Who is an Entrepreneur? What are the characteristics of entrepreneurship and do successful entrepreneurs have these traits?
So before moving ahead on this topic, let’s revisit these terms first.
Entrepreneurship is the process of designing, framing idea, launching and running initially a small business for profit and by taking some risks.
And the people who create these types of business are called an entrepreneur.
An entrepreneur is basically called to a person working for themselves.
In India, startup craze is on cloud nine, especially among youths. They don’t want to work under someone on regular basis from 9-5.
Even they are happier for what they are doing and if somehow fails in doing, they take the previous one as a lesson and try to do better in the next one.
So ladies and gentlemen tie up your seat belts, We are going to discuss out here the Characteristics of Entrepreneurship in detail.
Best Characteristics of Entrepreneurship in 2021
Here we have the Characteristics of Entrepreneurship you should breed in yourself.
Although I am not saying that person without these can’t get success but yes possibility is less and require hard work and a little bit of your luck too.
1. Must have Characteristics: Looking Around
Let me illustrate this:
When he/she walks into coffee shop, counts the numbers of occupied seats, estimates the revenue from customers currently in the shop, then estimates the hourly revenue from shop, then multiply by 25(let’s say) to gets a day revenue, multiplies by 7 to get revenue of a week and finally by 50 to get revenues of a year.
Additionally, he will add some extra for weekends and holidays.
Estimates the staff’s costs, rent and other costs and if he is coming out with high profit then he/she will at least spends a few minute thinking about starting a better coffee shop nearby in future.
So an entrepreneur should not always behave like a dumb. He/she must have to look around and should be active in getting the ideas. This is among the best Characteristics of Entrepreneurship.
You all are familiar with this phrase ” Necessity is the mother of Invention”.
An entrepreneur should be creative who come up with new solutions to a particular problem that others can’t solve.
Let me give you an example:
3 Engineering students build a million dollar company portrait flip in one year.
Because one of his friends ask a portrait as a gift, he searched for it everywhere and got what? actors and actress portrait only.
So on that day, they decided to do a startup to provide online portrait from someone personal photo.
All good entrepreneurs must have good behaviour with the employees.
Because these are the only people who are working for him/her to uplift the company.
Along with behaviour, self-discipline is also needed to achieve the target.
Entrepreneurs are like an example for others so that others get inspiration from him/her.
Trust is also needed throughout the team so that each can give their best.
4. Entrepreneurship all about: Leadership
An entrepreneur has a vision to achieve.
For that along with his/her hard work and ideas, other team members or employees work for him collectively.
So, leadership qualities must be there to manage them and turn their work into the fruitful output.
This is basically a key characteristic of entrepreneurs.
5. Innovation as Characteristics of Entrepreneurship
We think of many ideas and most probably after searching on the net we found somehow similar or exact ideas already implemented.
This shows that in this world, almost everything has already been done and now people like Elon Musk moving ahead towards another planet.
So innovation is very much needed right now. we can define innovation as generating a new idea on which you can start your business and scale it enough to have substantial profit.
Innovation can be in the form of products or processes. The various example we have in front of us that serves innovation in products.
Take an example of Wireless earphones or headphones, earlier we were using wired headphones that must connect with your phone to access it. But now we can access it by keeping your mobile 80-100m away from yourself.
6. Risk Taking
By taking the risk and start a small business are the basic formulae of entrepreneurship.
We can’t explore something new if we can’t do something out of the box. And this out of box solution builds a company or startup.
An entrepreneur takes the risk of time and money in that amount only what he/she can bears.
7. Open Minded
A good entrepreneur should be open-minded who is ready to accept what comes in front of it and try to innovate it, without thinking like what will the others talk or see it like etc.
An entrepreneur has to grab the opportunities and utilize them in the profit of an organization.
Like during Kerala Flood in India, Paytm (online money transaction) company started a Kerala relief donation option in its app.
This leads to 4.5 million $ transaction done on their app and maintains a strong position in the market.
If you fail in achieving something, you have to be open-minded and take that failure in a positive way or as learning so, that you don’t have to suffer again from failure in future.
This is what we need as entrepreneurial characteristics.
An entrepreneur must have complete knowledge about the market, products he/she delivering.
And his/her skills are required to tackle any problems if arises. He/She should be active in the market and aware of changing needs in the market, competitors move, new innovations etc
A good entrepreneur should never stop learning.
Take the example of Bill Gates, most of the time he read business books not only in his free time but during office time too.
This is one of the best characteristics of Entrepreneurs, this is actually a drag force to keeps us under motivation to do better.
Suppose you are stuck with any problem and if you lose your hope, your carrier will going to end.
It especially occurs during the initial stage and many freshers left any startup after getting demotivation.
Passion is the thing which drives us to work for our goal till late night and spends most of the time in office which actually produces a huge difference.
“A goal without planning is just a wish”, You thought of starting a business and didn’t come up with proper planning, you will going to end up that business as the dream which is used to come during sleep.
Suppose you want to start an eCommerce website to sell products, and you have only one source to get products.
Firstly, You have to plan, how your resources can be improved so that you can’t suffer from out of stock.
You should have proper planning about payment gateway whether it will be COD, Paypal or debit/credit card.
And apart from all, must have the plan for the delivery of the product to an exact customer without any damages and losses.
It is the most prominent Characteristics of Entrepreneurship.
11. Key Skills
Social skills are the soft skills that are required to get success in entrepreneurship. And if you don’t have these skills, you can learn from the people around you.
Key skills involved are:
- Be the good listener
- cooperation with the team
- Hiring talented people
- Good relationships with all
and many more…
The ability to relate with other people and understand their feeling is one of the best Characteristics of Entrepreneurship and every aspiring entrepreneur must have this one.
How this is possible that you started a company but didn’t visualize yourself as a customer, why you will going to buy someone product etc
In this way, you can find a better solution to problems because you understand very well what others think and need.
Additionally, remember that it is imperative to treat others the manner you want to be treated. These thoughts will bring a positive return.
13. Fair Enough
A successful entrepreneur must be honest and don’t tell a lie about the products he/she deliver.
You have to fair enough with customers, employees through whom your business is running.
14. Be the Good Listener
This is one of the soft skills you must bear.
Eye contact is necessary with the speaker, nod when you agree and raise questions for doubts.
This characteristic of entrepreneurs needed very much.
15. It’s all about the customer
To be a good entrepreneur, it’s important for you to sell something that your customers in need.
You have to grab the attention of customers through various techniques like advertising and marketing.
16. Self Promoter
You should be a shameless self-promoter. You have to remove the thinking from your mind that ” others perception will be bad about me”.
17. Build Team
Build a top-notch team and make sure that they collectively work for you.
You just have to grab some like-minded people who can work with you. Jack ma “Alibaba group” founder is having this entrepreneurial characteristic.
18. Easily Available
Your products should be easily available and accessible to your customers and should be in affordable range.
19. Money Utilization
Your funded money or turnover should be utilized in a correct way.
For advertising, money should be spent in a way that if you pay $100 then you can earn $500.
20. Self Investment
You have to invest your time and energy in learning.
So that you can know about the market and all and emerge as a skilled person so that others can also inspire from you.
Final words on Characteristics of Entrepreneurship
Along with brilliant idea, the ability to work successfully is also one of the best aspects of a business, after that these best Characteristics of Entrepreneurship play an important role.
All these characteristics can be imparted in a person.
Again I am not saying that you can’t get success without these but you require a lot of hard work and a little bit of luck.
What do you think which one is the most important Characteristics of Entrepreneurship? Let us know what you think in the comment section.