Starting a new business is always full of excitement and needs Entrepreneurial Skills and Characteristics. There are lots of expectations and emotions involved in investing in a business. But a newbie has to be careful as handling a business needs skills and clarity of mind to pass through different phases of business & properly set functions…
There are 10 characteristics of an entrepreneur, which can be really helpful for people planning on a startup.
These entrepreneur personality traits help to deal with problems faced by entrepreneurs in the business cycle. These skills of an entrepreneur can be developed with practice, patience, and guidance.
10 Entrepreneurial Skills and Characteristics
|Calculates Everything in Numbers
|Thinks of Good Profit
|Thinks of Good Salary
|Market Creator / Need Creator
|Find Solution to Existing Needs
|More Risk Taker
|Fewer Risk Taker
|Finds Low Competitive Market
|Enters an Already Competitive Market
|Long Term Approach
|Regular Profit Approach
Enthusiasm in Business & Real Life
Not only business, everything in which you have an interest works better for you if only you have passion combined with your interest. This is one of the characteristics of entrepreneurs which keeps them one step ahead of their competitors. Some people just start a business with the main focus on income generation.
But this is a huge mistake because only passion can drive you to work for the success of your business. Money and prosperity of your business are interrelated with the importance of enthusiasm which is the driving force for you to strive hard.
Starting a business without any sound knowledge of market trends and failure can cost you a fortune. A successful businessman possesses the entrepreneurial skills and intellect to follow up with these trends.
Jumping into the market without any survey can end up in the failure of your startup. Entrepreneurs, who run successful businesses, will tell you about the importance of having a business strategy and market orientation to stay in a race for a long time.
Time Management Skills
In business, the right time makes a whole difference and keeps you prominent within your circle. A successful businessman follows the right timing, understands partnership disadvantages, and does not rush into partnerships and deals which can damage the credibility of his brand.
An entrepreneurial skill that really makes a difference is the use of the right time for investments along with understanding the Difference Between Sole Proprietorship and Partnership. He values his money and knows how much time and money he needs to meet his goals. Therefore, he better understands when to go for a partnership business and when to go for a sole proprietor or invest it somewhere else.
Realistic Life – Not a Day Dreamer
Newbie really needs to follow this trait to keep up their spirit. Most startups are being established with this sense of achieving success overnight. A businessman knows that only realistic goals can pave his path to accomplishment. An overnight achievement is a dream which is not the case with business.
Not only entrepreneurial skills but realistic goals make an entrepreneur successful. Successful entrepreneurs know their weaknesses and shortcomings and do not rely only on themselves but keep on expanding their circle. They make connections with more experienced people and find out specialized workforce to grow their business.
Among many characteristics of a successful entrepreneur, flexibility counts more as it is directly related to customers and market behavior. Customers have their interests switch from one thing to another. A businessman knows about the preferences of their customers and market needs which we can surely count as an entrepreneurial skill.
Remember, not only your passion but compliance with customers’ preferences and the market’s changing trends will make your business prosperous.
Taking risks is an important Entrepreneurial Characteristic. In business, one has to make decisions that can be risky but still has to take them. Being fearless is an entrepreneurial skill, which makes him undefeatable among his competitors.
- Are you ready to take a risk by doing an experiment to try something new in a market?
- Are you capable of handling pressure if something goes wrong?
- Are you ready to take the risk with your money and time?
- Are you smart enough to evaluate the risks and optimize the valuation?
It happens that most people start a business depending on the product’s popularity in the market and have no knowledge of their own. But this differentiates a successful entrepreneur from a newbie. He knows what he is selling and what his competition in the market is.
Knowing the market and product is an entrepreneurial skill that one must possess. Lack of knowledge in understanding the role of psychology in business, changing customer behavior and product optimization in the market is something with which an entrepreneur cannot take a risk.
Team Leadership Qualities
Talking about the characteristics of an entrepreneur, and having not discussed leadership skills is not justice. A successful entrepreneur is never afraid of taking a lead and selecting a team that is capable of the assigned duties. He knows how to utilize the skills of employees and is smart enough to effectively communicate, assess the capabilities of his staff & perform the right Human Resources Management Functions.
This trait, alone sometimes determines the future of a startup. Sometimes you have to make decisions in business, which involve risk and which demand clear judgment. Here, an entrepreneur will follow his decisions promptly but with ease of mind. This takes confidence to take responsibility for any outcome and he demonstrates his skills with unwavering confidence.
Any entrepreneurial venture is not possible without capital. There are a few methods to be with no investment. Generating profit from a business activity is a time-consuming task. Therefore, a wise and successful entrepreneur knows the importance of money in business. He/she not only carefully plans the finances but also sets aside additional capital for an emergency because it is an important facet of successful entrepreneurship.
Starting a business does not only require entrepreneurial skills but planning at the initial stages is mandatory to minimize risk and optimize valuation. Business is not all about jumping into a sea of uncertainty and going with the flow. An entrepreneur has this characteristic that he knows how to use his limited resources to expand his business outreach.
Remember, all successful entrepreneurs start their setup with a business plan to address every possibility in the future. Stay ready to take your first step but do not overwhelm yourself with the fear of failure.
Stating all these characteristics of successful entrepreneurs, check it with your gut if you think you have the entrepreneurial skills necessary for a business to grow, then go ahead. Until and unless you will have this fear of failure, you are not going to achieve your dreams.
Lisa is a passionate travelers. She spends 3 months every year visiting different places worldwide. She has visited almost every famous place in the world. She herself is an affiliate blogger