Being an entrepreneur is a high-risk, high-reward position. It is full of stressful situations, sure, but it is also full of rewards and a sense of accomplishment.
It is not as hard as it seems – as long as you have some diligence, patience, and, of course, a good idea, you will be your own boss sooner than you think!
So you what to be an entrepreneur? Below are the fundamental qualities every entrepreneur should have or aspire to have.
Acceptance of the venture
The entrepreneur’s effort for survival, continuity and growth demands that he accepts and accommodates the business as part of his system. He must prepare to give the business all that it takes, especially in the early stage of the business, bearing in mind that his success in life determines the role he plays in his family, community and the society at large. In order not to be a failure In life, wisdom demands that he give the business all his best.
Total commitment to the enterprise
The entrepreneurship role demands total involvement and commitment of the entrepreneur to the business. For the success of the business, an entrepreneur can transfer authority but not the responsibility. As Ned Heizer said, “you can hire a manager for a dime, but you cannot hire an entrepreneur.” The entrepreneur’s commitment depends on his willingness to invest in the business and his business venture demands that he sees the task of building the business as a way of life. Men ordinarily detest work but an entrepreneur should like work for the sake of what is in it.
Creativity and innovation
Creativity involves creative response to an investment opportunity by developing new product or new technology or modifying existing ones to make them serve better. Introducing a new product to an existing market or an old product to a new market or discovering a new use of materials might do this. Without creativity and innovation, the entrepreneur’s role is somehow limited. Creativity and innovativeness opens the entrepreneur up to new business ventures and new ideas that will sustain him in the midst of competition. This means knowing the next thing to do or not to do in order to remain ahead of competition.
Knowledge of the business
For an entrepreneur to make a mark in his business adventure, it is always advisable for him to have a thorough and proven operating knowledge of the business he intends to do. The task before the entrepreneur demands more than educational qualification, he needs both technical and managerial skills for effective operation of the enterprise, he must possess practical experience on the business venture he is into, so as to know his strengths and weaknesses.
People and team-building
An entrepreneur should demonstrate his ability to lead, build and motivate a team. He should see the task before him as very high, which he cannot accomplish alone. He must know the implications of doing it all alone and be prepared for it, if the need arises. Ability to carry his work force along and raise fund from external sources will make a lot of difference in his business. It is practically impossible for the entrepreneur to do the business all alone, so he must have the ability to carry others along.
Integrity and reliability
The entrepreneur’s integrity and reliability must be intact at all times. His customers and other business counterparts must see him as an honest and straightforward person, he must be transparent in all his business dealings and in no circumstance should he allow his business reputation be at stake.
Author: Gesture Chidhanguro