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Mary Geisenhoff
Staff Writer
One of the definitions of an entrepreneur is “a person
who organizes and manages any enterprise, especially a business,
usually with considerable initiative and risk.”
Maybe you are wondering whether you have what it takes to be
an entrepreneur, or wonder how to develop those traits. Perhaps
you have an idea which you feel is very innovative and will
be a great success. How do you start? What are some characteristics
that successful entrepreneurs have?
Much has been said about the personality traits that an entrepreneur
should possess. According to the definition of an entrepreneur,
given above, there is “considerable initiative and risk”
involved. With that in mind, you could say that an entrepreneur
should be self-driven, and not afraid of pursuing his or her
dream. However, let’s look at some traits and see what
successful entrepreneurs have to say.
SUCCESSFUL ENTREPRENEURS KNOW THEIR PRODUCT OR SERVICE
Outspoken entrepreneur Lord Alan Sugar said in one of the Series
4 Apprentice (UK) episodes: “Simon, if I asked you to
build me a wall, you'd build me a wall, I'm pretty sure of that.
If I asked you to dig me a trench, you'd dig me a trench. But
I'm not sure that if I asked you to run my investment portfolio,
you'd be able to do that very well. I'm sorry my friend, I think
you're a little bit out of your depth here. And with regret,
you're fired.”
What Mr. Sugar means is that if you are proposing to work in
the financial field, for example, you should know how that business
works. Don’t get into something that you are not good
at or know nothing about. If you want to get into a new product
or service, make sure you know everything about it.
SUCCESSFUL ENTREPRENEURS LIKE TO SELL
Julie Meyer is founder and Chief Executive of Ariadne Capital
in London, an investment and advisory company. She has also
appeared on the Dragon’s Den, offering advice to would-be
entrepreneurs.
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Ms. Meyer advises “…, sell, sell,
sell. I've known a lot of very clever people in my life who
don't like to sell, who think it's beneath them. If you don't
like to sell, then don't run your own business”
Whatever product or service you have, you will need to let the
public know about it. It’s not going anywhere if no one
knows what it is. Your enthusiasm about the product will go
a long way to help sell and promote your business idea. You
should casually incorporate your product into your conversations.
Remember, an entrepreneur is always selling themselves, their
image, and their product.
SUCCESSFUL ENTREPRENEURS ARE PRACTICAL, YET IMPATIENT
John Baldoni, an internationally recognized leadership development
consultant, executive coach, author, and speaker has the following
advice. “…successful entrepreneurs know how to keep
their feet on the ground. First, they get inspired through personal
observation, developing ideas from needs they see in the world
around them. Second, they develop a concrete plan. They may
work the plan, changing it as they go, but always with an eye
towards getting a good return.”
Mr. Baldoni further advises that impatience may be a desirable
quality: “Sure, patience is a virtue in some cases. But
for an entrepreneur, so is impatience”
An aspiring entrepreneur will always research their product
and audience, and develop a plan. He or she will find out about
different business strategies and approaches. With a plan in
mind, successful entrepreneurs are impatient for success and
use this drive to forge ahead with new ideas.
SUCCESSFUL ENTREPRENEURS LIKE THEIR WORK
Successful entrepreneur and host of the The Apprentice (US),
Donald Trump advises “If you're interested in 'balancing
work and pleasure, stop trying to balance them. Instead make
your work more pleasurable. “
Sometimes an aspiring business owner will have to dedicate
himself to the new venture more hours than he or she realized.
Make sure you enjoy what you are doing and it will make the
process much more successful and enjoyable.
In summary, successful qualities include knowing your product,
enjoying your work, being practical, and having the drive to
sell your product. All this should be mixed in with a little
bit of impatience to get the job done. Remember, you want your
business to succeed and taking some time to think and plan will
yield great results for your business in years to come. You
are the entrepreneur. You are going on a voyage that involves
initiative and risks.
Get your own registered office with mail forwarding from Registered Address Limited.
References:
Donald Trump quote
Donald Trump quote 2
BBC Dragon's Den
The Apprentice UK
blogs.hbr.org
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