Essential Characteristics of Entrepreneurship
Entrepreneurship is considered to be the driving force for economic and industrial growth. These growths arise from the ingenuity of business managers, leaders and administrators. Additionally, entrepreneurship is regarded to be a way of thinking that is motivated by existence of a particular opportunity. The objective of entrepreneurship is to create value. Entrepreneurship has resulted into significant transformation of the society. There are numerous attributes that make a successful entrepreneur. Some of these attributes are discussed below.
1. Self Confident
Business environment is very dynamic and challenging. As a result, it is characterized by a high degree of uncertainties. For example, an entrepreneur may establish a business venture but be faced with challenges that may limit its success. However, entrepreneurs do not back off from challenges. Instead, their optimism enables them to tackle challenges head-on.
Succeeding is such an environment requires one to be persevering and be self-confident. As a result, self-confidence enhances aggressiveness amongst the consumers. Additionally, self-confidence attributes enables entrepreneurs to be risk takers. For example, entrepreneurs can risk their time and financial resources in order to exploit a certain opportunity presented by the market or to follow their passion. This means that they are able to take advantage of the opportunities that are presented by the business environment. As a result of their self-confident characteristics, entrepreneurs are good leaders who are able to motivate others.
2. Ambitious
Entrepreneurs have a strong desire to succeed in their activities. Therefore, they are regarded as being ambitious. As a result of their ambitions, entrepreneurs are able to focus on long term goals without deviating. One of the factors that enable them to attain their objectives is that they are very calculating. Additionally, the ambitious nature of entrepreneurs is also evidenced by their hard driving and relentless in an effort to achieve their mission.
3. Commitment
Entrepreneurs are also are very committed towards their goals. This is evidenced by the sacrifices that they make in an effort to achieve their objectives. Entrepreneurs are characterized by a high level of diligence and determination. As a result, they are able to deal with uncertainties that emerge from the market. Additionally, entrepreneurs are ready to incur numerous opportunity cost in their quest to achieve their desires. For example, if an entrepreneur establishes a particular business venture, he or she will be very persistent towards ensuring that the idea succeeds. As a result, entrepreneurs make a lot of sacrifices.
4. Hard Working
Considering the fact that entrepreneurs are motivated by a strong desire to excel they are very hard working. Entrepreneurs are always ready to do anything necessary that will contribute towards success of their business venture. As a result of the value that they attach to hard work, entrepreneurs are able to develop a high degree of independence. The hard working characteristic of entrepreneurs is evidenced when establishing a business. For example, entrepreneurs undertake most of the business operations by themselves. This is due to the fact that the entrepreneur may not have enough resources to hire the necessary help. As a result, they can work for long hours. Additionally, the hardworking characteristic of entrepreneurs is motivated by the need to satisfy the customers and to attain business growth. Their hard working nature makes them to enjoy challenges that might arise in their effort to attain their objectives. The resultant effect is that they are able to achieve their goals.
5. Strong Ego
Entrepreneurs are also characterized by a strong ego that enables them to deal with obstacles. Businesses face ups and downs in their operation. Such a trend may emanate from the strategies being adopted by the competitors. However, their strong ego enables them to sail through such uncertain trends. The resultant effect is that they are able to maintain their business perspective. For an entrepreneur to have a strong ego, he or she must possess a strong sense of self-assurance, self-image and identity. By possessing a high sense of self-assurance, an entrepreneur is able to face various issues due to his or her self-belief. Entrepreneurs’ belief that they can accomplish tasks better compared to anyone else. Strong ego also enhances the entrepreneurs’ passion towards their business goals. Additionally, the strong ego enables entrepreneurs to seek challenges that can contribute towards improvement in their competitive advantage.
6. Autonomous
In their operation, businesses are required to make different decisions. To be effective in making decisions, entrepreneurs have to source information from different sources. Sourcing information from different sources increases the effectiveness of the decision making process. Despite seeking information and opinion from different sources, entrepreneurs are independent in their decision making. Their autonomous characteristic enables them to take responsibility of everything that might arise as a result of their decisions.
Essential Skills of Entrepreneurship
In order to be a successful entrepreneur, it is important for an individual to evaluate whether he or she possess the necessary skills. This arises from the fact that the entrepreneur will be faced by numerous uncertainties that needs to be addressed. Most of the skills that the entrepreneur should have are inborn while others are developed over time. One of the most important skills that entrepreneurs should posses relate to self-confidence. Self-confidence increases the effectiveness with which entrepreneurs exploit opportunities presented by the market, this arises from the fact that they are able to take risk and exploit the opportunities. Additionally, entrepreneurs should be motivated to execute their duties. This is only possible if the entrepreneur has a high level of courage, perseverance and courage.
Additionally, the entrepreneurs should have a strong ego in order to deal with obstacles that arise in the process of business operations. By possessing a strong ego, entrepreneurs are able to stand their ground and assert their position. Additionally, a strong ego enables entrepreneurs to have a high level of self-assurance. The resultant effect is that they are able to risk. To achieve their desires, entrepreneurs should be hard working. This is only possible if the entrepreneurs are motivated to achieve their goals.
Other skills that entrepreneurs should posses relate to administrative skills, financial skills and management skills. The administrative skills enhance the effectiveness with which the entrepreneurs create an environment that is conductive for working. For example, by possessing effective administrative skills an entrepreneur is able to implement the concept of teamwork within an organization. Teamwork can play a significant role in improving the operational efficiency of a firm. However, this can only be achieved if the entrepreneur possesses good leadership skills.
It is also important for entrepreneurs to have good problem solving skills. This arises from the fact that there is a high probability of the enterprise experiencing problems from time to time in its operation. These problems may either arise from within the enterprise or from without. The success of the business enterprise is dependent on the effectiveness with the firm solves its problems.
Entrepreneurs should also be good communicators. Communication is an important element in the success of a firm. This arises from the fact that it contributes towards creation of an environment conducive for working. By being good communicators, entrepreneurs will be able to enhance employee relationship. Additionally, they will also be able to solve problems that may arise between employees through incorporation of an effective mediation process.
In their operation, business enterprises are required to make diverse financial decisions. Some of these decisions relate to expenditures that the firms have to incur in their operation. Other decisions may relate to allocation of resources and investment decisions. To be effective in making these decisions, entrepreneurs should have the necessary financial skills. Entrepreneurs should also possess managerial skills such as planning, controlling, organizing, and staffing. These skills contribute towards the firm’s operational efficiency. If an entrepreneur possesses the above skills, there is a high probability of his or her venture succeeding.