Characteristic of Entrepreneurs

How do you know if you have the characteristic of entrepreneurs? Start with yourself. Entrepreneurship requires more than a dream, and much more than a desire to have independence from the workplace. Be sure you have the right traits to make your business succeed. Ask: Am I a self-starter? Entrepreneurship requires you to get clients, organize details, and complete projects. No one will make you accountable for what's accomplished. If you're good at follow-through, and making good on your promises, you've passed the first test. Can I work with different people? You must be able to work with different personalities from customers, to professionals such as accountants, lawyers, and bankers. All will want to be treated a certain way. If you're a people-person, you'll do well. Can I think fast? You must be good at making decisions quickly, intelligently, and under pressure. You won't be given all the details, and if you wait, you'll could lose a huge customer. Understand that you must be comfortable with your decisions without having all the facts. Am I good at planning and organizing? Most businesses fail because of poor controls in financials, inventory, schedules, and production. Most set goals, and fail to achieve them. If you're good at planning and organizing, you're a step ahead of 99% of people who start their businesses. Most importantly, am I driven enough? Building and running a business can require you to work 80-hour work weeks. It can take a toll on your psyche if you lack the ambition required; but if you do have the drive, it will pull you through barriers and periods of burnouts. If you did well on all of these tests, you have the needed characteristic of entrepreneurs to make your business succeed.

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Posted on February 18

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