CHARACTERS OF GREAT ENTERPRENEURS – 1

Do you have the qualities of a successful entrepreneur?

Although there is no “one size, fits all” theory for entrepreneurship, a few guidelines may help those with a good idea become successful entrepreneurs. The following insights can help you embark on your next entrepreneurial venture with due diligence.

1. Passion & Motivation

The one word that describes the basic requirement for an entrepreneurship venture is “Passion.”

• Is there something that you can work on over and over again, without getting bored?
• Is there something that keeps you awake because you have not finished it yet?
• Is there something that you have built and want to continue to improve upon, again and again?
• Is there something that you enjoy the most and want to continue doing for the rest of your life?

Your demonstration of passion and motivation will determine your success in any entrepreneurial venture. From building and implementing a prototype, to pitching your idea to venture capitalists, success is a function of passion and determination.

2. Risk Taking

Entrepreneurs are risk takers ready to dive deep into a future of uncertainty. But not all risk takers are successful entrepreneurs. What differentiates a successful entrepreneur from the rest in terms of risk? Successful entrepreneurs are willing to risk time and money on unknowns, but they also keep resources, plans and bandwidth for dealing with “unknown unknowns” in reserve. When evaluating risk, a successful entrepreneur will ask himself, is this risk worth the cost of my career, time and money? And, what will I do if this venture doesn’t pay off?

3. Self-belief, Hard work & Disciplined Dedication

Entrepreneurs enjoy what they do. They believe in themselves and are confident and dedicated to their project. Occasionally, they may show stubbornness in their intense focus on and faith in their idea. But the flip side is their demonstrated discipline and dedication.

4. Adaptability & Flexibility

It’s good to be passionate or even stubborn about what you do. But being inflexible about client or market needs will lead to failure. Remember, an entrepreneurial venture is not simply about doing what you believe is good, but also making successful business out of it. Market needs are dynamic: changes are a recurring phenomenon. Successful entrepreneurs welcome all suggestions for optimization or customization that enhances their offering and satisfies client and market needs. A product you develop for yourself alone may qualify as a hobby, but a product for the market should satisfy market needs.

5. Understand Your Offering – And Its Market

Entrepreneurs know their product offering inside and out. They also know the marketplace and its dynamics inside and out. Remaining unaware of changing market needs, competitor moves and other external factors can bring even great products to failure (for example, Blockbuster).

An Enterpreneur will do all possible means to make money. Let us teach how you do that. CLICK HERE TO START