Have you ever thought about what are some of the characteristics of entrepreneurs?
In over 20 years of being an entrepreneur and working with many different entrepreneurs, I am often intrigued by what entrepreneur characteristics separates entrepreneurs from other people. What motivates entrepreneurs to choose their decisions?
One of the first characteristics that separate them from other types of people is the mindset.
Mindset is a characteristic that can involve many aspects of entrepreneurs thought process.
Some of the entrepreneur characteristics that are part of mindset include:
- Positive Outlook
- Risk Takers
Let’s look at each:
Integrity – Integrity is the #1 characteristic and the foundation block of how successful entrepreneurs live their lives. Integrity influences almost every decision of the entrepreneur, who they choose to do business with, how they interact with their customers, how they manage their employees, and every other aspect of their business and personal life.People do business with people who they trust, but for the successful entrepreneur, integrity is part of their everyday life and part of the entrepreneur’s genetic makeup.
Positive Outlook– Most entrepreneurs see the glass half full versus half empty. This positive outlook motivates them to take calculated risks, believe in themselves and thrive under adversity. It also allows entrepreneurs to turn unfavorable situations to their advantage.
Risk Takers– on the surface many of the decisions that entrepreneurs make seem to involve a certain amount of risk. This is true and the amount of risk taken often depends on the situation. But what many people do not realize is that often the entrepreneur tries to limit the amount of risk taken by acquiring additional information, hiring people that have better expertise, noticing and analyzing opportunities that other people overlook, and making the most of their resources. Entrepreneurs thought processes consciously or subconsciously look to maximize results and minimize the risk to achieve the results.
Opportunist– Many entrepreneurs have taught themselves to see opportunities that few other people see. Often entrepreneurs move in the opposite direction of the masses. Where others see fear and failure, entrepreneurs see opportunity. Whether this is part of the entrepreneurs DNA makeup or whether it is a learned behavior or both, seeing opportunities, when others do not is crucial to the success of most entrepreneurs.
Passion– Passion is something almost all entrepreneurs have. For serial entrepreneurs, passion is about their lifestyle, freedom and the challenge of starting new businesses or enterprises. Lifestyle entrepreneurs display their passion in being able to earn a living doing the hobby or skill they love every day. For social entrepreneur’s passion is what drives them to bring about the change that they so desire in the environment or social aspect. So regardless of the type of entrepreneur passion plays a huge role in the mindset and behaviors of the entrepreneur characteristics.
So other than mindset what are some of the other characteristics of entrepreneurs?
Leadership– Most entrepreneurs are leaders. Leadership can be a learned skill or a skill that can be improved like any other skill. But most entrepreneurs are born with a natural ability to lead and then it can be an improvement upon with courses and coaching. But for the most part, leadership is a natural ability for most entrepreneurs. This is how they are able to motivate people and organize resources so effectively.
Team Concept– most entrepreneurs believe in the power of a team and understand that the unity and the uniform cohesive effort of a team will outperform any one individual. This is essential to the entrepreneur’s beliefs of organizing resources. Entrepreneurs understand the power in the speed of implementation and often find it more efficient to hire others to perform tasks than for them to invest the time in learning the skill themselves. This strategy depends on where the entrepreneur is in their career, the capital, the other resources they have as to how the entrepreneur builds their team.
Money Management– Another characteristic of entrepreneurs is that most have learned how to manage money. Whether it’s saving money for unexpected expenses or finding capital for the next businesses venture, most entrepreneurs realize that money is a resource. Therefore once entrepreneurs start viewing money as a resource, then they quickly learn that over a lifetime money may come and go. And during different periods of an entrepreneur’s life, if financial resources are lost, entrepreneurs know that money can be earned again by providing value to clients. Understanding these principles and often going through peaks and valleys of financial success, allows the entrepreneur to develop an incredible confidence and self-belief in their own abilities.
Creative Thinking– another characteristic of entrepreneurs is the ability to think creatively. Creative thinking is normally associated with the right side of the brain. But this creative ability allows entrepreneurs to view resources in a completely different aspect than normal individuals. This creativity helps in the organization and structure of the business, implementing tasks, utilizing resources, finding new resources and leveraging current resources. For many entrepreneurs, there are not many decisions, where creativity does not assist in the decision making process.
In conclusion, these are just some of the entrepreneur’s characteristics that separate entrepreneurs from other types of people. But these characteristics make up the very core of an entrepreneur and they are what motivate him or her to succeed and to view life differently than other types of people.
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