What Personal Qualities Make an Entrepreneur Successful? Discover, Apply, Succeed to Build Your Own Enterprise !

Who is an entrepreneur?

An entrepreneur is someone who:

• Creates a venture or business
• Makes decisions on how to lead
• Secures the capital needed to make the venture a reality
• Bears most or all of the associated risk

Types of Entrepreneurship

Entrepreneurship is very simple, it is to start one’s own business. However, some economists think it is more than that. They think that a person who takes chances to create profit is an entrepreneur and possibly the simplest definition of entrepreneurship is a novice who wants to invent something new and wants to market their innovations for profit.

• Small business entrepreneur: A small business entrepreneur is someone who runs a business by themselves or with the help of a handful of employees. They’re the most common type of entrepreneur because they work for themselves by selling goods and services through a variety of outlets and agreements.
• Innovative entrepreneur: An innovative entrepreneur is someone who identifies a problem and seeks to solve it by using techniques they’ve developed. They look for new ways to approach a problem, identify ongoing problems that need resolution, and find workable solutions that make it easier for a process to be carried out.
• Scalable startup entrepreneur: A scalable startup entrepreneur expects their business idea will take off quickly and needs the capacity to expand in response to demand. That means the entrepreneur has to be nimble, flexible, and capable of foresight to know when to add more of what they need to keep customers happy. This type of entrepreneur also works with peer advisory groups to avoid making mistakes and learn how to recognize when it’s time to make a move.
• Social entrepreneur: This type of entrepreneur engages in businesses that are designed to serve the greater good. They seek to help people overcome their struggles, find ways to make a community a better place to live, or sell products that help the environment or are environmentally friendly.
• Large company entrepreneur: A large company entrepreneur is someone who works for a large corporation and uses their entrepreneurial characteristics to help the business. They may find themselves forming beneficial partnerships with other businesses, identifying smaller companies for acquisition, and finding growth opportunities from within the business.

Personal Qualities of an Entrepreneur 

So, while everyone can become an entrepreneur -- it is not defined by race, age, gender, financial position, experience or education -- the most prominent entrepreneurs of past and present have had certain personal qualities. 

1. Willpower - is key to success. it is a strong longing to achieve success. Despite many failures, the entrepreneur never loses their will to achieve. 

2. Management - Is the ability to make plans, devise targets, and then execute!

3. Obsession - The entrepreneur who is obsessed with their goals and ultimate vision will make others believe in them too.

4. Smarts - An entrepreneur must have old-fashioned common sense and be able to make good decisions and deal competently with others. 

5. Self-assurance - The entrepreneur is self-assured, confident in their abilities and knows how to look into the future and plan well. A self-assured person instills further confidence in themselves.

6. Devotion - The entrepreneur is devoted to their goals, working long and hard, day and night to achieve them. 

7. Inspiration - Building a business requires an inspiration and the creativity which will lead to a better product and excellent results,. An entrepreneur thinks outside of the box.

8. Flexibility - Creating a product that meets the needs of the market requires flexibility. This quality is very important. Stubborn, unflexible people will not make good entrepreneurs

Conclusions

Being an entrepreneur requires the ability to take responsibility for your decisions, good or bad. You have to be willing to own up to a mistake, claim victories, and show that you’re not afraid of change.