Every businessperson has an idea of what attributes a successful entrepreneur possess. Through personal experiences and professional relationships, you begin to develop your own definition of what an entrepreneur does, the qualities needed to be effective, as well as the means by which the entrepreneur is successful. This in part aids in defining the characteristics a successful entrepreneur possess by which you model your behavior and approach. In your analysis you may discover these characteristics are needed to withstand the toughest times while being able to capitalize on opportunities during prosperous seasons.
Characteristics of an Effective Entrepreneur
An entrepreneur has a key responsibility in the organization and management of a business. Due to the risks involved in taking on business operations, entrepreneurs must possess a combination of skills, qualities, and resources to ensure the business remains to be a competitor within its industry. As a result, there are many attributes of a successful entrepreneur to include:
- Communication – Most entrepreneurs have solid verbal and nonverbal communication skills which aid in negotiation, delegating, building relationships with staff, and creating a competitive advantage.
- Commitment – Entrepreneurs will demonstrate a strong degree of commitment to demonstrate their dedication to the mission, purpose, and success of the organization.
- Self – Starter – Most entrepreneurs are self-starters and will possess a proactive attitude in addressing challenges and developing solutions.
- Creativity – The ability to be creative is needed to navigate through obstacles. Furthermore, creativity facilitates the ability to brainstorm which aids in problem solving and in the development of innovative approaches.
- Leadership – Being an effective entrepreneur aligns with being an effective leader. Leadership skills are needed to develop, organize, and structure operations.
- Resilience – Entrepreneurs are faced with many unforeseen challenges. When obstacles arise, it is essential entrepreneurs are equipped with the ability to seek out resources that will assist in overcoming such obstacles. This requires an individual to be flexible and being able to adapt to change.
- Vision – It is important entrepreneurs possess a vision. After all, without a vision the mission and purpose of the business will go unfulfilled. Furthermore, a vision is needed to direct the efforts of the organization while ensuring operations remain on course.
- Knowledgeable – Although it is difficult to be a subject matter expert in every aspect of a business, entrepreneurs possess a great deal of knowledge and awareness of business operations.
- Open Minded – An open minded attitude is needed to embrace opinions from peers and to accept constructive criticism from others.
- Technology – Great entrepreneurs possess solid technology skills and are able to utilize technology and Ethernet solutions to optimize performance and improve products and services.
As you assess the qualities of successful business men and women it is important to identify factors contributing to an entrepreneur’s sustainability in a wavering economy. As the number of entrepreneurs continue to rise, it is essential entrepreneurs are aware of the skills, characteristics, and resources needed to maintain a competitive edge within this ever changing economy.