You will have seen many people on the internet claiming true entrepreneurship. The web definition of an entrepreneur is “someone who organizes a business venture and assumes the risk for it”. By that definition, you could say that anybody who starts a business and takes total responsibility for all parts of the business is an entrepreneur. There are many people who would fit into that definition, but are they true entrepreneurs?
I’m going to break down the basic web definition of an entrepreneur into the several qualifying attributes that make up a true entrepreneur.
1. Leadership – A true entrepreneur is a leader. Someone who can take the reins, assume control, communicate effectively, lead by example, influence, instruct and impress upon others. A leader, in order to protect, will show courage and do the things that their followers would not choose to do. They have patience and the ability to create their own reality. This places the entrepreneur in the alpha leader role. In return for this protection, their followers become more and more loyal.
2. Risk Taking – An entrepreneur will take a risk and face challenges in any business venture they enter into. There are two possible outcomes. Either they succeed in their venture, create profit and therefore increase their value and standing, or they fail, mostly likely absorbing a financial loss. A true entrepreneur will see this failure as a learning opportunity, accept that success and failure are all part of every day, draw on their experiences and approach their next venture better prepared.
3. Intellect – A true entrepreneur is an intelligent person who continues to learn and take on new skills. They will have a process of continual improvement in their learning and have the brains to apply what they have learned. An entrepreneur is able to identify needs, produce and provide solutions for their customers. By doing this, they build relationships with their customers rather than just selling. By building relationships, repoire and trust is attained, which in turn empowers their customers to make the decision to buy when the time is right.
4. Business Passion – A true entrepreneur loves doing business. By loving what they do, entrepreneurs are more productive. They believe in their business and have a passion, an inner drive to succeed. They also believe that the more they put in, the more they get out.
5. Ethics – A true entrepreneur conducts their business in an ethical fashion. Lets be honest, nobody wants to do business with a person who is not straight-up and honest. For an entrepreneur to be successful, they must attract many people and build relationships with them. This is the core of any business, without customers, there is nothing but loss and heartache. For any business to succeed, there must be a great amount of trust built. Once this has been achieved, the entrepreneur will have a loyal following, who will buy what is on offer, usually at any cost. Miki Agrawal
6. Adaptability – A true entrepreneur must be able to take a step back, look objectively at a given situation and make changes where necessary. This must be done “on-the-fly” with little or no disruption to the business. Too much of a change at the customer’s end and the entrepreneur will find that they will lose customers. There are new technologies and products available every day. A true entrepreneur will keep themselves abreast of these so as to be able to effectively produce and provide solutions for their customers.
If you are doing business, these attributes will be essential to your ongoing success and prosperity. You must develop your skills in the right direction and keep taps on your own progress lest you find yourself going around in circles. Progress, no matter how small is important, no entrepreneur will marinate in their own juices for any period of time.
A true entrepreneur will explore new territories, be open to new opportunities and be in a constant state of re-evaluation.
Entrepreneurship is not for everybody, others may relish the challenge. If you are new to entrepreneurship and find that you are lacking in some of the attributes that I have mentioned in this article, help is available.