Entrepreneurs are a very particular bunch. They usually don’t fit a common mold. When they look at the world around them, they do not dwell on how things are. Rather, they focus on how they can transform things into how hey want them to be, as well as how they can make a profit in the process.
It is important to distinguish between entrepreneurs and those who are self-employed. The entrepreneur wants to grow companies and the self-employed want to earn their income working for themselves. Not all small business owners are entrepreneurs but all entrepreneurs start out being small business owners. Here are some common characteristics of entrepreneurs
- Self-Starter : Being an entrepreneur entails initiating something. Entrepreneurs see an opportunity to make money and seize it, and start a business.
- Enjoys big challenges: Entrepreneurs like challenges. They like to push the limits and test themselves against the world. The thrill of beating a challenge is just as rewarding as the profit that follows.
- Does not quit: Real entrepreneurs never give up. If they fail, they regard it as nothing more than a temporary setback. They go back to the drawing board, fix their plan and try again. Most successes only come after many failures.
- Desire to succeed: Starting a business is risky. Entrepreneurs cannot stand the idea of living an uneventful life. They need to be challenged and succeed. They have a genuine appetite for success.
- Creativity : Entrepreneurs are usually very creative people. Creative here refers to the ability to see a business evolve where nothing existed beforehand. They can spot an opportunity and work to profit from their observation.
- Hard-working: Entrepreneurs are always hard-working people. Running a business is not a walk in the park. Ultimately, they must put in the hours to get the job done and make sure that the business achieves its full potential.
- Flexible: Entrepreneurs wear many hats. If there is a problem, they simply can’t call up Herb from Legal or their VP of Marketing for a solution. They usually need to figure things out on their own and get all aspects of the business running single-handedly, at least in the beginning. A first-rate entrepreneur also knows when it’s time to bring in additional managers to help with the business.
- Competitive: The world of business is the ultimate shark tank. In our capitalist society you are either the hunter or the prey. Thus, entrepreneurs like to compete with others. They relish the opportunity to measure wits with others and come out on top.
- Independent: A big driver to starting one’s own business is the desire to work for oneself. Entrepreneurs are notorious for this characteristic. They generally hate having a boss and having to report to someone else. They want to call the shots and make their own “destiny.”
- Success-oriented: Entrepreneurs are driven by success. That is, they don’t imagine failing, only thriving. Sound obvious? It isn’t. If you fell in the water and could not swim, would you think, “I’m a dead man, I may die here,” or would such a thought never cross your mind because you were focusing every ounce of your energy on “swimming” to shore? You’d be surprised at how many people think negatively first.
By: Mr. Karan Singh Bindra Founder and Partner at KIAA,LLP Law Firm