20 Characteristics of Entrepreneurship for Success: Have you heard of entrepreneurs? How the characteristics of an Entrepreneur touch the level of success in any business? An Entrepreneur is any person who can forecast the needs for the future and passionate about creating something unique that can easily fulfill the needs of people by maximizing their profit. An entrepreneur is the owner of a business and works for themselves only with a motive to gain more and more profit and willing to take risks on the manufacture of products and providing services.
It is a fact that people want to establish their own business and become an Entrepreneur but they do not know whether they can manage a business like other Entrepreneurs, so here we have jotted down some vital characteristics of Entrepreneurship that will help people to accomplish great heights of success. But it does not mean that you require all the traits or the absence of these can impact your business negatively. After all, the success of a business depends on a lot of hard work and a bit of luck.
The concept of Entrepreneurship
To begin with, Entrepreneurship defines a person who is working for himself or herself. It seems like an image of a selfish man. Let us revisit the concept of Entrepreneurship once again to get an idea about certain characteristics.
An entrepreneur is a person who runs a business with a motive of earning profit and it involves a great amount of risk too. The venture that is undertaken by an Entrepreneur is known as Entrepreneurship. To exemplify, the commencement of a new business is a perfect example of Entrepreneurship.
Broadly speaking, the degree of Entrepreneurship varies and is not essential at all must be similar. It can be segregated into various categories such as starting from small scale to home businesses to multidimensional business firms that began from scratch.
20 Characteristics of Entrepreneurship for Success
Here, some of the best characteristics of an Entrepreneurship that is vital to cherish if the business wants to hit the list of top-notch business firms. We are going to enlist all these indispensable characteristics below that an Entrepreneur must possess to achieve success.
Capacity to take risks
The first and foremost trait of Entrepreneurship is the capacity to take the risk as the starting of any business involves a lot of risks that may lead to failing sometimes. A venture cannot be started without any reasonable amount of risk. An entrepreneur needs to have courage as well as the capacity to bear all the associated risks with a business.
In today’s world where we have done with all sorts of uniqueness and inventiveness, it is a priceless gift to innovate something whether it is a service or a product. Ideally speaking, Innovation refers to new as well as creative ideas with which you can commence a business and accomplish a considerable amount of profits. It can be attached to a product like a launch a product that no other business is selling and it may be a service that is in favor of people and less costly. Apart from this, if a business is doing any kind of work related to manufacturing and production efficiently and economically, and then it is also a decent sign of innovation.
For instance, a better example of innovation is launching a touch screen phone when people have only keypad cell phones. In capital-intensive industries, the replacement of manual work with machines can increase the speed of production and also lower down the need for workers.
An Entrepreneur needs to be visionary as the person needs to anticipate what will happen in the future and what will be the need of people and how they can meet the needs cost-effectively. With no future need for the venture, the Entrepreneur becomes aimless and never reaches the peak of success.
Read More: Role And Importance of Entrepreneurship
Needless to say, the leadership quality is a must in an Entrepreneur and it requires various resources to switch the vision into reality. Manpower is among the asset and widely required as they hired to perform several activities related to the business such as manufacturing, production, supplying and accounting and so on.
Not an Entrepreneur can tackle the burden of all the tasks attached to the business success and hence it is necessary to have the manpower. Being a leader, it is vital to give directions to the employees and lead them perfectly towards the avenue of goal achievement. With no directions, every employee is working independently in their directions and not for the accomplishment of the set target.
Any sudden situation can be a business opportunity and a good level of Entrepreneurship can only grasp the same. Thus these opportunities can be utilized for the betterment of the organization.
To exemplify, during the time of demonetization Paytm realized the importance of online transactions and thus, develop a system that helps people to transfer money from one bank account to another. In such a way, the firm grew massively and this was the golden period for Paytm.
Entrepreneurship ought to be done in a manner that all ideas, as well as skills, seem to be more confident in line with business success. If the confidence lies in Entrepreneurship, then the employees already get more confidence and it will result in some phase of goal fulfillment.
The confidence exists if the Entrepreneur is familiar with the industry and associated ups and downs in the environment. Some political and economical issues can be a hindrance in the path of success but some others could be favorable for business too. Such a piece of knowledge can help the business to make the right decisions on the spot.
As the situation in a business atmosphere changes from time to time, so the Entrepreneurship ought to be flexible and open to adjust it with any circumstances. People always want a change and some changes are required to match the customer’s taste is vital. SO, Entrepreneurship should ready to introduce change in a product or service.
Know Ins and Outs of Product
The product offered by the business firm should meet the latest trends in the market. It is necessary that all the manufactured products and services ought to meet the demands of the current market. If not, then point out the need and male changes accordingly.
Entrepreneurship is a kind of economic activity as it involves creating and operating an organization to gain profit and ensure the optimum utilization of resources. It focuses more on the creation of wealth and value.
Frankly speaking, Entrepreneurship is a dynamic activity that is performed continuously, no matter what are the circumstances even in an uncertain business atmosphere. Thus, Entrepreneurship is known as a dynamic force.
Entrepreneurship is a two-way path as one way is to invest in any product or service with a high level of risk and another way is to expect a high level of return on investment in the form of profit. With the absence of profit potential, all the efforts of the Entrepreneur will remain only a theoretical task and nothing more than that.
This is a characteristic of an Entrepreneurship that can make or break the business. As if the Entrepreneur has the curiosity to do something unique and different in their products and services, then they can beat the competition as the taste of customers never remains the same. The Entrepreneur should ask themselves: How to improve the business? How can create something unique? Something out of the box can be of huge significance.
In the outside world, anyone can find some inspiration however the successful Entrepreneurs are self-inspiring as they find inspiration in creativity. The inventiveness lies in Entrepreneurship from scratch and they are always interested in making things happen.
It is well said that “Genius is one percent inspiration and ninety-nine percent of perseverance”. Most of the people think that Entrepreneurship is only made for intelligent people and is not a cup of tea for common people. However, it is a myth like if you are working like crazy for your venture and want it on the top, then it is not necessary that you must have some kind of divine inspiration.
It is not a simple task to become exceptionally hard-working and it does not happen overnight in any circumstances. Having the drive to work hard is not at all enough.
Entrepreneurship needs to be tenacious in all sorts of circumstances and it is a must to succeed in the business sphere as an Entrepreneur. Tenacity is the ability of a person to continue working even when they get tired and don’t want to continue in tough times.
As similar to that of tenacity, another characteristic is resilience that is vital for Entrepreneurship. An Entrepreneur must find some creativeness all the time and always looking for something unique. No matter whatever the situation is, startup business with new inspiration and recover all the past things.
Craving for competition
An enterprise is nothing without competition and a successful Entrepreneur always have thirst for competing with other rivalries. Competition always exists as there is already a market for your product. In addition to this, appreciate competition and beat the opponent at the hit list.
Also See: Types of Entrepreneurship with Examples
All these characteristics are required for an Entrepreneur to achieve the great heights of success. A huge success of a venture depends on how you treat the business. In addition to these brilliant traits, a significant aspect of a business is viability which is associated with having business education that plays an important role. An individual with all these characteristics get benefited the most and also appear among the top-notch Entrepreneurs.
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