Entrepreneurship – What it takes to be an Entrepreneur

So they had a little business experience? No problem; they could always find a grown-up, like eBay CEO Meg Whitman, to handle the operations. Not surprisingly, many young people came to believe entrepreneurship was a safe career choice. More than a few of their elders, too, underestimated the risks involved in financing start-ups and ended up pouring millions of dollars into doomed ventures.

The economic downturn has shattered those illusions. Now as we sift through the debris of hundreds of failed internet companies, it's a good time to ask the hard questions that many would-be entrepreneurs – and those who bankrolled them – overlooked in the heady days of the boom: what really makes an entrepreneur? What characteristics set successful entrepreneur apart, enabling them to venture against all odds and keep them alive even in the worst or times? Do you have those characteristics, and if you don't, can you develop them?

The truth is, real entrepreneurship is a far cry from managing an established business and farther still from the sanitized model that became popular during the late 1990s. the research says there are intriguing similarities in the way that successful entrepreneurs behave, similarities that hold true no matter the country or industry involved. Winning entrepreneurs feel comfortable striking the boundaries of property. They are passionate enough about their idea to assume enormous personal risks – powerful enemies, bankruptcy, even jail – to realize their dreams. However grand their vision they are ready to start small and patiently scrabble in the mud for any idea they can swing. Profoundly opportunistic, they will do what ever it takes to win the confidence of their customers and investors, knowing that simply staying in the business is the only thing that matters.

Drypen provides action-oriented intelligence for management professionals that's smart, useful, crisp and just a click away

Similar Topics :


Advertising



One Response to “Entrepreneurship – What it takes to be an Entrepreneur”

  • Jeff Baas says:

    I think you’re right. It’s definitely time to assess what it really takes to be an entrepreneur.

    Having worked with many people making their first business venture online, I’ve seen how few have any idea what it entails. And I agree that even those who have had more complete preparation for that step often don’t have the full picture.

    One key element that I didn’t find in your list of characteristics of an entrepreneur, though, is a sincere desire to solve their customers’ problems and meet their needs. And that’s the exact characteristic that I feel trips many would-be entrepreneurs up.

    If the focus remains on “How can I get customers to do what I want them to do, regardless of the outcome for them,” that business owner’s business is going to be short-lived. If customers are pawns to be maneuvered and sacrificed, if necessary, for the business owner’s gains, you soon run out of pawns.

    If a business owner’s bottom line is measured strictly by dollars and cents, with no inclusion of customer satisfaction, the business is dangerously compromised. I’m firmly convinced that one of the key traits of a successful entrepreneur is a passion for meeting customers’ needs.

Advertising

Enter your email address:

Delivered by FeedBurner

Links
Alexa rank

Alexa rank is 10228521.

PHP/MySQL Components, WordPress Plugins, and Technology Opinions at TravisWeston.com