with the status quo. True entrepreneurs have a better vision for the future and will try to make it a reality.
  • Resourceful. No amount is too little to get started. They’re ready to work with what they have until more resources come later.
  • Critical thinkers. They analyze and evaluate an issue carefully before forming a judgment.
  • Excited to learn and grow. They relish new learning opportunities because it will make them more well-rounded people and leaders.
  • Optimistic when it comes to life and work. Optimism is a prerequisite for entrepreneurship. They have to believe that things will work in their favor.

You may only identify with some of these characteristics, and that’s okay! You can nurture your entrepreneurial spirit by developing your Five Ps of Entrepreneurship.

As you’re looking to incorporate the general characteristics of someone with an entrepreneurial mindset, it can help to think in terms of the five Ps of entrepreneurship . As you work through your day, this framework will help you focus on what matters to develop a more entrepreneurial mindset (including spiritual entrepreneurship, which prioritizes benefiting others).  

Youngiman-working-from-home--with-bottle-of-water-and-notebook

Take a look at the five P’s of entrepreneurship. Think about how you can become more intentional about developing these dimensions in your life. Be deliberate about checking in with yourself daily to keep the five Ps top of mind and see what strategies work for you to make progress in each.

1. Planning

No matter your goal, whether it’s to start a business or implement a new initiative at work, you’ll need a plan . You’ll also need a certain tolerance for risk.

Whether it’s a business plan or a work plan, it should:

  • Have clearly-defined objectives
  • Be easy to understand
  • Allow for flexibility
  • Have a clear deadline
  • Clearly define the roles and tasks of all team members
  • Acknowledge the calculated risks i nvolved
  • Have a plan to mitigate the risk

People who have an entrepreneurial spirit know their passions. 

When you know what makes you happy and excites you, it’s easier to wake up in the morning, set goals, and do the work of achieving them. With passion fueling you, every step will feel like a pleasure, not a chore.

3. Patience

When you adopt an entrepreneurial spirit, you accept that you’re in it for the long haul. You also have an undying belief that good things come to those who wait. This will help you be more resilient in the face of adversity. 

And have no doubt: there will be adversity. Whether your seed funding didn’t come through, your project proposal was rejected, or your prototype failed, you’ll need to keep the faith. These are minor setbacks in the grand story of your success. Learning how to be patient isn’t easy, but it’s worth it.

4. Perseverance

Successful entrepreneurs know that failures and mistakes are part of life. But you need to meet failures with perseverance. This means:

  • Remembering why you started this journey in the first place
  • Evaluating and learning from your failures
  • Understanding that, in the grand scheme of things, most setbacks are temporary
  • Adapting your plan to accommodate your new situation

5. Problem-solving

Problems are waiting around the corner at all times. The entrepreneurial mindset welcomes issues because it presents an opportunity to face them head-on. A strong leader is never afraid to get their hands dirty for the sake of the team.

And solving problems may require help. Don't be afraid to rely on your coworkers, friends, family, and previous mentoring relationships. They can offer moral support and an outside perspective on your dilemma — invaluable assets when mulling over a big decision.

You should also make sure that you’re bringing your Whole Self to the project. Use all of your personal resources, skills, and experiences to work toward innovative ideas and solutions.

You can't develop these characteristics overnight. Shifting to an entrepreneurial mindset takes hard work and effort. Tracking your progress and staying focused on your goals makes the process much easier on your well-being. 

If you're looking to get started, here are four tips on how to develop an entrepreneurial mindset. 

woman-lying-prostate-on-the-floor-planning-weekly-schedule-and-talking-by-phone-in-living-room

1. Be specific with your intentions

You hinder your growth when you're unorganized and don't know what you want to set out to achieve. To stay focused, set clear, specific goals. And make sure they’re realistic goals . You can dream big, but make sure your long-term goals are made of several, achievable short-term goals .

Zero in on your dreams through purposeful intentions and actions. Gather your resources to focus on your goal. Adopt a “doer” mindset, thinking about what you're looking to achieve.

2. Don't rely on one plan and one plan only

Embrace confidence, but not at the cost of ignoring warning signs. It's great to be unafraid of risks and view challenges as motivation, but you need to recognize when you have a severe problem.  

Some red flags are hard to ignore and may cost you later on, like if you’re approaching burnout from working too much or trying to complete tasks you don’t have skills for. 

True confidence means admitting what you don’t know, asking for help, and changing your mind based on new information.

It's never a sign of weakness to acknowledge that things aren't working. Switching to a new plan might even widen your perspective and open up new opportunities to create value or get the job done more effectively.

3. Adapt to change 

The only constant in life is “change.” People who accept this and can adapt are more likely to succeed. This fact is true even when “changes” feel more like “setbacks.” 

But adaptability is an important skill for entrepreneurs. You’ll inevitably miss deadlines, fail launches, or underestimate a direct competitor. You’ll have to use your critical thinking skills to evaluate what went wrong in these moments. Then you can look objectively at your situation for new opportunities. 

“Change” puts your problem-solving and leadership qualities to the test. Next time you face an unexpected change of plans, try your best to adapt instead of fighting it.

4. Never stop learning 

Every moment is an opportunity to learn. There’s a universe of knowledge out there, all of which can help you be a better person, leader, and entrepreneur. 

Here are some ideas to lean into your curiosity:

  • When talking to someone, ask a lot of questions. Everyone has a story. Learning theirs can help you develop your empathy and gain insights you might have missed otherwise.
  • Read biographies of your favorite people. They always have wisdom and lessons to share. See which ones you can apply to your life.
  • Listen to podcasts about your industry during your morning commute. If you lead a busy lifestyle, keeping track of your industry can be difficult. Luckily, podcasts provide an easy format for you to consume while doing other things.
  • Keep up with the daily news. Your work exists in the context of world events. Keeping up will help you track situations that could affect you — even for five minutes with your coffee.
  • Find people on LinkedIn whom you’d like to learn from. Social media is the modern Rolodex. Make time to expand your contacts and learn from your new connections.
  • Develop new skills. Countless online workshops and courses can help you expand your skills. This will make you a more valuable asset in the long run.

An entrepreneurial mindset never stays still — it’s constantly looking for the next opportunity or challenge. But, like the most beautiful plants, it needs fertile soil to grow. 

You need to configure your life appropriately if you want your spirit to thrive. And along the way, you can inspire the entrepreneurial spirit in others. Here’s what you can do.

1. Maintain an innovation-friendly work culture

Whether you’re a leader or an employee, teamwork makes the dream work. It’s important to facilitate a positive and collaborative work environment.

You can start by facilitating the open exchange of ideas. Create a space where everyone can share their insights, lessons learned, and experiences. You’ll spark interesting discussions, which can lead to creative solutions and new approaches to your work. Plus, you’ll inspire each other to grow and be better.

2. Always pull in the same direction

Yes, it’s important to be adaptable and open to change. But it’s even more important to have a general strategic direction, or else you risk being pulled off course.

You should always start with a plan — even if you have to change it later. And you should loop in your team every step of the way. When everyone knows the goal, they can work together to achieve it.

3. Avoid making decisions out of fear

The world is rife with risk and uncertainty. These days, that feels more true than ever. It makes sense to proceed cautiously, carefully evaluating your next move before committing. 

But it’s important not to give in to fear. It’ll cloud your judgment and take away your view of the big picture.

Entrepreneurship involves accepting a certain degree of risk. Evaluate every decision carefully, calculate your risk, and execute with confidence. You might fail, but you will have learned something. But, you might also succeed — and all the work will have been worth it.

Male-coach-helping-woman-with-project

Whether you’re running your own business, working your way up the ladder, or planning your next job hop, an entrepreneurial spirit can help you lean into challenges and change. 

Cultivating this mindset will shift how you approach the world, growing as a more action-oriented and innovative person.

New mindsets and behaviors don’t just happen. They require focus and effort to consciously change how you see yourself and the events around you. But an entrepreneur isn’t afraid of hard work and commitment — neither are you.

Adopting an entrepreneurial spirit doesn ’t mean your values and interests have to change. You’re still yourself. It just means that you’ll be better equipped to chase down your passions and goals in life. With an entrepreneurial spirit, no goal is too far out of reach. 

At BetterUp , we want you to be your best. ​​Through a relationship with a BetterUp coach or mentor, you can gain the perspective and accountability to develop your own entrepreneurial spirit.

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Successful Entrepreneur: Main Characteristics Essay

An Entrepreneur is a person who owns an enterprise; he/she manages the enterprise and assumes all the risks of that enterprise. “The difference between a successful entrepreneur and a failed one is that a successful entrepreneur is the one who lives in the future and is creative,” (Scarborough, 2003). They will always thrive on any change that is before him. When we relate this character to Bill, we see Bill as innovative and a good craftsman to the point of him being loved by the customers including Mr. Hugo.

There are some characteristics traits which make Bill to be a self confident man, this has been seen when the owner wants to give the control of the shop to Bill after he retires from the shop and he knows that Hugo Shop will prosper under the control of Bill. Bill is realistic, he accepts the management of Hugo shop because he knows the problems Mr. Hugo was going through in maintaining the shop and thus is in a position to deal with those problems if they arise. “Mr. Hugo and his wife found satisfaction in the symbol of success in their business and they wanted to continue that tradition of success with the shop; they are leaving the shop to Bill because he is the right candidate” (Scarborough, 2003).

There are some characteristic traits which can hinder Bill from succeeding in his new business. Firstly lack of planning, business planning is so important, “it requires one to analyze every business situation and problems which may occur in the day to day running of the business” (Scarborough, 2003), and it is through business planning that one is able to achieve set goals that you have set for your business. Secondly if Bill does not manage his money wisely he is bound to fail miserably because the lifeblood of any business is the cash flow. Bill needs to buy inventory and pay for the raw materials that are needed in the shop and at the same time he needs money to pay for his wages. Bill should be keen when handling money, he should make sure that the cash flow in the Hugo shop keep flowing and the bills are paid right on time because many business have wound up due to the owner negligence with the cash of the business.Bill should take everything seriously in order not to fail, but if he become lazy he will be easily be sidetracked by the business and he will no longer be motivated in the running of the business.

In order for Bill’s business to succeed he must take many things into consideration. Firstly, Bill should remember it is through the customers and not about the products or the services that he will be selling or the price that he will be selling his products, “but if the customer is satisfied, the business will succeed “(Moore 2005). Anything Bill will do to his business must be focused on customers including all the policies of the business and he can achieve this through advertising, “opening early and closing late than the normal business around that location and lastly he must be friendly to his customers” (Moore, 2005).

The terms of sales by Mr. Hugo were good because instead of being given a lump sum of money at a go. Mr. Hugo knew Bill was a hardworking man and he can turn the shop into a successful one when it is under Bill management, part of the profit which will be realized under Bill’s ownership will go directly to Mr. Hugo, with that he will have a say on the shop even if he retires.

Reference List

  • Moore, C.W. (2005). Small business management: an entrepreneurial emphasis . New York: Cengage Learning Publisher.
  • Scarborough, N.M. (2003). Effective small business management: an entrepreneurial approach . London: Prentice Hall Publisher.
  • Chicago (A-D)
  • Chicago (N-B)

IvyPanda. (2021, December 26). Successful Entrepreneur: Main Characteristics. https://ivypanda.com/essays/successful-entrepreneur-main-characteristics/

"Successful Entrepreneur: Main Characteristics." IvyPanda , 26 Dec. 2021, ivypanda.com/essays/successful-entrepreneur-main-characteristics/.

IvyPanda . (2021) 'Successful Entrepreneur: Main Characteristics'. 26 December.

IvyPanda . 2021. "Successful Entrepreneur: Main Characteristics." December 26, 2021. https://ivypanda.com/essays/successful-entrepreneur-main-characteristics/.

1. IvyPanda . "Successful Entrepreneur: Main Characteristics." December 26, 2021. https://ivypanda.com/essays/successful-entrepreneur-main-characteristics/.

Bibliography

IvyPanda . "Successful Entrepreneur: Main Characteristics." December 26, 2021. https://ivypanda.com/essays/successful-entrepreneur-main-characteristics/.

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Must-Have Entrepreneurial Skills for Aspiring Business Owners

Aspiring business owner honing entrepreneurial skills at their desk

  • 25 Aug 2020

What comes to mind when you hear the word “entrepreneur”?

Maybe you picture a talented college dropout, or a seasoned business professional with a knack for predicting the next big thing. Whatever the persona, replace it with yourself.

There’s no specific demographic or personality profile of a successful entrepreneur . No matter your age, race, gender, sexual orientation, socioeconomic status, or upbringing, you can be an entrepreneur if you have the dedication, drive, and business skills.

Access your free e-book today.

Are Entrepreneurs Born or Made?

Whether entrepreneurship is a mix of innate traits or learned abilities is a constant debate. While risk tolerance, resilience , innovation , and creative problem-solving can provide a head start, they aren’t the only qualities to becoming an effective business owner.

Unlike personality traits and demographic details, you can learn and practice entrepreneurship through education, training, and experience. By taking advantage of growth opportunities, you can build valuable skills and generate innovative ideas to achieve business success.

If entrepreneurship is a path you’d like to pursue, use this list to take stock of your strengths and weaknesses and determine which skills to develop before launching your venture .

Check out the video below to learn more about what it takes to be a successful entrepreneur, and subscribe to our YouTube channel for more explainer content!

6 Skills All Entrepreneurs Need

1. finance skills.

Finance skills, such as budgeting and financial statement analysis , are necessary for running a business.

Creating a reasonable budget and sticking to it can be the difference between your venture’s success and failure. By learning this essential finance skill, you can avoid overspending and appropriately allocate company resources.

It’s also imperative to know how to read and prepare financial statements , including a balance sheet , income statement , and cash flow statement . Aside from being required for reporting and tax purposes, these documents help you track performance, make future projections, and manage expenses. They can also be useful to investors and banks that are considering funding your startup because they show your business’s financial progress.

2. Networking

Your network is one of your greatest assets. Networking can enable you to not only meet like-minded professionals but build your future team and keep a finger on your industry’s pulse.

A graphic with dotted line connecting to each part of an entrepreneur's network

Your professional network can comprise:

  • Former and current co-workers
  • Alumni from educational institutions
  • Professors and teachers
  • Industry leaders and speakers
  • Past and present clients
  • Friends and family members
  • Business professionals in your geographic area
  • Fellow entrepreneurs with similar interests, responsibilities, and goals

Identify and reach out to people in your network who can guide you in your entrepreneurial journey and inform your decision-making . Ask them about their businesses, how long they’ve been in their industries, and lessons they’ve learned from successes and failures. Perhaps they’ve started several companies and can offer valuable advice about raising funds, developing products, and building a client base. They may even be able to connect you to contacts whose work aligns with yours.

In addition to leveraging your network, expand it. One way to do so is by signing up for networking events in your area or industry, such as HBS Online’s annual Connext conference, where learners from around the world come together to network, engage, and learn from HBS leadership and faculty.

LinkedIn is another valuable way to connect with others. Using the platform’s feed and recommendation algorithm, you can find professionals with whom you have shared connections and similar interests and job titles. Don’t be afraid to send a note introducing yourself to a new contact.

Related: How Leaders Develop and Use Their Network

3. Speaking Confidently

The importance of speaking confidently as an aspiring entrepreneur can’t be overstated. Whether pitching to investors , communicating with clients, or making conversation at an event, the way you talk about your business and its potential can influence how others see it, too. Showing a lack of confidence can deter investors from funding your venture and lead customers to question their decisions to buy from you.

Remember: You are your business’s biggest advocate. If you’ve achieved a milestone like product-market fit , share that with others.

People may doubt you along the way, but you should never be one of them. Confidence can make all the difference when it comes to attracting and retaining customers and investors.

4. Accepting and Acting on Feedback

To succeed as an entrepreneur, you must be eager to receive feedback and act on it. This requires staying humble and accepting that your idea of your product’s perfect version may not resonate with your target customers.

“Pinpointing your target customer is a critical early step in the startup business model development process,” Harvard Business School Senior Lecturer Jeffery Bussgang says in the online course Launching Tech Ventures .

Launching Tech Ventures | Build a viable, valuable tech venture that can profitably scale | Learn More

One way to gather feedback is by conducting customer validation interviews to solicit constructive criticism regarding your product, proposed business model , and assumptions you’ve made about users.

You may also garner feedback from investors, more experienced entrepreneurs, and friends and family—and some of it may be unsolicited. You’re not required to implement all their advice, but it’s beneficial to consider it. Would their suggestions increase your product’s quality, value, or user experience? If the answer is “yes,” make those improvements.

Related: 5 Key Pieces of Advice for Aspiring Entrepreneurs

5. Recognizing Patterns

Pattern recognition—in data, market trends, and user behavior—is an often-overlooked entrepreneurial skill.

For instance, identifying patterns in cash flow statements can enable you to make predictions about future cash flows. When observing market sales data, you can identify seasonality or other time-related trends that inform long-term goals.

Recognizing patterns can also help you to excel in your industry. If entering the tech space, you must understand the common challenges and patterns of what Bussgang calls “tough tech ventures” in Launching Tech Ventures . For example, health care settings involve many ethical issues around patient-facing products due to data privacy and Health Insurance Portability and Accountability Act (HIPAA) regulations.

When observing how users interact with your product, pay attention to how they react to specific elements and what questions arise. If your product is an app, perhaps you identify a pattern among teenage users who download it and immediately open the chat function. You can use trends to learn more about customers’ motivations and improve your product to better fit their needs.

Related: 7 Questions to Ask for an Insightful User Interview

6. Maintaining a Growth Mindset

As an aspiring entrepreneur, it’s critical to have a growth mindset . A growth mindset involves perceiving intelligence, abilities, and talents as learnable and capable of improvement, as opposed to a fixed mindset, which entails believing those same traits to be inherently stable and unchangeable.

One professional who demonstrates the growth mindset is Maggie Robb , vice president of operations at Spire Health. Robb knew she had a lot to learn when making the transition from a large corporation to a Silicon Valley startup and decided to take the online course Entrepreneurship Essentials to strengthen her entrepreneurial skills.

“While I have a deep business background, I wasn’t well versed in several important aspects of entrepreneurship, like investment structure, fundraising, and valuation,” Robb says.

Entrepreneurship Essentials | Succeed in the startup world | Learn More

In addition to bolstering her knowledge of those topics, Robb says the course helped her recognize the value of testing and iteration in the entrepreneurial process.

“While not something I was completely unfamiliar with, I realized the importance of it within a startup,” Robb says. “It made me look at our resource allocation in a different way, compared to traditional companies with established products.”

Robb’s story imparts a vital lesson: Your skills aren’t fixed but rather result from effort, practice, and persistence. By maintaining a growth mindset, you can avoid taking your skills for granted and capitalize on opportunities to grow and improve throughout your career.

Which HBS Online Entrepreneurship and Innovation Course is Right for You? | Download Your Free Flowchart

Developing Your Entrepreneurial Skills

Entrepreneurship is a journey that requires dedication, drive, and hard work. One thing it doesn’t require is fitting a specific demographic.

With financial literacy , networking skills, confidence, the ability to accept feedback and recognize patterns, and a growth mindset, anyone can pursue entrepreneurship.

As long as you’re willing to strengthen your entrepreneurial skills, you can successfully position yourself to start your own company.

Are you interested in bolstering your entrepreneurship skills? Explore Entrepreneurship Essentials and Launching Tech Ventures , two of our online entrepreneurship and innovation courses. If you aren't sure which is the right fit, download our free course flowchart to determine which best aligns with your goals.

This post was updated on July 28, 2023. It was originally published on August 25, 2020.

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Essay on entrepreneurship (100, 200, 300, & 500 Words)

Essay on entrepreneurship (100 words), essay on entrepreneurship (200 words), essay on entrepreneurship (300 words), the importance of entrepreneurship.

  • Economic Growth : Entrepreneurship plays a crucial role in driving economic growth by creating new businesses, products, and services. It fosters competition and encourages innovation, leading to increased productivity and efficiency in the economy.
  • Job Creation : Entrepreneurs are job creators. They not only create jobs for themselves but also generate employment opportunities for others. Startups and small businesses are known to be significant contributors to job creation, especially in developing economies.
  • Innovation and Technology : Entrepreneurs are at the forefront of innovation and technological advancements. They constantly challenge the status quo and introduce new ideas, products, and processes, driving progress in various industries.
  • Societal Development : Entrepreneurship has a positive impact on society by addressing social problems and meeting unmet needs. Social entrepreneurs focus on creating ventures that tackle issues like poverty, education, healthcare, and environmental sustainability.

Qualities of Successful Entrepreneurs

  • Passion and Motivation : Successful entrepreneurs are driven by a strong passion for their ideas, products, or services. They are motivated to overcome challenges and persevere through setbacks, fueling their determination to succeed.
  • Creativity and Innovation : Entrepreneurs possess a high degree of creativity and are constantly seeking new and innovative solutions. They think outside the box, challenge conventions, and find unique ways to add value to the market.
  • Risk-taking and Resilience : Entrepreneurs are willing to take calculated risks and step out of their comfort zones. They understand that failure is a part of the journey and are resilient enough to bounce back from setbacks and learn from their mistakes.
  • Adaptability and Flexibility : The business landscape is ever-evolving, and successful entrepreneurs are adaptable and flexible. They embrace change, pivot when necessary, and stay ahead of market trends and customer demands.
  • Leadership and Vision : Entrepreneurs are visionaries who can inspire and lead their teams. They have a clear vision of what they want to achieve and possess the ability to communicate and align their goals with others, turning their vision into reality.

Key Steps in the Entrepreneurial Journey

  • Identifying Opportunities : Successful entrepreneurs have a keen eye for identifying market gaps, unsolved problems, and emerging trends. They conduct thorough market research to understand customer needs and assess the viability of their ideas.
  • Business Planning : Once an opportunity is identified, entrepreneurs develop a comprehensive business plan. This includes defining their target market, analyzing competitors, outlining their value proposition, and formulating a strategic roadmap.
  • Securing Funding : Entrepreneurs often require financial resources to launch and grow their ventures. They explore different funding options such as bootstrapping, seeking loans, attracting investors, or crowdfunding to secure the necessary capital.
  • Building a Team : Entrepreneurship is rarely a solo journey. Successful entrepreneurs build a team of skilled individuals who complement their strengths and contribute towards achieving the company’s goals. They understand the importance of delegation and collaboration.
  • Execution and Iteration : Entrepreneurs turn their ideas into action by executing their plans and continuously iterating their products or services based on customer feedback. They are agile and adaptable, making changes and improvements as they learn from the market.
  • Scaling and Growth : As the venture gains traction, entrepreneurs focus on scaling their operations. They explore opportunities for expansion, enter new markets, and invest in resources to support growth while maintaining a strong customer-centric approach.

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Qualities Of Entrepreneurs

Qualities Of Entrepreneurs

Not all entrepreneurs end up being successful; however, those that are successful often possess certain qualities that drive their success.  If you want to be a successful business owner, then you need to develop these qualities. And, the first step towards developing the qualities of entrepreneurs is to know what the qualities are.

Once you know the qualities, then you can work toward developing them so you can take your business to the next level.

This article will discuss some of the most important qualities that successful entrepreneurs tend to possess. 

Who is an Entrepreneur – Qualities of Entrepreneurs

Before looking at the qualities of entrepreneurs, let’s take a quick look at who an entrepreneur is.

Typically, entrepreneurs are people who start businesses and take responsibility for it.

This means that an entrepreneur takes responsibility for most (if not all) of the risks associated with running the business.

Therefore, being an entrepreneur goes beyond just starting a business.

Being an entrepreneur means being a starter, driven, and the person responsible and accountable for the business.

17 Important Qualities of Entrepreneurs

For entrepreneurs to succeed at what they do, they have to possess certain key qualities.

Every entrepreneur needs to have these qualities because owning a business is not a day’s job.

These qualities are what make it possible for entrepreneurs to hold firm and keep pushing towards success in the face of challenges, mistakes, and even failure.

If you often wonder what qualities successful entrepreneurs have that make them achieve their goals, then keep reading to get your answers.

1. Creativity – Qualities of Entrepreneurs

One of the most basic qualities that successful entrepreneurs share is creativity.

Typically, entrepreneurs love creating things.

This might mean being able to invent an innovative product that has never existed before.

It might also mean being able to come up with an efficient and better means of doing something.

It does not matter what they create; entrepreneurs simply have the inbuilt ability to use their imagination and come up with solutions to make things easier and more enjoyable.

Read this article to learn more about how to be a creative entrepreneur. 

2. Self-Motivation

Entrepreneurs are typically achievers and go-getters that won’t sit around and wait for someone to urge them to get things done.

They know that it doesn’t just stop at coming up with ideas; they know that if their ideas are to become reality, they need to put in the effort.

Their motivation comes from within; from the innate desire to see what they had in mind being brought to life.

So, even if no one is cheering them on they stay focused and motivated.

And this is the best type of motivation there is to have.

You won’t always have people encouraging or commending you for what you are doing.

But if your passion and purpose are what fuel your actions and thoughts, you would find yourself staying motivated even though you aren’t being cheered on.

3. Confidence

Another major quality successful entrepreneurs share is confidence.

Putting oneself out there for people to criticize and/or praise takes guts and a high level of confidence.

When an entrepreneur puts themselves out publicly, they make themselves open to public views and opinions.

Sometimes, the criticisms become louder than the accolades, but an entrepreneur with confidence in themself will keep pushing on despite this.

Think Elon Musk, Oprah Winfrey, and Gary Vaynerchuk.

These people have become very successful and have also gotten a fair share of accolades and praises for what they do.

However, it wasn’t always rosy.

These people had been criticized and had passed through hardships at one point or the other.

But despite the criticism and challenges, they did not give up, rather they pushed forward.

And after several years of consistent work, they can now enjoy the rewards of their hard work.

Imagine if they lacked the confidence to push forward and simply threw in the towel, perhaps, no one would have ever heard of them. 

4. Passionate – Qualities of Entrepreneurs

Entrepreneurs are usually very passionate about what they do.

They have this burning passion for their work and would be content spending several hours every day surrounded by their work.

To someone looking at them from the outside, they would merely see someone offering a simple product or service, but the entrepreneur sees it as a very vital part of their life.

An entrepreneur wakes up every morning with thoughts about the work they need to get done that day.

They also go to sleep thinking of how they can get better and improve their work the next day.

For some very successful entrepreneurs, “work” stops being work.

They just love and enjoy what they do so much that it simply becomes who they are. 

5. Persistence – Qualities of Entrepreneurs

You can’t be a successful entrepreneur if you aren’t persistent.

There are several challenges, mistakes, and failures, along the way to success.

A successful entrepreneur will never let these things faze them.

They know that they only truly fail if they give up.

So, even when it looks like all odds are against them, do not give up.

They keep pushing on until they reach their goal.

And once they reach their goal, they keep on going and keep on achieving more and more goals.

Successful entrepreneurs know that they can’t always win, but they keep moving on because that’s the only way to secure success.

6. Resourcefulness – Qualities of Entrepreneurs

Another entrepreneurial quality is resourcefulness.

Because entrepreneurs are always working towards solving issues, they need to be able to think out of the box.

They are ingenious and would always come up with a way to do something even when they do not have the tool for it.

7. Great Communication Skills

If you are to succeed in a competitive commercial marketplace, then you need great communication skills.

What some business owners do not know is that some communication skills far outweigh others.

For example, interpersonal communication is a major form of communication that every successful entrepreneur should have.

8. Strong Work Ethics

Entrepreneurs often have admirable work ethics.

If there’s an unfinished project, an entrepreneur won’t mind showing up at work even on holidays and weekends to finish up the work.

9. Entrepreneurs Know When to Delegate – Qualities of Entrepreneurs

Another quality that successful entrepreneurs share is knowing when to delegate.

Successful entrepreneurs know that they cannot do everything all by themselves.

They know how to spot an employee’s hidden talent and then delegate projects relating to that talent to them if it ever comes up.

Most business owners do not know how to delegate; this is especially true of business owners that ran their business alone when they just started the business.

But if you fail to delegate and let someone else be in charge of a project for a change, you may end up getting burnout.

If this happens, you won’t be able to keep running your business.

And someone else may have to step into your shoes; you would find this a lot worse than letting someone handle just an aspect of the business.

So, know how to develop your workforce and then turn your talented workers into managers so your job can become easier.

10. Empathy – Qualities of Entrepreneurs

People typically do not start their business with the sole purpose of helping people or making the world better.

The major reason people start businesses is so they can make profits.

If profit isn’t made, then the business will go bankrupt and would have to be shut down.

So, it is only normal that helping people only comes after profit-making for several business owners.

However, successful people know that they shouldn’t be too consumed with their need to make profits to the point that they stop being empathetic.

Successful entrepreneurs are usually empathetic and know how to connect emotionally with those they work with.

Being genuinely empathetic is great for business.

It’ll give your business a human face that would make your investors, workers, and customers feel free when relating with you or your business.

If you are struggling to get or retain customers, then you should try becoming more empathetic.

11. Entrepreneurs are Ever Ready to Learn – Qualities of Entrepreneurs

Entrepreneurs know that they can’t possibly know everything.

And because of the many responsibilities that come with running a business (especially a new one) an entrepreneur needs to be an all-rounder.

For instance, when a business is in its budding stage, the workforce may not be so versatile.

The business owner may have to play several roles in his new business; they may need to handle their marketing, accounting, and so on.

So, they are always ready to learn new things or a better way to do things regardless of who is teaching them.

12. Easygoing Attitude

If entrepreneurs dwell on their mistakes and inconveniences they encounter they may fail to get anything done at all.

This is why they have an easygoing attitude to keep them pushing towards their goals regardless of the challenges they encounter.

Imagine you have to restart an already finished project.

If you do not possess this entrepreneurial quality, you may likely spend valuable time throwing a tantrum about the challenge.

But an entrepreneur with an easygoing attitude will shake this inconvenience off and restart the project.

Having an easygoing attitude means going along with things as they happen, accepting new opportunities, not letting yourself get stuck in thinking a particular way, and accepting changes.

Entrepreneurs with this quality know how to turn an undesirable situation into something great.

These are the type of entrepreneurs that tell people that their business didn’t turn out the way they thought it would but they would not want it any different than what it currently is.

13. Willpower

An entrepreneur typically has very strong willpower to achieve their goals and vision.

This is what drives their actions.

Despite the challenges they may encounter, their will to get to their goals never wavers.

And it keeps them working toward their vision even though they fail several times.

14. Entrepreneurs are Smart – Qualities of Entrepreneurs

It is very rare (if not impossible) to find a successful entrepreneur that isn’t smart.

They do not only have common sense, but they also know how to make wise and sensible decisions.

Their thoughts are collected and calculated so that they can make the best choice at all times.

Aside from making decisions, the smart nature of entrepreneurs makes it possible for them to make plans and then come up with working strategies to execute the plans.

This quality is also one of the reasons they are great at dealing with people.

15. Entrepreneurs Know How to Make Plans– Qualities of Entrepreneurs

One of the key things every entrepreneur needs to know how to do is make plans.

Even though entrepreneurs have an easygoing attitude, they never do things without having a plan and several other backup plans.

An entrepreneur’s strength lies in their ability to make specific, measurable, achievable, relevant, and time-bound (SMART) plans.

They know that if they do not make plans, then the chances of succeeding at what they seek to achieve will significantly reduce.

16. Risk-Taking

Entrepreneurs are often risk-takers.

They have this innate ability to see and seize an opportunity even though it comes with risks.

However, they often take only calculated risks.

Before an entrepreneur takes a risk, they make sure that they assess it properly.

If the projected profit would be worth the risk, then an entrepreneur won’t mind taking the risks.

17. Professionalism

Every good entrepreneur usually has this quality.

This is because they know that their attitude towards their business is what the employees and even customers will also develop towards it.

They know that their behavior and mannerisms are what would develop the business culture.

Therefore, it is very rare to find entrepreneurs that are not professional.

Professionalism also comes with discipline and reliability.

When an entrepreneur is professional, they would often have enough discipline to stick to their plans to reach their target; it also makes their customers trust them more because they can always rely on them to get things done.

How to Develop the Qualities of An Entrepreneur – Qualities of Entrepreneurs

If you lack the qualities of an entrepreneur as a business owner, then you may find yourself struggling with your business.

Well, the good news is that you can train yourself to develop these qualities.

The following are some of the things you can do to develop the qualities of entrepreneurs.

Set Deadlines and Avoid Procrastination

Entrepreneurs are self-motivators; because no one would make them work if they don’t want to, they may end up not getting anything done if they don’t motivate themselves to work.

So, you need to learn how to motivate yourself at all times.

One way to do this is by setting deadlines and goals for yourself.

Doing this would help keep you on track and remove every distraction from your mind.

You should also learn to avoid procrastination.

You need to avoid procrastination in every aspect of your life and not just when it comes to work.

Getting things done at the time they have to be done will help you meet up with your targets at the right time.

Constantly Challenge Yourself – Qualities of Entrepreneurs

One of the key qualities of entrepreneurs is persistence.

Entrepreneurs are always ready to keep going even when they are faced with challenges.

To develop this quality, you need to challenge yourself.

Set goals for yourself and make sure you achieve them regardless of how difficult they may be.

These goals should not just be work goals; you should make goals in other aspects of your life.

For instance, you can set a goal to finish at least one book per week.

Doing this regardless of challenges like not having enough time to read can help you become persistent when it comes to work-related obstacles.

The obstacles you face as a business owner would be way bigger than whatever obstacles you may face when trying to achieve the goals you have set for yourself.

But overcoming these smaller challenges would help you develop a higher perseverance level.

Train Yourself to Become a Comfortable Risk-taker

 Being an entrepreneur is almost synonymous with being a risk-taker.

But you may have other qualities of an entrepreneur but lack this key trait.

If this is the case, then you need to work towards increasing your tolerance when it comes to risk-taking.

If you don’t know how to take risks as a business owner, then you may miss out on some great opportunities.

One way to increase your tolerance for taking risks is by trying out new things; you need to become uncomfortable in your comfort zone and step out of it.

Also, come to terms with the fact that taking risks does not mean being reckless.

You would be taking risks, but they would be calculated ones.

If you do your maths properly, then most of the risks you take won’t end up backfiring on you.

You simply need to study probability and take your time to assess any opportunity before venturing into it.

Learn How to Overcome Setbacks and Failures – Qualities of Entrepreneurs

As an entrepreneur, you are going to face failures and mistakes along the way.

If you let them get the better of you, you may end up letting go of your vision and plans.

This is why entrepreneurs do not see failure as an end but rather as a means to get better.

This is the mindset you need to develop.

Whenever you fail, do not dwell on the failure; rather look for the lesson in it and use it to get better next time.

Another way you can deal with failure is by making backup plans.

This way, you always have something to fall back on if things do not go the way you wanted them to.

Conclusion on Qualities of Entrepreneurs

Being an entrepreneur goes beyond just owning a business.

It involves taking responsibility for either the failure or success of the business.

Because of the responsibilities that come with being an entrepreneur, entrepreneurs must have certain qualities to make sure they run their businesses successfully.

Without these qualities, it would be nearly impossible to run a successful business.

This article has discussed some of these qualities, as well as, things you can do to develop them.

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  • Entrepreneurship

Characteristics of Entrepreneurship

Updated 28 September 2023

Subject Entrepreneurship

Downloads 57

Category Business

An entrepreneur is a person who takes a concept, creates a business with that idea, operates the business, and accepts the risk for its profit. An entrepreneur develops an enterprise with the intention to fulfill a need in the market that will ensure the success of the business. The need to discover new markets drives most entrepreneurs. Currently, new solutions discovered by entrepreneurs address a large percentage of the world’s most pressing issues, for example, zero-carbon housing, and distance learning among many others. Entrepreneurship offers a distinct chance to think outside the box when it comes to business engagement, social enterprises, and philanthropic efforts.

Difference between Entrepreneurs’ and Business Managers’ Character Traits and Skills

Successful entrepreneurs are people who develop businesses by taking calculated risks to get profits. Business managers are people who control and oversee the operations of businesses. Most often than not, a business manager is an employed personnel who depends on a salary whereas an entrepreneur is a business owner. Successful entrepreneurs seek achievement whereas power motivates business managers. It is for this reason that passion and motivation drive successful entrepreneurs, which are very important attributes. Because of this enthusiasm, successful entrepreneurs create, implement, and pitch ideas to investors in the hope that their determination will lead to the profitability of their companies.

Entrepreneurs and business managers like to take risks. However, successful entrepreneurs make plans just in case their risk turns out to be unsuccessful. For the unforeseen circumstances, they keep in store a plan “b”, resources and time. Successful entrepreneurs venture into a business hoping for the best, at the same time they prepare for the worst. This trait makes successful entrepreneurs strong money managers. Such entrepreneurs know that it takes time for a business to become profitable. Thus, money is limited and it is crucial to use it wisely, to sustain the business. Successful entrepreneurs tend to be flexible when it comes to market or consumer needs. Since most business managers are not the owners, they do not have the same flexibility. The prosperity of these entrepreneurs is that they accept suggestions for customization that would satisfy the needs of the market.

Successful British entrepreneur Sir Richard Branson is one example of an entrepreneur whose prosperity comes from taking calculated risks. He is the creator of Virgin Group, an enterprise which controls more than 380 businesses worldwide (Virgin, 2018). His entrepreneurial enthusiasm began at the young age of 16 (CNBC, 2017). His business ventures include megastores, airline, music label, space tourism, and space science, among other businesses. According to Branson, he managed to build his multi-billion businesses through taking great, but calculated risks. Furthermore, he said that successful entrepreneurs take necessary risks to ensure the prosperity of their businesses (Virgin, 2018). Those who fear failure will never take required risks, a characteristic of a doomed entrepreneur. Therefore, calculated risk-taking is the foundation of a successful entrepreneur.

 Bill Gates is a global entrepreneur mostly known as the primary founder of Microsoft. Besides that, he is also an investor, and philanthropist (The Biography.com, 2018). He is one of the richest men in the world and a big mentor to many entrepreneurs. Entrepreneurs around the world can learn several traits from this billionaire. Successful entrepreneurs always remember that they are in a highly competitive world of startups. As such, they move fast and keep innovating. Successful entrepreneurs know value time which makes the use it well during their productive hours. Successful entrepreneurs fail and learn from their mistakes. According to Gates, those mistakes teach the best lessons. Successful entrepreneurs never give up even when faced with challenges and obstacles. Instead they persevere and persist because they know there is nothing like overnight success. These distinct attributes distinguish successful entrepreneurs from the unsuccessful ones.

Entrepreneurial motivation and mindset

The first aspect of an entrepreneurial mindset is that an entrepreneur creates revenues through submarket products and services. A submarket product or service is when a company designs an innovative strategy with the intention of making money by solving a social problem. Submarkets are those markets deemed as impossible to garner profits, thus, are not the priority of many organizations. Submarkets can be social or geographic (Saul, 2011, p. 45). The three key drivers that enable submarket products and services to be a viable business are disruptive innovation, short-tail economics and bottom-of-the-pyramidization. The whole idea behind this strategy is for businesses to solve social problems by leveraging on commercial products and services. This is not a philanthropic gesture, but a business proposition. Of course, there are charity and government programs which have attempted to find solutions to these social problems, but they are only temporary solutions. It is becoming quite clear that most, if not all of social problems, should be solved through business solutions. This strategy works by identifying social problems, which the business can solve by addressing distinct market requirements and being highly innovative.

The second major aspect is that entrepreneurs tend to enter new markets through backdoor channels (Small Business Trends, 2018). The aspect of backdoor market entry is forging new markets through the gateway of social change (Saul, 2011, p. 56). The key to successful penetration of the new markets requires a lot of ingenuity and tricky maneuvers. Thus, businesses can enter new markets by legitimately trying to solve societal problems. The backdoor market strategy works when an entrepreneur identifies social barriers and opportunities, by creatively linking social value to the core business, and through forming credible partnerships.

The third aspect is entrepreneurs build emotional bonds with consumers. This mindset is about maximizing the customer’s experience to solve social problems, which in turn helps build lasting loyalty to the business (Saul, 2011, p. 68). Today’s world is very brutal and competitive whereby most goods and services from different companies highly resemble each other. Entrepreneurs successfully develop more real and human associations between the business, its customers, employees and partners.    

The fourth major aspect is to influence policy through reverse lobbying. Many entrepreneurs are now working with governments to solve social issues (Saul, 2011, p. 92). Governments have specific policies and agendas that they hope to achieve when in office. Entrepreneurs are stepping in to offer assistance that advances certain policy priorities, which benefit the interests of both the business and the public. This strategy is referred to as "reverse lobbying" because entrepreneurs are collaborating with governments to solve social problems while earning the business a profit. This strategy works by looking at where social change can increase the most value to the core business objectives, establish a direct nexus to company value, find the best resources to address the issue, be proactive and quick in solving the issues and utilizing a wraparound strategy to scale.

The fifth major aspect of an entrepreneurial mindset is one social innovation. The world of business is changing fast. Many factors are influencing these changes such as disease, drought, economic instability, and political unrest (Bates, 2012, p. 5). Corporations have realized that it does not matter whether a company is in the developed or developing world, because the world is inextricably connected. As a result, there is a great need for social transformations. Governments have tried to find solutions, but they are insufficient. Thus, companies are quickly changing how they conduct business through social innovation (Dees, Emerson " Economy, 2001). In order for a business to affect the community through social innovation, it first has to understand the needs of the people, to find out how it can fulfill those needs. Therefore, social enterprises can profit the business and solve societal problems.

The Bill and Melinda Gates Foundation is a social enterprise that seeks to enhance lives and minimize inequities globally. It mainly deals with global development, global health, and the US program that focuses on providing access to technology and education for low-income communities. Social innovation involves solving societal problems by creating distinct products and services. The BMGF is an organization that believes all lives have equal value and as such, it works to ensure that all people lead healthy and rewarding lives. Thus, its objectives are in line with the United Nations Millennium Development Goals, which includes eradication of poverty, and hunger, improve maternal health, develop a global partnership for development, and achieve universal primary education among others. The BMGF donates to organizations such as the World Health Organization, UNICEF, Medicines for Malaria Venture, International Institute of Tropical Agriculture, International Bank for Reconstruction and Development and so forth (Orlina, 2016) (UNICEF, 2018) (World Health Organization, 2018). The BMGF partners with these organizations to better understand and solve the problems facing these communities.

In its aims to enhance global development, the BMGF has significantly contributed to the acceleration of the economies of Africa and Asia. This development has resulted in an improved business environment, better macroeconomic policies and a political climate that is making strides in the right direction. The BMGF has collaborated with other public and private sectors to advance focus on technology, science, and other innovations that influence the growth of these economies. The BMGF funds many research organizations to find lasting solutions to a number of societal problems. Some of the research organizations in partnership with the BMGF are Family planning, Agricultural research, Basic sanitation, Tuberculosis control, and Infectious disease control, among others. So far, the BMGF has collaborated with several international governments to provide innovative sanitation products and services like pit emptying, toilet designs and new ways to reuse waste. The field of social entrepreneurship has advanced through the research efforts of the BMGF. 

How background and experiences either hinder or foster entrepreneurship

In today’s world, schools teach Entrepreneurship. However, some of the most successful entrepreneurs in the world were never taught this expertise in school. Many factors hinder or foster entrepreneurship. Lack of resources is a hindrance to entrepreneurship. Aspiring entrepreneurs who come from a poor background may lack the necessary resources or education needed to create a business. Nevertheless, the same poverty has a way of bringing out the true entrepreneurial trait in those people who are aggressive and do not see their underprivileged background as an obstacle to success. Most successful entrepreneurs all had one thing in common; they delayed gratification. This means that when they started their companies and they became successful, they knew they had to first limit luxuries and kept reinvesting in their businesses until they grew into conglomerates. A person who comes from a poor background knows how it feels to lack. Their unfortunate experiences make a majority of them to delay gratitude once their startups begin becoming successful. Such entrepreneurs have the drive and motivation to keep focus on the growth of the company, rather than celebrate its initial success by misusing profits. However, an individual who comes from a wealthy background is fortunate enough to learn through family experiences. In addition, such an entrepreneur may immediately have adequate resources to start a company. Thus, a person’s background and experience plays a major role in the success of an entrepreneur.

Entrepreneurship is about looking at all things from a positive side. Indeed, successful entrepreneurs think in terms of how to achieve something instead of making excuses. Initial resource endowments never limit the options of entrepreneurs. Rather, in every situation they find endless opportunities to pursue. Being a risk taker, open-minded, willing to learn, persistent, philanthropic, and innovative are all key factors of successful entrepreneurs. They may own different businesses, but their strategy and mindset is very similar.

Bates, S. M. (2012). The social innovation imperative: create winning products, services, and programs that solve society's most pressing challenges. McGraw Hill Professional.

CNBC. (2017). Richard Branson says successful entrepreneurs share these five skills. Retrieved from http://www.mscmp.com/tech/leaders-founders/article/2067097/richard-branson-successful-entrepreneurs-share-these-five

Dees, G. J., Emerson J. " Economy P. (2001). Enterprising Nonprofits. A Toolkit for Social Entrepreneurs. John Wiley " Sons.

Orlina, E.C. (2016). Top Bill " Melinda Gates Foundation Grant Implementers for 2015. Retrieved from http://www.devex.com/news/top-bill-melinda-gates-foundation-grant-implementers-for-2015-88513

Saul, J. (2011). Social Innovation, Inc.: 5 strategies for driving business growth through social change. John Wiley " Sons.

Small Business Trends. (2018). 10 Mindsets of Successful Entrepreneurs

The Biography.com. (2018). Bill Gates Biography. Retrieved from http://www.biography.com/people/bill-gates-9307520 

UNICEF. (2018). Malaria. Retrieved from http://www.unicef.org/health/files

Virgin. (2018). About Us. Retrieved from http://www.virgin.com/virgingroup/content/about-us

Virgin. (2018). Richard Branson takes risks, don’t avoid them. Retrieved from http://www.virgin.com/entrepreneur/richard-branson-take-risks-dont-avoid-them

World Health Organization. (2018). Sanitation. Retrieved from http://www.who.int/en/news-room/fact-sheets/detail/sanitation

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Essay: Qualities of an entrepreneur

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A. Imagine you are planning to start a small business in Auckland. Indentify 5 quality and characteristics you need to have to be a successful entrepreneur. Qualities • Self discipline: – entrepreneur must have high level of confidence like where is no boss learning over your shoulder, nobody tells to go and do some work. Mostly entrepreneur need to get more discipline at work place. • Passion: – they are passionate about to achieve success and they are more likely to do their passionate work at their enterprise. • Self —Confidence:- To be an entrepreneur, Self confidence is most important quality which helps to make promote yourself and your business. You need to possess the confidence in yourself and your business idea to tell the world about it through relentless marketing. • Competitiveness: – If your business concept is unique than you will not likely to face competition in your chosen organisation. You also need to take the time to study the competition to understand what they do right and wrong, which results in a beneficial learning experience. • Hard Worker: – You have to be a hard working man to get successful in your business. • Punctuality: – You need have good time management skills so you can reach to your goal on time. Characteristics • Innovative:- You have to have creative idea so they can change into innovation business. • Risk Taker:- You take risk in investment for your business or take risk in new venture market. • Visionary:- You can be good vision who can see clear vision of your business and if its not well than need to capable for changing vision. • Focused: – You need to be focused on your work, specially on related to business like all time thinking about their organisation. • Action Oriented: – the top performers in this study were highly motivated to set themselves apart from the competition. Adversity motivated them to work harder, and they were less likely than the average boss to worry about the state of the economy. B. Now you need to distinguish and indentify the qualities and characteristics of 5 successful small business entrepreneurs in New Zealand. Entrepreneurs Business Qualities& Characteristics Ryan Sanders Haka Tourism Group -passionate about tourism industry -adaptability -Persistence -work ethic -Confidence -Optimism – Self-efficacy Steve Gianoutso Mojo Coffee self-motivated persistent financially responsible A sense of fairness Vision passion, perseverance persistence Georgie Falloon Willow Shoes Goal oriented Innovative Strategic Planner John Plato Plato Creative -Understand challenges, opportunities and commercial realities -Creative direction, strategic planning, Brand Management, integrated Marketing Mark Bryan VetSouth -epidemiology, passionate, Innovative, References:- http://smallbusiness.chron.com/qualities-become-successful-entrepreneur-2292.html http://blog.hakatours.com/ernst-and-young-name-ryan-sanders-as-a-finalist-in-the-entrepreneur-of-the-year-award http://www.tianz.org.nz/main/ryan-sanders/ http://www.entrepreneur.com http://www.stuff.co.nz/business/industries/3077659/Mojo-founder-shares-his-ideas Questions: – A. Establish Run Successfully conclude projects Adapt to changing environment Set goals and make plans to realise ideas Calculate risks Facilitate implementation of plans Generate ideas and solutions. B. Need for Task 2- Outcome 2 1. Risk taking: – Naked bus has taken risk of low cost bus service linking the main towns of New Zealand and they introduced internet booking for customer and offering unique price. They are also updating their booking software very often. Then, they reorganised their routes, services and computerization of everything. 2. Time- Management: – Naked bus is not good at time management because they don’t have highly qualified staff so they need to require training. As they are getting failure in online ticket booking, they have to write by hand which more time is consuming than online because of poor trained staff. 3. Innovative: – they are only one Transport Company who has introduced highly effective system for online booking. Which include all fixtures of booking ticket like searching route, selecting seat and carrying luggage? 4. Focus on Business: – Naked bus has got really good focus on their business because they are often updating technology at cheap price of ticket. Their main focus is on customer services, beat any competitor. Question 2:- Intuitive Naked bus has got one of the best entrepreneurial quality which is risk taking. They took risk at introducing new technology, offering low cost transport with good customer services. Psychological Naked bus has created need for achievement for lower level people because they are providing low cost transport in New Zealand. That’s the one of the psychological entrepreneur characteristics which naked bus has created. Classical Naked bus has a classical entrepreneur traits which is growth and develop their business in whole over newzealand Management Management in naked bus is entrepreneurial in some part like reach on time at destination. But they are not good in time management at online booking ticket therefore they have write ticket which is more time consuming. Leadership They have innovative leadership style. Because of they got four area of business, they have different leadership style in organisation to influence employee to produce and create their idea for better service and production. Intrapreneurship Naked bus has got poor qualified staff and due to that they are getting problems on online booking. To solve this thing they have to bring new entrepreneur who can train them and bring some innovation in organisation. Question 3 Role of entrepreneur The entrepreneur, by definition, is the individual responsible for identifying a business opportunity and taking it from idea to implementation. Generally, entrepreneurs share traits as creative, risk-takers, up starters and innovators. The role of the entrepreneur is to take the creative concept and launch this idea into a business operation. He is the initial organizer responsible for the business. A successful entrepreneur turns his ideas into a business through careful planning, market research and a developed vision. The entrepreneur is generally also the business owner. In this role, the entrepreneur is responsible for the entire upstart. Tasks for the entrepreneur include obtaining funding sources, business management, running the daily operations and marketing the business’ products and services. Entrepreneurs may consult with an attorney on any legal matters and contracting. They may also hire a manager or retain a consultant to assist with getting the business off the ground, including finding a location and recruiting staff. ( http://smallbusiness.chron.com/function-entrepreneurs-19238.html ) Role of Manager Plan: planning the operation and function of the area over which the manager is assigned responsibility in a way that accomplishes the goals for which he or she is responsible. Organize and Implement: organizing the production of the work, and the workforce, TRAINING, and resources necessary, in a way that accomplishes the desired and required outcomes to meet the goals. Direct providing the employees and their resources with enough guidance, direction, leadership, and support necessary to ensure that they are able to accomplish their goals. Monitor: following up to ensure that the plan to achieve the goals is being carried out in such a way that its accomplishment is assured. Evaluate: reviewing and assessing the success of the goal, the plan, and the allocation of the employees and their resources. Performing other responsibilities as assigned by the president, vice president, or director to whom the manager reports Question 4 The Main Reason For An Entrepreneur To Start A Business Enterprise Is Because He Comprehends The Venture For His Individual Satisfaction And Has Personal Stake In It Where As A Manager Provides His Services In An Enterprise Established By Someone. · An Entrepreneur And A Manager Differ In Their Standing, An Entrepreneur Is The Owner Of The Organization And He Bears All The Risk And Uncertainties Involved In Running An Organization Where As A Manager Is An Employee And Does Not Accept Any Risk. · An Entrepreneur And A Manager Differ In Their Objectives. Entrepreneur’s Objective Is to Innovate and Create and He Acts as a Change Agent Where as a Manager’s Objective Is To Supervise And Create Routines. He Implements The Entrepreneur’s Plans And Ideas. · An Entrepreneur Is Faced With More Income Uncertainties As His Income Is Contingent On The Performance Of The Firm Where As A Manager’s Compensation Is Less Dependent On The Performance Of The Organization. · An Entrepreneur Is Not Induced To Involve In Fraudulent Behaviour Where As A Manger Does. A Manager May Cheat By Not Working Hard Because His Income Is Not Tied Up To The Performance Of The Organization. · Entrepreneur Is Required To Have Certain Qualifications And Qualities Like High Accomplishment Motive, Innovative Thinking, Forethought, Risk-Bearing Ability Etc. Conversely It’s Mandatory For A Manager To Be Educated In The Fields Of Management Theories And Practices. · An Entrepreneur Deals With Faults And Failures As A Part Of Learning Experience Where As A Manager Make Every Effort To Avoid Mistakes And He Postpones Failure. “An Entrepreneur Could Be A Manager But A Manager Cannot Be An Entrepreneur”. An Entrepreneur Is Intensely Dedicated To Develop Business Through Constant Innovation. He May Employ A Manager In Order To Perform Some Of His Functions Such As Setting Objectives, Policies, and rules Etc. A Manager Cannot Replace An Entrepreneur In Spite Of Performing The Allotted Duties Because A Manager Has To Work As Per The Guidelines Laid Down By The Entrepreneur. On The Downside, Typical Manager Brings Professionalism Into Working Of An Organization. They Bring Fresh Perspectives, Ideas And Approach To Trouble Shooting Which Can Be Invaluable. Lately There Has Been Convergence Of The Entrepreneur And The Manager In Certain Sectors Like Software. An Employee Is Being Given Highly Valuable Stock Options, Which Make A Typical ‘Manager’ A Part Owner. ( http://www.citehr.com/23096-distinction-between-entrepreneur-manager-management.html )0 Question 5 In Naked bus business, there is two area of conflict which could be at booking office and managing customers seats booked by online. The conflicts would be like customers book their ticket online in software but because of updating system, passengers. Other area of conflict would be leadership because entrepreneur and manager both are working on this area so they have different ideas and different ability to see the things. Design making, training Question 6 Question 7 Start up The start up of naked bus company is to see all external factors which is going to affect and see the opportunities in the market according that they have to start their business. They have manage most important thing is that Cash reserves, sales expectations, Accounting, customer base and market presence. Growth Naked bus should do something innovative in their system to make more growth in market like provide low cost, update online ticket booking system. With the help of those things, they will going to increase customer than revenue. This is also when you need to fine tune your business model and implement proven methodologies, sales model, marketing model, and operations model before expanding your venture for the mass market. Maturity At the stage of maturity, naked bus need to constantly going well like stable. It should at that stage of industry where they already got their market which means they have enough customers for their business and they just are aware of market competition. Saturation After expansion and become successful in its industry and has matured. At this stage naked bus face challenges like market competition, Accounting management, moving into new market, Adding new product and services and expand existing business. Naked bus current option is to decide to take a step back towards the expansion stage or to think of a possible exit strategy. Decline During the decline stage, income of naked bus is decreasing just because of competition. Situation is like losing customers, customers are going to somewhere else. In Short company’s value is going down. renewal In the stage of renewal, naked bus tries to reorganise structure and update their technology. They try to do better than other so they can get back their market. For example, they need to develop some area of their business like online booking system and advertise more. So that they build their business again. withdrawal After decline if business is not build up again and their income is less than expenditure than they have withdrawal business or sale it to someone who can better run it. (https://smallbusiness.yahoo.com/advisor/stages-business-lifecycle-challenges-100036770.html) Question 8 Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in the company. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available. Entrepreneur of naked bus would find succession planning in area of less educated staff, leadership of manager and online booking software system Question 9 Successor development Mentoring Experience in key aspects of the business Crafting of new role for founder or entrepreneur

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Why People Fail to Notice Horrors Around Them

A man sitting at his desk with his back to the door where smoke is billowing in and the flames of a fire can be seen creeping near the entrance.

By Tali Sharot and Cass R. Sunstein

Dr. Sharot is a neuroscience professor at University College London and M.I.T. Mr. Sunstein is a law professor at Harvard.

The miraculous history of our species is peppered with dark stories of oppression, tyranny, bloody wars, savagery, murder and genocide. When looking back, we are often baffled and ask: Why weren’t the horrors halted earlier? How could people have lived with them?

The full picture is immensely complicated. But a significant part of it points to the rules that govern the operations of the human brain.

Extreme political movements, as well as deadly conflicts, often escalate slowly. When threats start small and increase gradually, they end up eliciting a weaker emotional reaction, less resistance and more acceptance than they would otherwise. The slow increase allows larger and larger horrors to play out in broad daylight — taken for granted, seen as ordinary.

One of us is a neuroscientist; the other is a law professor. From our different fields, we have come to believe that it is not possible to understand the current period — and the shifts in what counts as normal — without appreciating why and how people do not notice so much of what we live with.

The underlying reason is a pivotal biological feature of our brain: habituation, or our tendency to respond less and less to things that are constant or that change slowly. You enter a cafe filled with the smell of coffee and at first the smell is overwhelming, but no more than 20 minutes go by and you cannot smell it any longer. This is because your olfactory neurons stop firing in response to a now-familiar odor.

Similarly, you stop hearing the persistent buzz of an air-conditioner because your brain filters out background noise. Your brain cares about what recently changed, not about what remained the same.

Habituation is one of our most basic biological characteristics — something that we two-legged, bigheaded creatures share with other animals on earth, including apes, elephants, dogs, birds, frogs, fish and rats. Human beings also habituate to complex social circumstances such as war, corruption, discrimination, oppression, widespread misinformation and extremism. Habituation does not only result in a reduced tendency to notice and react to grossly immoral deeds around us; it also increases the likelihood that we will engage in them ourselves.

A study conducted in Dr. Sharot’s lab, for example, showed that people habituate to their own dishonesty. In the study, volunteers were given the opportunity to lie repeatedly to gain money at the expense of another person. All the while, their brain activity was recorded.

The volunteers started with relatively small lies, cheating only to win a few more cents. But slowly over the course of the experiment the lies became bigger in order to obtain escalating dollar amounts.

At first, parts of the brain that signal emotion responded strongly in the volunteers when they lied, suggesting that people were uncomfortable with their own dishonesty. But with each additional lie, the emotional response in the brain was reduced; people habituated. Without the negative feeling, there was nothing to curb dishonesty, so people lied more and more.

It’s not only small acts of dishonesty to which we habituate. Consider a famous study conducted in the early 1960s by the psychologist Stanley Milgram. The motivation for this experiment was to understand the rise of authoritarianism, as it happened in Germany before and during World War II.

Milgram wanted to study obedience and understand how ordinary people could participate in horrible acts. His experiments do tell us about obedience, but intentionally or unintentionally, Milgram was also studying habituation.

He showed that regular citizens are willing to administer electric shocks — even those that appear to be extremely painful — to others when told to do so by an authority figure. But Milgram’s careful design was crucial. Milgram’s volunteers were asked to deliver small shocks at first and then only very slowly, and by increments, to ramp up the voltage to what seemed to be high levels.

By asking the volunteers to increase the voltage one step at a time, Milgram was inducing emotional habituation. The volunteers may have felt some guilt at the beginning, but because the shocks increased by small increments, any feelings of guilt were likely less intense than they would otherwise have been. By the time the volunteers reached the high voltage, many of them appeared to have habituated to the idea of causing dreadful pain to another human being. It is fair to doubt whether so many of the volunteers would have complied if the high-voltage shock was the first that they were asked to administer.

Milgram’s study tells us something important about behavior outside the laboratory, and about how people can get used to not only lying and cruelty, but also horrors — including their own. For Milton Mayer’s staggering book about the rise of Nazism, for example, a man who lived in Germany at the time described the regime to the author : “Each act, each occasion, is worse than the last, but only a little worse.”

He added : “If the last and worst act of the whole regime had come immediately after the first and smallest, thousands, yes, millions would have been sufficiently shocked. … But of course this isn’t the way it happens. In between come all the hundreds of little steps, some of them imperceptible, each of them preparing you not to be shocked by the next.”

You might now be thinking about alarming developments in the United States and Europe. If so, you are entirely right to do so.

Though more slowly than we may like, resistance efforts often do emerge in response to injustice or horror; consider the French Resistance, the civil rights movement, Black Lives Matter and #MeToo. These movements tend to be initiated by what might be called “dishabituation entrepreneurs . ”

Those are people who have not habituated to the evils of their society; they both see the wrongdoing for what it is and call it out to cause dishabituation in others. Often, dishabituation entrepreneurs are individuals who experience the horror or discrimination themselves — but refuse to get used to it. Malala Yousafzai, Mohandas Gandhi, Rosa Parks, Gloria Steinem, Harvey Milk and Nelson Mandela are powerful examples who were able to get others to dishabituate. There are also dishabituation entrepreneurs who were not themselves victims, but who notice the suffering of others and speak out or act. William Lloyd Garrison, Eleanor Roosevelt and Peter Singer are examples.

Lesser-known examples are all around us; they might be in your family, your neighborhood or your workplace.

But can dishabituation entrepreneurs be produced? We think so. A key is what John Stuart Mill once described as “experiments of living.” Mill emphasized the importance of seeing one’s beliefs, values, norms and situations from a distance, to be able to evaluate them and perhaps learn that a change would be desirable. To do so we need to diversify our experiences.

If people intentionally expose themselves to different cultures, different practices and different forms of government, the injustices around them may no longer seem natural and inevitable.

By visiting a foreign country, for example, people may increase the chances of becoming dishabituated to their own situation — they can obtain a critical distance from the known and familiar and see it afresh. Something similar may happen by interacting with people with diverse experiences or submerging oneself in different points of view through works of art (novels, poetry, theater, film). Once cruelty or oppression is highlighted and made new, or once you experience, see or merely imagine a reality free of them, you might be startled by what is happening, right now, at home.

In the words of Abraham Joshua Heschel : “We must learn how to be surprised, not to adjust ourselves.” We can learn to become surprised by corruption, deaths from opioids, abuse of animals in food production or gun violence. After learning about how people habituate, more of us may be able to follow Heschel’s advice — to detect and focus on not-so-great, or even terrible, features of our lives and societies that we have come to take for granted.

Tali Sharot and Cass R. Sunstein are the authors of “ Look Again: The Power of Noticing What Was Always There .”

The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips . And here’s our email: [email protected] .

Follow the New York Times Opinion section on Facebook , Instagram , TikTok , X and Threads .

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  22. Opinion

    Dr. Sharot is a neuroscience professor at University College London and M.I.T. Mr. Sunstein is a law professor at Harvard. The miraculous history of our species is peppered with dark stories of ...