Several behaviors and characteristics have been assigned to entrepreneurs, many of which are common to those that have found success in starting new ventures. There are a number of factors that are usually shared by prosperous proprietors, in this article, we’ll explore some of the ways in detail.
One of the characteristics that entrepreneurs have is a deep passion for their business. Whether it’s for an existing business that they have operated for a number of years, or if it’s a new opportunity, entrepreneurs have to love what they do and be connected to the mission. This passion derives from an innate belief that the business will fuel one of the three reason for becoming an entrepreneur in the first place: being one’s own boss, pursuing their own ideas, financial rewards, and/or making a greater impact in the world.
Profit incentive is an incredible motivator for some entrepreneurs but in the case of many startups, financial gain isn’t enough. Tesla, for instance, mission is “To accelerate the world’s transition to sustainable energy.” Establishing this standard sets the tone for the proprietor and the team that he recruits. It’s the passion and drive to create something bigger than oneself. From Tesla, spawned SpaceX and Solar City which are both companies that exude a similar vision of Tesla.
Having passion is critical in building an organization due to the demands of entrepreneurship. You need to have the desire to continually learn as founders don’t have all of the answers. It takes determination to find the best path to move the company forward. The changes won’t be easy, but passion makes the process rewarding and exciting. Additionally, an entrepreneur needs to be able to work hard for a long time. This long time could mean that founders are working hours beyond that of a traditional job, and the only way to consistently sustain this level of productivity is to absolutely be passionate about what you’re doing.
Entrepreneurs will need to be able to overcome objections and setbacks because the nature of the profession requires the founders to experience “no”, after “no”, after yet another “no” from investors, potential customers, partners, etc., until they are finally able to receive an acceptance of the proposal. Moreover, with the certainty of rejection, one can either choose to fold or learn from the experiences. So, how are you able to listen to objective feedback, and discern between constructive criticism and detractors that don’t your best interest at heart. You have to be able to listen to the good feedback and make changes if it’s helpful. Also, you’ll have to be able to brush aside poor feedback without it bringing your morale and enthusiasm down.
As previously mentioned, going it alone can be a lonely journey. You will need to have a positive outlook, vision, and perseverance to withstand some of the challenges that are bound to arise. However, don’t wear your passion as rose-colored lenses and mistake your idea as the end all be all. Instead, use it to your advantage. There will be weaknesses in your business and threats to your business. How do you mitigate these scenarios to the best of your abilities?
In defining winning characteristics, an entrepreneur needs to embed their visions into the hands and minds of the people. What do your customers want and how will you get it to them, that’s business. A product and customer focus requires diligence to notice opportunities and carry out the development from inception to completion. Consider the attention to detail when you understand your customer’s needs in-depth, which enables you to provide a precise offering. Which, turns us to the ability to execute on these understandings. You have to be able to establish an effective process to garner the desired results of your objective. As you illustrate a reputation for executing successfully, more opportunities will seem to reveal themselves, as the market will trust you with their dollars.
Keep in mind that entrepreneurs have a high rate of failure since they are repetitively trying something new. Similar to chemists experimenting and testing combinations of chemicals. The scientists will fail a number of times before they find a composition that meets the optimal outcome. Inevitably, you will have to persevere through the trappings of failure in your entrepreneurial journey. Things aren’t going to be perfect, but with a high degree of passion, customer understanding, tenacity, and execution you will set yourself apart from the pack. Do you have these four qualities?