The term entrepreneurship may sound very ordinary to your ears, but has huge scope in the field of business.
There are various definitions for this term but in simple language an entrepreneur is an ambitious individual, who assumes full responsibility of the risks and the consequences of his/her business venture. This person is a skilled individual, who is able to sniff out various opportunities with the purpose of discovering a successful project. He/she possesses certain characteristics in order to start a new business enterprise, which is elaborated below:
Self confidence: The key to achieving a determined success is to be self confident and believe in your ability. A self confident entrepreneur has complete faith in their capabilities and has the power to overcome the flaws in their venture. They are motivated and don’t wait for someone else to make the first move. They are the initiators.
Rational thinking: Common well structured strategies must be used while initiating a new business. It is very crucial for an entrepreneur to be judgmental about various issues, which must be faced on a regular basis. The essential prerequisites for developing common sense in an entrepreneur are acquired knowledge and sufficient experience. They can identify complex problems and convert them into simpler ones and have the capability of accessing basic life experiences when making decisions.
Creativity and hard work: Exceptional imaginations are necessary to pinpoint problems using the smallest bit of information, and use this information to launch new products and new marketing techniques. They find solutions to problems and see them as opportunities for growth. They have the perseverance of working day and night with the purpose of achieving a lucrative outcome.
Leadership: Business leaders possess qualities such as motivation, self-reliance, planning and evaluation, because they are the initiators and are one step ahead of others. They look for opportunities and seize them. They are the example for others to emulate.
Emotional roller coaster: You possess the gene of being a successful entrepreneur if you are aware of the fact that every business venture has certain ups and downs. Entrepreneurs think of business as a roller coaster ride and are ready to face problems, while being open to change. They are accountable for their actions and recognize the various forms of success and failure. They turn failure into success, embrace challenges and never give up.
Do you possess the gene?