Qualities of an Entrepreneur

What is an Entrepreneur
The meaning of entrepreneur in French is a ‘risk taker’. An entrepreneur is someone who is a self-starter, someone who is self motivated, someone who has the passion and determination to go out alone in business and do well. Entrepreneurs are the people who are prepared to take risks in order to achieve success and profitability. They are people prepared to take a chance.

Are you an Entrepreneur?
You need to ask yourself a couple of questions such as:

  • Are you prepared to make your own decisions?
  • Are you prepared to take a risk?
  • Are you prepared to work hard without high wages initially if necessary?
  • Are you prepared to be tenacious?
  • Do you think you have ability and talent in the business that you are going to start up?
  • Do you have skill or experience in the business that you are going to be running?
  • Are you a good organizer?
  • Do you think you are able to manage people as well as finances in other areas of the business?
  • Are you an optimist?
  • Are you prepared to never quit?

These are some of the qualities of the true entrepreneur that sets them apart from the rest. The world would be a much better place if we had more entrepreneurs.

Traits of an Entrepreneur
Have you ever asked yourself whether you have what it takes to be an entrepreneur? You have to be prepared to take control of your future if you are going to become self-employed. You will be creating your own unique business and you will be working only for yourself without anyone else to prop you up should difficult times come. Check that you have the character traits that make a successful entrepreneur.

Some of these traits are:

  1. You need to have energy.
    You need to have enough confidence in yourself and your ability to draw on the energy necessary to accomplish whatever you have set as your business goals.

  2. You will have to be competitive by nature.
    The business world is competitive and only the strong survive. If you are one of those people that doesn’t mind when someone else becomes number one, or if you are one of those people who would rather roll over than stand up for your rights then you may not be suited to being an entrepreneur. You must have a desire to win when you are competing with other businesses in your industry.

  3. You should have a head for business.
    You should always be coming up with new ideas and looking at new ways to make money or increase the profitability of your business. You should not be afraid to try new things and you should be able to learn from trial and error.

  4. You need to be a risk taker.
    You have to accept that some risks will cause you a loss whereas others will bring you high profit. You must take a chance on yourself and trust your ability in many situations. Many risks that you take need only be small ones, every risk you take however should be a calculated one in order to minimise potential loss. If you feel you cannot take risk and are only comfortable with decisions that are not difficult and an income that is regular then entrepreneurship may not be for you.

  5. You have to have some financial ‘nouse’.
    You have to know a little bit about financials. This does not mean you have to be an accountant but you have to understand how money works and the relationship between income and costs. You need to know the value and costs of things and must be able to pick a bargain when one opportunity arises. You need to know how your money situation is at any time in your business. You need to know how to save and how to get the best price by negotiation. If you don’t have a care for money or do not understand money then it might be best for you to stay working for an employer.

  6. You need to be prepared to work hard.
    If you are someone who hates getting up in the morning and are not prepared to put in hours beyond 5.00pm then think twice about being an entrepreneur. Being self-employed is not easy. It has its rewards but it also has its requirements as far as hard work, commitment, focus and desire to succeed is concerned. If you don’t think you can put in the effort and the time to succeed in a business then entrepreneurship is definitely not for you.

  7. You should be able to balance your life.
    You need to keep a balance in your life. You must have a set of priorities between your business activities, leisure activities, personal rest and family life. The best entrepreneurs are those people that have their affairs in the right order of importance. They recognise the need for rest and time with their family as well as putting effort, when required, into their business.

  8. You need to act professionally.
    If you have a business make sure you are professional in all you do and with everyone you deal with. In other words – be a business person. If you are working from home try and retain a professional image in the way you dress, in the way you act and in the way you answer the telephone. E.g If you are seeing a client or customer at your home (you should have a separate area for your business at home) make sure that you dress and act as if you were seeing that client or customer at the best looking premises in the city.

  9. You need to understand that problems are part of the game
    If you are going into business one of the things that you can guarantee on is that you will have problems. You will have failures and many disappointments. But you can learn from them. And anyway there will also be many successes. Take responsibility for your actions and be confident enough to rely not only on your own ability to survive but also on your ability to do well.

  10. You have to be honourable in all your business details.
    Be honest and fair. Be a person that keeps times whether a business meeting or a lunch date. Conduct all your business affairs with integrity. Make sure that your word is your bond and that a handshake will seal a deal that you will never break. Work closely with other people and treat them as you would want to be treated. That type of work ethic will bring you many friends and help if you run into trouble.

  11. The True One can’t help it
    The true Entrepreneur can’t help but be one. They can’t help but go for a profit when a situation arises. It’s not so much the size of the profit, that doesn’t matter. It’s the fact that there is a profit to be made. The true Entrepreneur can’t help being one. It comes out of their eyes, their ears, their mouth, their very being. They can’t help it. WOW!

These are some of the attributes necessary if you are to be a successful entrepreneur. Remember, success comes from doing your homework, developing your plans, working hard and never giving up.