What does entrepreneurship mean?
Entrepreneurship is the aspiration of growing and overseeing a business by taking risks with a view of making a profit.
Who is an Entrepreneur?
An entrepreneur according to Investopedia is:
an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
The entrepreneur is commonly seen as an innovator; a source of new ideas, goods, services, and business/or procedures.
Investopedia
Once you have decided to work for yourself, you have become an entrepreneur. Of course, becoming an entrepreneur means more than just working for yourself. Most people tag themselves as an entrepreneur without knowing fully well all it takes to be one.
They may be working for themselves but are they exhibiting the characteristics of an entrepreneur? Do they follow the steps successful entrepreneurs take? Like identifying and solving a problem with their business?
What are those characteristics a good entrepreneur must possess?
Entrepreneurial Characteristics
- Risk Taking: If you must become a successful entrepreneur, be ready to take risks. You don’t just take risks, you must take a calculated risk. Weigh the pros and the cons before setting for it.
- Decision Making: You must know when to call a shot. Make important financial decisions.
- Self-Motivation: When you no longer answer to anyone, you must answer to yourself. Always motivate yourself to keep pushing irrespective of the situation.
- Innovative: This is where your strategic thinking skills come in. You must be able to identify possible innovative opportunities that are beneficial for the success of your business.
- Adaptability: Changes in your business must occur but how you make the most of it is important.
- Team Building: Remember that even if you can do most things, you should designate it to others. Designate tasks to those who have strengths in the area of your weaknesses. To do that, you must build a team. It saves time and it is births productivity.
- Persistence: Have that zeal to keep trying even if it is difficult. If you fail while trying, continue, and learn from your mistakes.
- Think Long-term: Don’t just start a business without planning for its longevity.
Enroll in the Bizskills Academy course and learn more about entrepreneurial characteristics.
