What are the characteristics of an entrepreneur

What are the characteristics of an entrepreneur?

What is the reason you are reading this article? Maybe you wonder what are the characteristics of an entrepreneur because you want to become one? If your answer is “yes” that is great, but wait for a moment and see what stands behind that word.

Let’s start with the definition of an entrepreneur that you can find in a dictionary.

Entrepreneur is someone who starts their own business, especially when this involves seeing a new opportunity.

That is true, but this short definition doesn’t let you understand the nature of an entrepreneur. Let’s go a little deeper than this.

There are several characteristics of an entrepreneur that describe him best.

Takes risks

Many definitions of an entrepreneur show taking risk as one of the major features he has. But is that all true? It is true only if you know there is something more than this. If you take a deeper look at the behaviour of entrepreneurs you will see that most of them in fact try to calculate and minimize risk.

Those who have never had a business in their hands do not see that. You may have heard about companies crashing and entrepreneurs going bankrupt. These widely shared news can do more harm than you think. Bad news creates a picture of blind risk takers who chase profits at all cost. It’s not like that.

In contrast to this it may occur that a better way to earn money is to go to a “9 till 5” safe job. But today do we really have such thing as a safe job? People often lose their “safe” jobs because of economic conditions. Some of them resign from work because of different factors. You can read more about reasons to leave your job here.

Fails

Yes, it’s totally true. If someone tells you that being an entrepreneur is easy don’t listen. He either is lying to you or has been an entrepreneur for decades and all the hard parts are behind him.

On the other hand remember that despite entrepreneurs fails they are courageous and ambitious. Of course they fail because of decisions they make. Those decision might be bad and often cost them a lot, but this is a tuition for what they don’t know yet.

Related: Ways to cope with stress

Sees obstacles as opportunities to grow

Every entrepreneur should be prepared that obstacles and challenges are a natural part of life. If they know that and accept it then they “fail forward”. It means that when they fail, they learn from it and try all over again.

If one failure is not enough the process continues until they win. Every mistake they face bravely is one step closer to success – this is failing forward.

It’s a good moment to say that entrepreneurs often have to act despite tough competition, difficult economic conditions and everyday troubles. They have to make a decision of not giving up until they achieve their goals.

Related: 25 Inspirational quotes and sayings

Works hard

It would be very difficult to exaggerate at this point. Hard work is a necessary part of every business and entrepreneurs know that. If they don’t they will find out soon 🙂

The best way to put hard work in action is to focus your energy. Focusing energy on one thing only, gives way better results than just drifting between things that appear to be important.

Business has its own rights. There are alway many things to do and problems to solve. But there are only a few things to do or even the one that can put a business towards prosperity.

Is self-accountable

An entrepreneur doesn’t have a boss. He is a boss to himself. That means entrepreneurs can do whatever they want at any time. But it also means they can control themselves and steer their efforts in the right direction.

Being self-accountable also has other meaning. Entrepreneurs have desires and passions. Their dreams set directions they can follow not being committed to someone else’s dreams.

Is hungry for knowledge

Every entrepreneur has to be hungry to gain knowledge he doesn’t have. Gaining new skills or having more information about leading successful business is always welcome.

Take a look at great examples of the richest people on this planet. Bill Gates, Warren Buffet or Mark Zuckerberg admit that reading is their ritual part of a day. Warren Buffet says that he spends a couple of hours daily reading and thinking.That helps him to make better decisions and prevents from impulse acting.

In summary…

All of that what you have read above answers the question what are the characteristics of an entrepreneur. In fact these characteristics describe the mindset of an entrepreneur.

So, would you like to become one? It’s definitely a path worth following. But if you are not ready yet you may try making a first step to it.

This part is called intrapreneurship. Today the world needs intrapreneurs. Perhaps you are one already. If you want to know who they are I’ll tell you now.

Intrapreneurs are people who take responsibility for themselves and work as innovators. They put more effort into work than average employees, do more than just what needs to be done, but in a creative way.

These people are like entrepreneurs but in a full-time job. They consider their job almost as their own business. They put heart into work and look for something more to achieve than just fill the time with necessary activities.

So, are you one of them already? If so, you have a good foundation to become an entrepreneur.

What are the characteristics of an entrepreneur in your opinion?

At the end I want to encourage you to listen to Brian Tracy telling what it takes to be successful entrepreneur. You can watch it here.

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About the author

Bartek

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1 Comment

  • Hi Bartek,
    Thanks for the wonderful information on the characteristics outlined above. As you stated above, it is true that successful entrepreneurs Work hard, take risk, and also grab everything opportunity that come their way. I also believe and even stated in my recent blog post that some of the key characteristics of most successful entrepreneurs are:
    Passion, Clear Vision, Planning, Results Oriented, etc among many others.
    Once again good job done.

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