Entrepreneurial Characteristics Required for Success

Entrepreneurial Characteristics

Entrepreneurship is an important element in a country’s economic growth. This arises from the fact that it stimulates innovation and creativity which results in the establishment of diverse business entities. Through entrepreneurship, an individual or an organization can exploit opportunities presented by the environment (Haran & Kumar, 2006, p.2). However, to be a successful entrepreneur, there are several attributes that one must mosses. Some of these characteristics are discussed below.

Self-confident

Venturing into any business is considered as taking a risk. This arises from the dynamic nature of the business entity which makes to be challenging. Additionally, numerous uncertainties characterize the business environment. Despite these challenges, entrepreneurs do not shy away from the challenges faced. This arises from the fact that the belief in themselves makes them tackle the challenges faced head-on (Boone & Kurtz, 2010, p. 195).

Sun (2007, p.63) thinks that to succeed in the business environment, one has to be self-confident. By being self-confident, an entrepreneur can exploit the opportunities presented in the business environment. This means that self-confidence makes entrepreneurs be risk-takers (Organization of Economic Cooperation and Development, 2010, p. 165). Sun (2007, p. 165) further opines that to be successful in any business entity, one should risk a significant proportion of their resources such as time and money. However, this is only possible if the entrepreneur is self-confident.

Ambitious

By venturing into the business environment, entrepreneurs intend to be successful. As a result, entrepreneurs are considered to be very ambitious. The ambitious nature of the entrepreneurs makes them focus on the future without deviating (Solita & Cristina, n.d, p. 9). In their effort to attain their ambitions, entrepreneurs do not operate blindly. However, they have well-formulated visions and missions which act as a guide in their operation. Additionally, the ambitious nature of the entrepreneurs is evidenced by their relentless and hard-driving characteristic towards attaining their goals

Commitment

To attain their desires, entrepreneurs are very committed. As a result, they make numerous sacrifices which are intended towards attaining the set goals. Additionally, the entrepreneurs’ commitment is also evidenced by the fact that they are very diligent and determined o achieve their objectives (Price, 2004, p.5). Despite the uncertainties that characterize the business environment, entrepreneurs do not consider them as a source of failure. This arises from the fact that their commitment makes them sail through such obstacles successfully. As a result of their desire to achieve their objectives, entrepreneurs incur numerous costs. Additionally, their persistence towards their goals enables entrepreneurs to be successful (Price, 2004, p.5).

Hard-working

To be a successful entrepreneur, one has to be hard working. According to Kiyimba (2011, para. 9), entrepreneurs are characterized by a strong desire to excel in their activities which makes them be very hard working. Additionally, the hardworking characteristic of the entrepreneurs is evidenced by the fact that they can do anything necessary to ensure that their business venture succeeds.

One of the factors that make entrepreneurs be successful is that they attach value to hard work. Additionally, their hardworking characteristic also makes them be independent in executing their duties. They do not rely on others to accomplish their tasks; however, they know that their success is dependent on nobody else but them. For example, by starting a business venture, entrepreneurs may not have sufficient resources to recruit employees who will aid them in making their venture successful. As a result, they are responsible for all the activities that have to be undertaken within the business venture. In some instances, the entrepreneurs are forced to work for long hours (Boone & Kurt, 2010, p.196). The hardworking characteristic of entrepreneurs also enables entrepreneurs to be innovating. The resultant effect is that they can make sacrifices.

Strong ego

To survive in the business environment, entrepreneurs must have a strong ego. The numerous uncertainties which characterize the business environment can lead to a lack of motivation on the part of the entrepreneur. Additionally, the business environment is characterized by up and downtrends which are not predictable. According to Fieger (2011, para. 15), entrepreneurs need to have a strong ego to deal with challenges that emanate from the business environment. A strong ego contributes towards the entrepreneur having a high degree of self-assurance. Additionally, a strong ego enables entrepreneurs to have high self-esteem and identity. The resultant effect is that he or she can believe in his or her activities. Tassiopoulous (2008, p. 236) opines that the strong ego amongst the entrepreneurs enables them to believe that they can accomplish tasks that others consider to be impossible. Therefore, the strong ego characteristic of the entrepreneurs enables them to be successful in their business venture (Bolton & Thompson, 2004, p.114).

Autonomous

In the course of executing their duties, entrepreneurs are charged with the responsibility of making different decisions. Most of these decisions are critical to the operation of the business enterprise. For example, decisions may relate to the allocation of resources and other investment decisions. To be effective in making decisions, entrepreneurs need to consider sourcing information or ideas from various sources. One of these sources may entail business experts and consultants. Seeking information from external sources increases the effectiveness with which the entrepreneurs make viable decisions. Despite sourcing information from various external sources, entrepreneurs need to consider making the decision independently. This means that the entrepreneur has to be autonomous. Ruef (2007, p.11) asserts that as a result of their autonomy about decision-making, entrepreneurs can take responsibility for their decisions.

A reflection on the extent of entrepreneurial skills required

The objective of every entrepreneur is to attain his or her desires. Some of the reasons why entrepreneurs venture into the business are to attain self-actualization while for others it is to make a profit. Regardless of the objectives for venturing into business, entrepreneurs should possess certain skills that are necessary to ensure that their business venture succeeds. Baumol and Blinder (2008, p.32) assert that this arises from the fact the life of the business entity established will not be entirely smooth. However, it will be characterized by ups and downs.

Some of the entrepreneurial skills that one should have to succeed in various business sectors are developed over time. This is evidenced by some of the successful entrepreneurs such as Richard Branson who acquired his entrepreneurial skills from his mother. Additionally, some of these skills are inborn and are evidenced by the entrepreneurs’ talents and gifts. One of the most important skills that the entrepreneur should have included the ability to conduct a successful environmental scan to identify business opportunities.

Conducting an environmental scan can enable an entrepreneur to generate numerous business ideas which upon successful implementation can contribute towards the attainment of the entrepreneurs’ desires. However, not all ideas identified are feasible. Therefore, entrepreneurs should be able to screen the ideas identified to select the most feasible idea. This will increase the probability of the business venture succeeding. Screening the ideas contribute towards identifying the risks and opportunities within a particular idea (Ward, 2011, para. 2).

In the course of their operation, businesses experience various problems. To deal with these problems, the entrepreneur should have effective problem-solving skills. Entrepreneurs should also be good at communication. That is they should be fluent in both oral and written communication. Good communication increases the effectiveness with which the entrepreneur deals with the various stakeholders, for example, the customers and suppliers. Additionally, good communication enables entrepreneurs to have an upper hand in negotiation.

In addition to these skills, the entrepreneur should also possess skills related to management, administrative, and financial skills. Managerial skills enable entrepreneurs to deal with issues related to control, planning, and staffing. On the other hand, administrative skills enable entrepreneurs to organize the workforce. The financial skills will enable the entrepreneurs to be effective in managing the enterprise’s very scarce financial resources.

Reference List

Bolton, B. & Thompson, J., 2004. Entrepreneurs: Talent, temperament technique. Oxford: Butterworth Heinemann.

Boone, L. & Kurtz, 2010. Contemporary business. New York: John Wiley and Sons.

Fieger, L., 2011. The 14 character traits of the entrepreneur. (Online). Web.

Kiyimba, C., 2011. 15 characteristics of successful entrepreneurs. Do you have them? (Online). Web.

Organization for Economic Cooperation and Development. 2010. OECD studies on SMEs and entrepreneurship SMEs, entrepreneurship and innovation. London: OECD Publishing.

Price, R., 2004. Roadmap to entrepreneurial success: Powerful strategies for building a high-profit business. New York: American Management Association.

Ruef, M., 2007. The entrepreneurial group: Social identities, relations and collective action. Washington: Princeton University Press.

Solita, F., & Cristina, B., n.d. Entrepreneurship. New York: Goodwill Trading Co. Inc.

Sun, T., 2007. Survival tactics: The top 11 behaviors of successful entrepreneurs. Westport: Praeger Publishers.

Ward, S., 2011. Thinking of starting a small business? (Online). Web.