ARE YOU AN ENTREPRENEUR?

You may be an entrepreneur but not paying attention to these characteristics or you may possess these characteristics but have not put them to use. Analyze yourself as you read.

1. Risk Bearing Ability

The entrepreneur must have the capacity to bear risk. This is because the new venture is created in an uncertain and risky environment. Many entrepreneurs have succeeded by avoiding risk where possible and seeking others to bear the risk. This means that entrepreneurs bear calculated risks and are more than glad to let others bear their risk when it is convenient for them.

2. Technical Knowledge

Depending on the kind of venture created, the entrepreneur must have technical expertise about production techniques and marketing.

3. Ability to Gather Financial and Motivational Resources

Financial and motivational resources are needed for the creation of the new business. Sometimes the entrepreneur, as an individual may not have these resources but he/she should have the ability to gather it from those who have it.

4. Self Confidence and Multi-Skilled

The entrepreneur must have self-confidence and believe in him/herself. Self-confidence is an important characteristic that enables individuals to handle any situation without having inferiority or any other type of complex. The entrepreneur also has to be a jack of all trade and master of all. He/she must possess different skills unlike other individuals. For instance, assuming an entrepreneur is a marketer, the entrepreneur should not only possess marketing skills and interpersonal skills but also language skills.

5. Confidence

The entrepreneur must be steadfast and resolute and be ready to move on even in the face of adversity. He/she should be a ‘never say never’ kind of person; the entrepreneur is always positive about situations.

6. Innovative skills

The entrepreneur may not necessarily be an 'inventor' but the one that can make a difference; he/she should be able to see what others cannot see and be able to carve out a new niche in the market place.

7. Results-Orientated

The entrepreneur is one who knows how to get results under any circumstances either with others or through others. The entrepreneur does this by setting

goals and ensuring that such goals are doggedly pursued by all concerned willingly and with joy.

8. Risk-Taker

The business environment is dynamic and filled with uncertainties and risk. In order to succeed, the entrepreneur has to take risk. Successful entrepreneurs take calculated risks and in some cases shift the risks to others.

9. Total Commitment

Starting a new business is a serious exercise that requires a lot of commitment and hard work. It is like bringing a child into the world and nurturing the child to adulthood. This requires commitment, dedication, hard work, energy and single-mindedness otherwise the ‘child’ (i.e. business) may die prematurely.

10. Calm

Entrepreneurs need to be cool, calm and collected. They have to remain calm even when exposed to stress, emergency or crisis situations.

11. Focused

In getting things done and starting and maintaining a business attention has to be paid to a lot of details. Small things when not handled properly or noticed on time may lead to disastrous outcomes.

12. Tolerance

The entrepreneur has to relate and deal with people in any situation. People vary in terms of their perceptions, personality, motivations and attitudes amongst other things. The entrepreneur needs to be tolerant while not being weak, in order to get things done.

13. Balance

Though, the entrepreneur is a human being, he/she has to be like a super human being in order for him to succeed. To this effect, he/she has to be able to balance all emotions and characteristics and remain focused and objective while having emotional or mental strength and resilience. This need to be kept in balance.

14. Versatility

The entrepreneur has to be versatile and be ready to learn and use information technology and other technology to your advantage. Technology now plays a very important role in entrepreneurship.

15. Seriousness

The entrepreneur has to believe in him/herself and the business and get things done with total seriousness. Talk about your business with confidence and serious minded. Be serious in your decisions and actions.

16. Planning Ability

The entrepreneur must be a planner; he/she must formulate goals and develop action plans to achieve them. Planning is important for “he/she who fails to plan, plans to fail!”

17. Prudence

The entrepreneur must be versatile in financial management. This is because finance is the life-wire of the business. Also, to achieve the profit objective, the entrepreneur must engage in efficient and effective financial management, and have sound financial policies and practices. All income and expenditure must be tracked and proper accounts kept.

18. Customer-Centric

Businesses are created to satisfy unmet needs. A successful entrepreneur must be able to anticipate customers’ needs and satisfy them through his/her product offerings. To do this effectively, the entrepreneur has to adopt a customer-centric or customer-focused approach. Offer what the consumer want and are ready to pay for.

19. Team Player

Creating a successful business is a one man business but maintaining and sustaining the business cannot be done by one person. The entrepreneur needs others to work with him hence he has to have a formidable or winning team. To this effect, the entrepreneur has to be an effective team manager and recruit the right team members but the entrepreneur’s most important team members are the customers for without customers a business cannot survive.

Sophron Ghana

www.sophronghana.com

info@sophronghana.com

+233272089911

Credits

Rockstar (2008)

Di-Masi (2010)

Stephenson (2010)

Hadzima and Pilla (2010)

LifeHack (2008)

Rockstar (2008)

Driessen & Zwart (2010)

National Universities Commission