What Characteristics Do Entrepreneurs Need To Succeed In Business?

Why do entrepreneurs often disagree about which business model is best? It’s simple: they have not researched the available models and have not thought through the advantages and disadvantages of each. Too many entrepreneurs fall into an easy chair and allow themselves to be swayed by “the newest buzz” or “the hottest new idea.” While some of these ideas and Buzz words may be interesting, they often miss the most important things that must be taken into consideration when evaluating potential business models.

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What Characteristics Do Entrepreneurs Need To Succeed In Business?

Why do entrepreneurs often disagree about which business model is best? It’s simple: they have not researched the available models and have not thought through the advantages and disadvantages of each. Too many entrepreneurs fall into an easy chair and allow themselves to be swayed by “the newest buzz” or “the hottest new idea.” While some of these ideas and Buzz words may be interesting, they often miss the most important things that must be taken into consideration when evaluating potential business models.

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Too many entrepreneurs make the mistake of believing that their personal style or organizational norms are the only important things to consider when formulating a business plan. In fact, entrepreneurs should spend as much time thinking about what operational advantages their new business model will provide them over traditional forms of business. Because the scope of issues and choices that entrepreneurs of all ages face is wide, why all the conflicting advice from so many different people? The best manager of an established adult organization might ask, What company is in business to serve customers?

Even though no one has yet discovered the secret key to entrepreneurship, there are several qualities that every good entrepreneur possesses. These are personal attributes that are necessary to jump-start a new venture, help entrepreneurs overcome obstacles and build the structure required for long-term sustainability. Here are some of the most important traits to consider when formulating an effective and profitable new venture.

The first and most important quality needed by entrepreneurs is focus and determination. In order to take a new venture seriously and to truly become successful, it’s essential that entrepreneurs are committed and determined to succeed. Being committed means being able to think clearly and to determine the most effective strategies for attaining success. Just as in the case of sole proprietor businesses, where the sole purpose of operating the business is to make money, in entrepreneurship the purpose of running the business must be self-directed. While it’s possible to hire staff to run your business for you, if you’re not disciplined enough to run it yourself, then it’s just going to be another expense that doesn’t add up over time.

Another key quality of an entrepreneur is a strong business model. Good entrepreneurs build consistent and solid business models that continue to produce results for years to come. Good models create both an infrastructure and a framework within which entrepreneurs can run their businesses effectively. A good entrepreneur always designs a business model with a long-term view and one that can be easily adaptable to changing circumstances. As a result, the strategies and tactics of any given business model are typically able to change to better respond to new opportunities.

It’s also important that entrepreneurs are committed and persistent. This trait is at the core of virtually all areas of venture. Entrepreneurs that are committed to their goals, to the businesses they run, and to themselves to develop a level of discipline that causes them to think and act with more confidence than those who aren’t as dedicated. They also tend to move ahead with more abandon, taking chances that other people would shy away from. With that said, entrepreneurs must have the courage to take risks and the confidence to evaluate and revamp their strategies and tactics over time.

Intuit founder Eric Horvath considers the willingness to adapt a part of his “learning agility” as one of the most defining characteristics of an entrepreneurial leader. The ability to learn new things, adapt to change, and maintain momentum in the face of it all is what separates those who succeed from those who fail. Horvath says that entrepreneurs who have a constant learning curve are generally “much better off as they’re not reinventing the wheel constantly but rather constantly improving upon themselves.”

Finally, entrepreneurs must have a strong work ethic. It’s a given that entrepreneurs will need to invest time and energy in order to succeed, and yet they must still have the desire and motivation to maximize their profits while doing so. Workaholics don’t create jobs; business owners create wealth. Work ethic therefore doesn’t just refer to the amount of hours an entrepreneur works; instead, it refers to the quality of that time, which may not always be very well compensated.

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