The best entrepreneurs do share a collection of characteristics, from Determination to the ability to tolerate risk, that are crucial to a successful venture.Entrepreneurs have different personality traits than corporate managers, scoring far higher on traits such as curiosity, innovation and self-discipline, motivation, passion etc.
Mr. Carl Kruse here gave the ideas behind Successful Entrepreneurship.Carl Kruse has more than 25 years’ experience as an entrepreneur and consultant. He is highly active in the non-profit sector, particularly with organizations that focus on science, the environment, education, and art.
2. Determination
Beginning a business is a ultra
marathon. You must have the
capacity to live with
vulnerability and push through
a cauldron of obstructions for
quite a long time on end.
Determination occurs prior to
goal attainment and serves to
motivate behavior that will
help achieve one’s goal. When
disappointment happens, you
need to start from the very
beginning once more.
3. Passion
It's commonly assumed that
successful entrepreneurs are
driven by money. But most will
tell you they are fueled by a
passion for their product or
service, by the opportunity to
solve a problem and make life
easier, better, cheaper. Passion
based on your company's
specific mission is an intrinsic
drive that provides the internal
reward that can sustain you
between paydays.
4. Tolerance of uncertainty
This classic trait is the definition of risk-taking--the
ability to withstand the fear of uncertainty and
potential failure. "It all boils down to being able to
successfully manage fear.This is where the ultimate
entrepreneurial test takes place, on the mental
battlefield. You can go with the fear and quit, or push
through it.
5. Vision
One of the characterizing
attributes of business enterprise
is the capacity to detect an open
door and envision something
where others haven't. Business
visionaries have an anomaly
that distinguishes neglected
corners and puts them at the
bleeding edge of advancement
and developing fields. They
envision a different universe and
can impart that vision viably to
financial specialists, clients and
staff.
6. Self-confidence
Self-confidence is a key
entrepreneurial trait. You have
to be crazy-sure your product is
something the world needs and
that you can deliver it to
overcome the naysayers, who
will always deride what the
majority has yet to validate.
It's a belief that turns the risk
proposition around--you've
conducted enough research and
have enough confidence that
you can get the job done that
you ameliorate the risk.
7. Flexibility
Business survival, like that of the
species, depends on adaptation.
Your final product or service
likely won't look anything like
what you started with. Flexibility
that allows you to respond to
changing tastes and market
conditions is essential. "You have
to have a willingness to be
honest with yourself.
8. Rule-breaking
Entrepreneurs exist to defy conventional wisdom. A survey last
year by Ross Levine of the University of California, Berkeley,
and Yona Rubinstein of the London School of Economics found
that among incorporated entrepreneurs, a combination of
"smarts" and "aggressive, illicit, risk-taking activities" is a
characteristic mix.
