What It Takes To Be An Entrepreneur
20 Entrepreneurial Traits for Success
Written by Samuel Muriithi for Gaebler Ventures
Through their actions entrepreneurs have the capacity to initiate and sustain economic growth as they run their various small enterprises. A number of entrepreneurial traits have been identified as being the core competencies for small enterprise success.
Do you have what it takes to be an entrepreneur?
Compare your own strengths and weaknesses with the 20 traits most commonly found in other entrepreneurs.
1. Taking initiative - A successful entrepreneur is one who acts on business matters in an anticipatory manner rather than reacting to things after they happen. It is this entrepreneurial trait that sees them approach new markets or introduce new products/services.
2. Persistence - It is a fact that small enterprise success does not come on a silver platter. A real entrepreneur will make repeated efforts to overcome obstacles or alternatively find a different but effective way to tackle the same.
3. Quest for information - This entrepreneurial trait describes the actions involved in undertaking market research in a bid to provide a better product or service to the final customers.
4. Commitment to high quality work - A successful entrepreneur is always known by the quality of his/her work. Such a person always has a desire to have the best product/service in the market.
5. Product/service image concerns - He/she is always concerned about what people are saying about the business' products and/or services.
6. Commitment to work obligations - This entrepreneurial trait describes the unrelenting concern that makes a small business owner feel compelled to complete a job even when a personal sacrifice is required. Such a person always wants to make the customer feel satisfied.
7. The quest for efficiency - A successful entrepreneur is one who assesses the costs and benefits of any given undertaking and then finds suitable methods to get the same done both cheaply and fast.
8. Astute planning - A successful small enterprise owner begins by breaking down a big task into smaller sub-tasks which he then tackles effectively by anticipating possible obstacles. He/she makes an evaluation of alternatives and does things in a logical manner.
9. Problem solving - For small enterprise success an entrepreneur always has to keep thinking about new strategies, innovative ideas and solutions that will help him/her reach a desired goal.
10.Self-confidence - This is an important entrepreneurial trait owing to the basic fact that business involves risks. A top entrepreneur acknowledges this and sticks with his/her decision even when faced with early setbacks and opposition.
11. Prior expertise - This is a primary requirement for small enterprise success regardless of the type of business. One ought to have technical skill/expertise in the same line before starting a business.
12. Recognition of personal limitations - One should always acknowledge his/her personal limitations and wherever possible try to improve on these for the better. Learning from one's past mistakes is part of this entrepreneurial trait.
13. Ability to persuade - Every successful entrepreneur knows how to convince a potential customer about the strengths and competences of his/her product or service. The same skills are applied in seeking finances and advising others to take a different approach to things that would be beneficial to his/her business in the end.
14. Application of influence strategies - This entrepreneurial trait is useful in the development of business contacts. The entrepreneur uses this trait persuasively to use influential persons help accomplish a desired agenda.
15. Assertiveness - The successful entrepreneur remains on top of things by telling others what to do. He/she uses a direct approach to confront problems with others and enforces discipline measures wherever applicable.
16. Monitoring - Small enterprise success can never be achieved if standards of quality are not enforced. The successful entrepreneur takes it upon him/herself to assess all aspects of a given undertaking.
17. Integrity and credibility - Successful entrepreneurs are always honest and fair in all their dealings. They refrain from taking opportunities that will soil their credibility. They always remunerate their employees fairly and pay their suppliers on time.
18. Addressing employee welfare - This is more of a personal rather than an entrepreneurial trait. Such entrepreneurs are genuinely concerned about their workers personal concerns and they take action to improve their general conditions.
19. Maintaining friendly business relationships - Successful entrepreneurs approach every business opportunity with a long-term business relationship in mind. They also ensure that their employees understand the importance of doing so.
20. Reinvestment of profits - Growth is a major element of small enterprise success. A prudent entrepreneur ploughs back his/her profits into the business for this purpose.
Samuel Muriithi is a business owner in Nairobi, Kenya. He has extensive international business experience in the United States and India.
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