What Makes An Entrepreneur? 2022-03

What makes an Entrepreneur?

You’ll find as many answers to that question as there are ways of asking it.

• Are you confident that I have the drive to succeed in a venture of my own?
• Do you value the management and control systems necessary to run a business?
• Do you have a support system for making effective business decisions?

And the list could and does go on. What is more important is how you experience work. Is it a job, a career or answers your why?  Choosing to be an Entrepreneur should define your passion, your why. And it must come from a deep passion to solve a problem.

Because that’s what businesses do – solve a problem.  Whether it’s for an individual or a business, non-profit or for profit; local, state or federal government or special district – getting paid for the providing the solution makes an Entrepreneur.

Characteristics of an Entrepreneur

Every successful Entrepreneur has or learns certain traits and/or characteristics. Let’s look at a list of those needed to be a successful Entrepreneur.

Desire and Passion -   That first year of business will tax your willpower, dedication and physical strength. You need to be passionate about what you’re doing and have a strong desire to succeed.

Accountability -  Entrepreneurs realize and accept responsibility for their own successes and failures. There is no one else to blame, just yourself.  Humility is a trait you need to have or acquire, because asking for help and accepting it is critical to your success.

Self-confidence -  Entrepreneurs believe they can solve any problem. Changing the size and scope of the solution they offer often results in better solutions.  This was obvious during the Pandemic of 2020-2022. Their ability to thrive on uncertainty, their determination and resiliency to pivot their business model during the disruption made for some great successes and great failures.

Value The Bottom Line -  Entrepreneurs know the importance of controlling costs. Not all have the inherent ability to oversee inventories, cash and other assets.  Learning to use their Business Journal on a daily basis helps them achieve success. Finding your true strengths and weaknesses is critical to your success, and there’s no better way than doing a SWOT analysis (which we’ll cover in a future post).

Market Awareness -  Entrepreneurs follow the market and see opportunities everywhere – including those missed by others.  Being unconventional is one of their greatest assets. Taking time to research your competition and social listening are important.

Business Knowledge and Networking – Not every small business owner has the business management skills and expertise to be successful. That’s where networking leads them to meet those that mentor/coach small business owners towards success.  An advisor is different than a mentor/coach.  Be sure you know what you need from someone. Business coaches offer guidance not decisions.  Advisors tend to offer solutions instead of asking you questions and guiding you to find your own answer.  Business coaches help Entrepreneurs weigh results, balance outcomes and talk through the chaos.

Do you need a business coach?  Book a complimentary 30-minute zoom session and let’s explore your journey together.  Schedule an Appointment

Ask Yourself These Questions and Write the Answers in your Journal.

• Am I confident that I have the drive to succeed in a venture of my own?
• Can I prosper in an environment with more questions than there are answers?
• Am I good at taking responsibility for my success and my failure?
• Can I believe that I can solve problems that lie ahead?
• Do I value the management and control systems necessary to run a business?
• Do I have the ability to quickly anticipate and troubleshoot problems?
• Can I connect with others in a way that will help my business?
• Do I know the marketplace well enough to assess potential needs and gaps?
• Do I have a support system for making effective business decisions?

Knowing Your Why –

Hopefully, you’ve gone through the process of “Knowing Your Why”.  If not, try my article on “Finding Your Why” here.  Knowing WHY you want to be an Entrepreneur makes a huge difference in your success rate and keeps the fun in running your business when you know you are working hard at what you believe and following your passion.

Summary

• What makes an Entrepreneur? 
• 6 characteristics of an Entrepreneur.

Desire and Passion

Accountability

Self-Confidene

Value the Bottom Line

Market Awareness

Business Knowledge and Networking

• Know Your Why