What makes an entrepreneur?

Who is an entrepreneur? The definition of an entrepreneur has a broad meaning depending on who you talk to! Basically, the word refers to a person who takes extraordinary risks so as to manage and operate a business. Such a person is normally perceived as a business leader who is the source of new ideas, innovations and business procedures.

There exist a wide range of characteristics that make up a successful entrepreneur. Some of such features include the following.

  1. Passionate about their business. Good entrepreneurs venture in things that they love and enjoy doing. This way, they avoid stress which is a major reason of business failure.
  2. Embracing failure. In business, you have to fail and win. As such, successful entrepreneurs know that failure is part and parcel of business. They only need to deal with it wisely.
  3. Ability to network. Successful business innovators are also experts in networking. They are aware that networking is a source of opportunities and to gain such opportunities they build long-term relationships through networking.
  4. Successful entrepreneurs are confident and do not fear to take risk. Risks come with rewards and business innovators are never afraid of taking financial risks.
  5. Determination, patience and hardwork. Precisely, success can only be achieved through hard work. Successful entrepreneurs are determined in executing their work and are patient enough to achieve their goals.
  6. Consistent learning. Excellent business innovators tend to be sharp. They do this by learning so as to absorb new information since the business field is so competitive.
  7. Flexibility and adaptability. Being flexible allows business innovators to respond and adapt quickly to any situation in hand. This makes them to be proactive other than being reactive.
  8. Experts in Financial management. Successful enterprenuers plan on the business priorities to avoid poor financial decisions such as allocating funds in less essential obligations.

Many people aspire to become successful entrepreneurs. Below are ways and tips on what it takes to become a successful entrepreneur:

  1. Honesty is a virtue. Being honest with yourself and your team will make you an excellent entrepreneur.

2.  Make it a habit of giving back to the community. These are your clients        and without them you may not achieve your success.

3.   Avoid being an introvert. In business, you cannot make it all by yourself –       you need a team where you can share ideas and get advice.

4.  There is no short cut to success. You have to embrace hard work and be       patient.

5.   Be passionate in all your endeavors. Learn to take risks and turn                   challenges into new opportunities.

With such insight, you are now aware of what makes not just an entrepreneur but a successful one. Incorporate this knowledge in your aspirations of becoming successful in business.

Mahesh Dalamal