Page 3: Characteristics of an entrepreneur
There is no such thing as a typical entrepreneur. Some entrepreneurs are quiet and hard-working, while others are more outgoing and flamboyant. The key to being a successful entrepreneur lies in the ability to take an idea and then, through the process of innovation, develop it in such a way that it becomes a marketable product or service. Research indicates that there are a number of characteristics that are quite likely to be present in high-achieving entrepreneurs:
- The ability to learn from others – entrepreneurs tend to be good at networking. They benefit from being members of organisation like the IET where they can learn best practice ideas from others.
- Self confidence – a belief in their own abilities and ideas.
- Being innovative/inventive – being able to generate ideas, either for new products/services or new ways of applying them.
- Self motivation and determination – the drive to keep going and see things through.
- Showing initiative – it is necessary to have not only the ideas for the business, but also the detailed plans to achieve objectives (both thinking and doing).
- Analytical abilities – capable of researching and evaluating each aspect of the business, from development, through finance, production, to marketing and sales.
- The ability to make decisions and to take (considered) risks.
- A focus on results that ensures products are sold for a profit.
The combination of many of these skills and qualities, with the right support, ensures ideas do not just remain as dreams but become real, viable businesses.