Characteristics of Entrepreneurs
Task 2 By Matthew Bridger
Definition of an Entrepreneur
A definition of an entrepreneur is an individual who has the skills, knowledge, initiative and experience to enhance or improve themselves, their colleagues, organization or others around them in a positive way
Organisation
Entrepreneurs have the ability to plan ahead and organize effectively the resources that they invest into the opportunity.
Risk Management
Entrepreneurs are prepared to calculate the risks. They manage risks by taking informed decisions that limit the chance of failure.
Selling
Entrepreneurs are able to convince others about how they plan to exploit opportunities and can persuade potential customers.
Passion
If you have the passion for your startup, this will drive you to turn your idea into a reality. Without that missing spark, you'll lack the necessary motivation to put in all the early mornings and late nights to get your business off the ground.
Perseverance
Entrepreneurs need to be able to deal with obstacles. A business does not get built overnight, and turning your idea into a reality will take time. You'll have to become accustomed to people saying no to you. What makes entrepreneurs great is having the perseverance to grow regardless of how many times they are shut down.
Resourcefulness
A vital ability for an entrepreneur is knowing how to make the most of what you have. Your assets as an entrepreneur will be limited, so use them to the fullest. Tapping into a network is key.
Open-Mindedness
As an entrepreneur, you may think you've zeroed in on a business plan, but you'll need to learn to take in the opinions of others. Then if it appears that your plan won’t work, then adjust.
Spongelike nature
Being an entrepreneur involves a learning process. If you’re not willing to learn, think about leaving the startup world. You need to be able to soak in everything and anything you can, just like a sponge. The more you learn, the better. A saying I'm fond of is “One who knows all the answers has not been asked all the questions.”
Do what you enjoy
What you get out of your business in the form of personal satisfaction, financial gain, stability and enjoyment will be the sum of what you put into your business. So if you don't enjoy what you're doing, in all likelihood it's safe to assume that will be reflected in the success of your business--or subsequent lack of success. In fact, if you don't enjoy what you're doing, chances are you won't succeed.
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