Do you have dreams of walking away from your 9-to-5 and finally turning your great idea into a thriving business? Perhaps you’ve got a bit of the entrepreneurial spirit. Anyone with this ambition takes on the risks—and rewards—of their efforts.
Business leaders are unique, but they typically share certain personality traits that increase their chances of success. Here are some exemplary characteristics of entrepreneurship that you can explore.
What is entrepreneurship?
Entrepreneurship is the process of developing and running a new business to generate profit, while balancing financial risk. A great entrepreneur finds new ways to solve problems and deliver value to customers, often by introducing new products and services or creating new markets.
Ecommerce business owners are one type of entrepreneur. They leverage the internet to sell their products and services, using tools like social media and search engine optimization (SEO) to maximize their reach.
Five essential characteristics of entrepreneurship
You might have some or all of the entrepreneurial skills it takes to start a business. If you don’t, you can develop them over time. Traits of an entrepreneurial mindset include:
- Risk-taking
- Vision
- Discipline
- Adaptability
- Leadership
1. Risk-taking
You’ve likely heard the adage, “No risk, no reward.” That can be true when launching any business venture. The primary reward of starting a successful business is profit, while the inherent risk is failure—and the personal and financial setbacks this might entail.
About 75% of venture-backed startups fail for various reasons—cash flow problems, supply chain issues, high employee turnover, and even unforeseen events like a global pandemic—so successful entrepreneurs need some level of risk tolerance. Still, many entrepreneurs take steps to actively manage their risks and protect their business. For example, business founder Edwin Broni-Mensah launched his social impact company GiveMeTap, which aims to make safe water more accessible globally, as a side hustle before jumping in full-time.
2. Vision
Every venture starts with a vision: the desired direction of the business and its overarching pursuits, even if they seem difficult to achieve. Stakeholders, like your employees and investors, look to you—and your vision—for guidance, motivation, and decisive leadership, especially when the going gets tough. While your mission statement defines your organization’s business objectives and how it intends to reach them, you can also create a vision statement to declare your aspirational goals.
Consider Passionfruit’s vision statement: “To create inclusive clothing and accessories that enable you to show your pride all year round while giving back to our community.” This statement focuses on allowing people to express themselves through clothing and apparel. It reminds customers the brand is aligned with LGBTQ+ values and promises to support the community by giving back.
3. Discipline
When running a new venture, you sometimes get tired or run low on self-motivation. Entrepreneurs need the discipline to move forward and do the work—even when they don’t feel like it. Being disciplined can be especially helpful if you’re developing an entirely new business concept, like Sarah Paiji Yoo did when she created a company that makes tablet-form household products.
If you need to develop discipline, focus on establishing healthy routines like writing down your goals, creating a schedule, or exercising regularly. When challenges arise, be persistent until you reach your goal. Part of what makes a leader successful is their ability to use failures as opportunities to learn and grow.
4. Adaptability
While being prepared for every scenario is nearly impossible, adaptable business leaders adjust to change with a positive attitude. Adaptability is an essential personality trait in a world of evolving business practices and changing demands. Versatile leaders are comfortable with failure (or success) and have the resilience to overcome challenges quickly.
When entrepreneur Mike Salguero realized one of his businesses wasn’t taking off after several years, he noticed a different opportunity in the marketplace—shipping high-quality meat products under a subscription model—and started ButcherBox, which took off.
5. Leadership
Leadership is the ability to influence and guide others, whether a small team or a large company. Good leaders share their vision, develop well-rounded teams that complement their abilities, and have confidence in themselves and what they sell—skills that apply to every type of business.
Wrapping Up:
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Source: https://www.shopify.com/blog/characteristics-of-entrepreneurship