Who Are You?

by Brad Lantz, Inner Circle Twin Cities

An entrepreneur is someone who masterminds, oversees, and accepts the risks of a business or initiative.

Entrepreneurship is the process of starting a business or other organization. The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure.

A business model describes the rationale. An explanation is a set of statements constructed to describe a set of facts that clarifies the causes, context and consequences of those facts of how an organization creates, delivers, and captures value,in economic, social, cultural or other contexts. (Wikipedia)

While there are many different types of entrepreneurs, they do have some similar traits. They:

  • Perceive opportunities
  • Know how to harness resources of all types
  • Are creative and innovative
  • Know how to manage and spread risk
  • Are independent and not afraid to be out in front of other people
  • Tolerate uncertainty

Some traits of an entrepreneur are:

  • Tenacity

Starting a business is an ultra marathon. You have to be able to live with uncertainty, and push through a crucible of obstacles for years on end.

  • Passion

It’s commonly assumed that successful entrepreneurs are driven by money. But most will tell you they are fueled by a passion for their product or service, by the opportunity to solve a problem, and make life easier, better, cheaper.

  • Tolerance of ambiguity

This classic trait is the definition of risk-taking—the ability to withstand the fear of uncertainty and potential failure.

  • Vision

One of the defining traits of entrepreneurship is the ability to spot an opportunity, and imagine something where others haven’t. Entrepreneurs have a curiosity that identifies overlooked niches, which puts them at the forefront of innovation and emerging fields.

  • Self-belief

Self-confidence is a key entrepreneurial trait. You have to be crazy-sure your product is something the world needs, and that you can deliver it to overcome the naysayers, who will always deride what the “majority” has yet to validate.

  • Flexibility

Business survival, like that of the species, depends on adaptation. Your final product or service likely won’t look anything like what you started with. Flexibility that allows you to respond to changing tastes and market conditions is essential.

  • Rule-breaking

Entrepreneurs exist to defy conventional wisdom.

  • Resilience

Sir Winston Churchill once said, “Success is the ability to go from one failure to another with no loss of enthusiasm.”

  • Strong Sense of Self

Any entrepreneur will tell that there are numerous problems to overcome. Whether it’s not securing enough funding, proving the naysayers wrong, or facing the competition head on, it’s not easy being an entrepreneur.

Successful businesspeople have many traits in common with one another. They are confident and optimistic. They are disciplined self-starters. They are open to any new ideas that cross their path.

Here are ten traits of the successful entrepreneur:

  • Disciplined

These individuals are focused on making their businesses work, and eliminate any hindrances or distractions to their goals. They have overarching strategies, and outline the tactics to accomplish them. Successful entrepreneurs are disciplined enough to take steps every day toward the achievement of their objectives.

  • Confidence

Entrepreneurs do not ask questions about whether they can succeed or whether they are worthy of success. They are confident with the knowledge that they will make their businesses succeed. They exude that confidence in everything they do.

  • Open-Minded

Entrepreneurs realize that every event and situation is a business opportunity. Ideas are constantly being generated about workflows and efficiency, people skills, and potential new businesses. They have the ability to look at everything around them, and focus it toward their goals.

  • Self-Starter

Entrepreneurs know that if something needs to be done, they should start it themselves. They set the parameters, and make sure that projects follow that path. They are proactive, not waiting for someone to give them permission.

  • Competitive

Many companies are formed because an entrepreneur knows that he can do a job better than another. Entrepreneurs need to win at the sports they play—and at the businesses they create. An entrepreneur will highlight her own company’s track record of success.

  • Creativity

One facet of creativity is being able to make connections between seemingly unrelated events or situations. Entrepreneurs often come up with solutions that are the synthesis of other items. They will repurpose products to market them to new industries.

  • Determination

Entrepreneurs are not thwarted by their defeats. They look at defeat as an opportunity for success. They are determined to make all of their endeavors succeed, so will try and try again until it does. Successful entrepreneurs do not believe that something cannot be done.

  • Strong people skills

The entrepreneur has strong communication skills to sell the product, but sometimes lacks skills to motivate employees. He can be very good at highlighting the benefits of any situation, but not so good at coaching others to their success.

  • Strong work ethic

Successful entrepreneurs will often be the first person to arrive at the office, and the last one to leave. They will come in on their days off to make sure that an outcome meets their expectations. Their mind is constantly on their work, whether they are in or out of the workplace.

  • Passion

Passion is the most important trait of the successful entrepreneur. They genuinely love their work. They are willing to put in those extra hours to make the business succeed because there is a joy their business gives that goes beyond the money. The successful entrepreneur will always be reading about and researching ways to make the business better.

Successful entrepreneurs want to see what the view is like at the top of the business mountain. Once they see it, they want to go further. They know how to talk to their employees, and their businesses soar as a result. What we work on we will become.