Masrenny Masri - The Characteristics Of Successful Entrepreneurs

According to Webster's dictionary, an entrepreneur is one who organizes, manages, and assumes the risks of a business or enterprise. Entrepreneurs live in the future. The have creative personalities, are innovative, and thrive on change. But what makes an entrepreneur successful? A good deal is known about what is required to be a successful entrepreneur. An overriding factor found in most successful entrepreneurs is a tremendous need to achieve. Attitude seems to have everything to do with success in business, while factors such as intelligence, education, and personality are less significant.

 

The following attributes listed below are important characteristics of successful entrepreneurs.

 

An overpowering need to achieve, control, and direct

 

Usually this is measured by the individual's internal ruler. They prefer environments where they have maximum authority and responsibility and do not work well in traditional structured organizations. This is not about power, though. Entrepreneurs have a need to create and achieve by having control over events.

 

Good Health

 

Successful entrepreneurs must work long hours for extended periods of time. When they get sick, they recover quickly.

 

Self Confidence

 

Findings showed that as long as entrepreneurs were in control, they were relentless in pursuit of their goals. If they lost control, they quickly lost interest in the undertaking.

 

Comprehensive Awareness

 

They have a comprehensive awareness of a total situation and are aware of all the ramifications involved in a decision.

 

Realistic Outlook

 

There is a constant need to know the status of things. They may or may not be idealistic, but they are honest and straightforward and expect others to be the same.

 

Conceptual Ability

 

They have superior conceptual abilities. This helps entrepreneurs identify relationships in complex situations.

 

Low Need for Status

 

Their need for status is met through achievement not through material possessions.

 

Objective Approach

 

An important trait is the ability to accurately weigh and measure risks in a sphere of realism. They take an objective approach to personal relationships and are more concerned with the performance and accomplishment of others than with feelings. They keep their distance psychologically and concentrate on the effectiveness of Operations.

 

Emotional Stability

 

They have the stability to handle stress from business and from personal areas in their lives. Setbacks are seen as challenges and do not discourage them.

 

Attraction to Challenges

 

They are attracted to challenges but not to risks. It may look like they are taking high risks, but in actuality they have assessed the risks thoroughly.

 

Describing with Numbers

 

They can describe situations with numbers. They understand their financial position and can tell at any time how much they have in receivables and how much they owe.

 

Follow through

 

Meeting commitments and not quitting define this characteristic.

 

Positive mental attitude

 

Exhibiting confidence and believing in one's ability help the entrepreneur succeed.

 

A respectful attitude toward money

 

Money is not sought as an end in itself, but rather as a method of keeping score or as a tool toward accomplishments.

 

Tendency to anticipate developments

 

Making things happen, rather than reacting to outside developments, defines the entrepreneur's methods.

 

Resourcefulness

 

Successful people can handle unique problems in unique ways.

 

Communication abilities

 

These skills cannot be overstressed. Successful people have worked at developing the ability to communicate clearly and effectively.

 

Technical Knowledge

 

A sound working knowledge of both general business practices and the processes used to deliver goods and services is a must.

 

In conclusion, successful entrepreneurs will possess many of the attributes listed to be successful in their business of choice. In addition, one of the most important aspects of being a successful entrepreneur is to be involved in a business that you enjoy and many of the characteristics needed to be successful will come naturally.