All businesses began with an idea, such as create fashionable apparel from recycled clothing or connect travelers all over the world with a free online travel network. The ability to not only come up with new ideas but develop and improve them as the business grows is an essential characteristic of a good entrepreneur. These individuals are constantly scrutinizing their products, services and business model in an effort to find ways to improve.
Often, workers are motivated to go to work every day simply to earn a paycheck or even simply not to get fired. An entrepreneur is intrinsically motivated as there is typically no financial reward in the beginning stages of starting a business. Rather than wait for progress and success, an entrepreneur takes whatever action is necessary to facilitate these things. Much of this self-motivation is because entrepreneurs enjoy a challenge and are naturally competitive.
Whether overseeing a team of two or 200, entrepreneurs must have strong leadership qualities, according to Jason Bowser in his article, “8 Traits of Successful Entrepreneurs,” published on the Minority Business Development Agency website. All companies experience ups and downs, and an entrepreneur must have the ability to motivate his employees to work together toward their goals, which requires earning their trust and respect. Entrepreneurs must also have excellent communication skills as they will work with a variety of types of personalities in dealing with employees, clients and investors.
Risk is inherent when starting a business. According to Joe Hadzima in his article “Seven Characteristics of Highly Effective Entrepreneurial Employees,” entrepreneurs must be able to “operate effectively in an environment filled with risk.” This requires possessing well-developed decision-making skills, even in the face of failure, as well as being flexible enough to alter methods when things to not go as planned.
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. When creating the supply chain for my startup, we screened two dozen watch manufacturers. After approaching through about 10, I became quite frustrated at hearing that my company’s patent-pending buckle couldn’t be made. Without perseverance, I would have given up.
Article from: Small Business by Kara Page