Entrepreneurship is commonly known as the process of designing and executing an idea into a new start-up, which is often initially a small business. This process is carried out by individual and is called as entrepreneur.
As an entrepreneur there are many entrepreneurial characteristics that highly needed and applied to operate the business. Following are example of entrepreneurial characteristics that are required:
1.PASSION FOR BUSINESS
There are many traits that make a successful entrepreneur but PASSION and DEDICATION towards their work(business) is one the most important one yet.
An entrepreneur should be able to hustle and hustle harder without getting bored with their work even though it may be repetitive at times. An entrepreneur with such passion would help its business to be able to hurdle through challenges with a firmer ground.
Passion includes the venture that one is most excited about all the time and it keeps one awake at night knowing that they have to finish what they have started. This is good for a business as an entrepreneur would want to build a better version of their work which inevitably would help with the business’s growth for the future.
Starting from developing and implementing a prototype to convincing your idea to venture capitalist, success could only be achieved as a result of passion and determination.
Entrepreneurs who believe in their work and idea are often confident and dedicated with regards to their assignment. They may come across as stubborn due to their immense focus and faith on their work. However, it is their passion and willingness to defy odds that make them successful.
For example, STEVE JOBS, who was absent for 12 long years due to issues with the company was requested to return as the resources of the company he had co-founded was depleting and they were close to bankruptcy.
Ameeting was held with his team and he explained the role of passion in saving the company giving it a new life to be sustained. He said, Apple is not about making boxes for people to get their jobs done, although we do that well. Apple is about something more. Its core value is that we believe that people with passion can change the world for the better.
Passion can change the world and STEVE JOBS is the proof. He managed to revive the company and took it to greater heights. This shows passion is good for business as it may change the fate of an underperforming business and trhat is what needed in an entrepreneur.
Using STEVE JOBS as an example, a successful entrepreneur is abundantly passionate. They are passionate not only about the product but their mission in achieving their goals and objective. Like Steve they are passionate about changing the world ands this proves to be very beneficial in the business perspective as there is an available drive to reach greater achievement.
2. Tenacity despite failure
Throughout history, those who succeed have often demonstrated great persistence. They do not expect success in the short-run but more focus on the bigger picture. Setting up a business is not an easy task, but successful entrepreneur are able to succeed because of their perseverance. Often times entrepreneur would not succeed at first, however, those who learn from what went wrong and adapt would eventually reach the point of success.
Lets take Richard Branson as an example, he is one of the most successful entrepreneur living today and has seen many success throughout his life. However, he too had his fair share of failure before being rich and successful. One of the many includes the launch of virgin cola in 1994. The drink was launched to be served on virgin planes and cinemas but was not well received around the world except for Canada and the US. However such setback did not stop Richard, he learned that he should not underestimate his competitors and make assumptions that other large organization are unaware of the marjet invested in.
From this it can be learned tenacity despite failure is one of the important characteristics of a successful entrepreneur to succeed in his business.