The words “entrepreneur” and “success” are often used interchangeably; but what are the defining characteristics of an entrepreneur? What makes one entrepreneur succeed over another? How can one person transform themselves into an entrepreneur? How can one individual to succeed in business and create wealth while others fail? The following paragraphs attempt to answer these questions and more for the entrepreneur.
An entrepreneur is someone who develops a new enterprise, enjoying all the rewards and bearing most if not all of the risk. An entrepreneur is often considered an innovator, a creator of new products, services, ideas, and business processes. In business success, business owners are usually famous for finding and developing new or unique business processes or product lines. These characteristics are what make up the “genius quotient.”
One trait that sets many entrepreneurs apart from others is their desire to view things from an entrepreneur’s point of view. They are able to look at existing businesses and determine exactly what needs to be done to make their businesses more successful. From that point, they can devise creative plans on how to solve these problems. Often, these entrepreneurs possess a vision of building a company with the strongest and fastest-growing businesses in the field. They will use their creativity and knowledge to identify businesses that already exist or will need little additional help to become dominant competitors in their field.
Another trait that makes some entrepreneurs stand out from the rest is their ability to think outside the box. Many successful businesses are built upon innovative solutions to seemingly unsolvable problems. For these entrepreneurs, being “intuitive” is the key to success. They are skilled at finding solutions to problems that have long been solved by other established companies, but didn’t seem to find the right way to approach the problem in the past.
When it comes to “taking risks,” however, another trait common to successful entrepreneurs must possess is a solid strategy. In order to provide a clear path toward success, entrepreneurs must be adept at developing a solid plan. The plan may involve taking a gamble on a new idea or concept, or implementing a risky new marketing strategy. Regardless, of whether the strategy pays off or not, however, the entrepreneur must continue to tweak the strategy to find more ways to increase its effectiveness.
Perhaps, the most important trait to aspiring entrepreneurs is an innate ability to communicate effectively. Many entrepreneurs are highly skilled communicators, which makes the job of communicating with others much easier. But simply being able to convey messages to those who need to know them most can be a difficult skill to master. In order to do so, some entrepreneurs must take the time to carefully develop their communication skills through a combination of formal education and extensive practice. Still, others will simply learn by watching others do it well. Those who can master this basic skill will be an asset to any business, as good communicators can help shape positive and beneficial business relationships.