from Elate.org 02/15 enhance by Peter/CXO Wiz4biz
These Traits – detailed below – enable an entrepreneur to do what is expected of him/her to succeed in business. It is the combination of these characteristics that is required, to enable any one to perform effectively as an entrepreneur. It is possible for people to develop these characteristics and succeed as entrepreneurs. Successful entrepreneurs have common characteristics, which are divided into three areas namely Achievement, Planning & Power.
a) Opportunity-seeking. This refers to the quality that enables the entrepreneur to see and act upon new business opportunities even in situations where other people see nothing but problems, hopelessness only. It also encourages them to seize unusual opportunities for obtaining the necessary resources such as financing, equipment, land, workspace, technical assistance, etc, which will enable them to implement their business ideas.
b) Commitment to the Work. Customers expect entrepreneurs to honour their claim to deliver what they promise. An entrepreneur should do everything possible to ensure that they fulfill the commitment with their customers.
c) Persistence. This is the quality, which enables the entrepreneurs to develop determination to have a thorough job done at any cost in terms of personal sacrifice. By doing this, the entrepreneur remains working towards the achievement of their set goals.
d) Risk-taking. Entrepreneurs are people who prefer taking moderate risks. Before they commit themselves and their resources, they assess the risks that are associated with a business opportunity – that they have selected, and their ability to manage them, the benefits that they will realise and the challenges that they will face from the venture to be undertaken. Entrepreneurs goal is to make a profit as a result of taking risks and the higher the risks, the higher the profits. However, entrepreneurs will always prefer to take on those risks that they can manage.
e) Demand for Efficiency & Quality. This is the quality that enables an entrepreneur to do things that meet or surpass existing standards of excellence or improve on performance by striving to do things faster, better and cheaply. By doing this, the entrepreneur remains ahead of others, makes more profits and retains a growing market share.
a) Goal-setting. This refers to the ability of an entrepreneur to set clear & specific goals & objectives. These goals & objectives are normally high & challenging but at the same time, realistic and can be attained, given the resources that one has got at their disposal.
b)Information-seeking. This is having the urge to look for the required information in order to make an informed decision – to personally seek & obtain information regarding customers, suppliers, & competitors as well as any other relevant information that is required to enable the entrepreneur make decisions and improve knowledge on their business.
c) Systematic Planning & Monitoring, is the ability to develop plans that will be used in monitoring & evaluating the progress of the business. This helps the entrepreneur to carefully monitor their actual performance against desired results and turn to other alternatives whenever the need arises; so as to achieve their goals.
a) Persuasion & Networking, is the ability to link with, convince & influence other individuals, & groups in order to maintain business contacts at a high level. This will work for the cause of the business in a positive manner to accomplish own objectives.
b) Self-confidence, by having a strong belief in yourself and the ability to complete a difficult task or meet a challenge.
4. CHECKLIST: Traits of an Entrepreneur.
Passionate __ Self-confident __ Independent __ Determined __ Decisive __ Driven __ Versatile __ take calculated risks Resourceful __ Creative __ Energetic __ Leader __ Efficient __ Effective __ Goal-oriented __ Impatient __ Persistent __ Optimistic __ Competitive __ Responsible __ Eager to learn __ Flexible __ Perceptive __ Initiative-taker __ Responsive to feedback __
Comments: Is there anything you can add to this?