The word Entrepreneur is derived from the French word ‘entrepredre’ which basically means ‘to undertake’. An entrepreneur is an individual who establishes a business by undertaking the risk factor. In today’s generation where everyone is ‘wanna be entrepreneurs” people end up believing entrepreneur and businessmen as same but in reality, it's different. According to Peter Drucker (1964), an entrepreneur searches for change responds to it and exploits opportunities. Innovation is a specific tool of an entrepreneur hence an effective entrepreneur converts a source into a resource. (EassayUK, 2018). The qualities of a real entrepreneur are less known to individuals. Moreover, people aren’t aware of the attributes and obstacles that prevent an entrepreneur from succeeding.
The attributes an entrepreneur should possess to be successful are:
- Excellent Pitching SkillAn entrepreneur must have effective communication skills since they have to pitch their idea to a lot of people. Also, to understand if the idea can turn into a successful business or not they have to interact with general people many times. An entrepreneur should also be able to make people learn about their goal and also be able to make others work on it thus; entrepreneur should have effective communication skills as well as storytelling.
- PassionateHenry Ford had once said, Enthusiasm is a sparkle in your eyes, the swing in your gait, the grip of your hand and the irresistible surge of will and energy to execute your ideas. The journey of an entrepreneur is not easy because one cannot get successful without a struggle. Only a passionate person who is willing to not give up in the hardest time can become a successful entrepreneur.
- Risk TakerAs per the definition of an entrepreneur, the entrepreneur is first of all risk-takers than anything else. Not being able to play with risk isn’t what entrepreneur do as setting up a business from nothing is a risk itself. A person should take terms like risk-taker, burnout, and pressure as a part of the job description if they really want to become a successful entrepreneur.
- LeadershipAn entrepreneur should be able to lead, influence and motivate people. None becomes an entrepreneur alone; all of the successful entrepreneurs have someone to give credit to or account them behind their success. An entrepreneur loves working with people and helping them to achieve a common goal.
- AdaptiveA successful leadership should never hesitate to adopt change even though it's not easy. Change is a threat but they should be able to see change as an opportunity. Taking the example of Nokia and Kodak only if they adapted to the innovation they wouldn’t have faced a backlash.
The above mentioned points are some of the important characteristics a person should possess to become an entrepreneur. Now talking about the attributes that might be an obstacle for an entrepreneur to succeed are explained below:
- Short TemperedIf a person is short-tempered and isn’t calm enough than they need to self-doubt of their entrepreneur dream. It is because of an entrepreneur has to deal with a different type of people every day also they might have to say the same thing again and again, in this process if they end up losing their anger then they might also lose their dream. For example, in order to get investment an entrepreneur have to visit a number of corporate houses, talk to various people and share his/her idea of business, just because a person didn’t invest in his idea, he/she should not get angry rather they should move on and be hopeful about the future.
- ImpatienceAn entrepreneur should not only have the patience for achieving their goal but also should be able to enjoy the process of achieving their goal. I believe, an impatience person cannot stay at one place and if this happens with an entrepreneur then they won’t be successful in their life. For example, what will happen if a person gives up on their idea or a product/service just because people aren’t yet comfortable to invest in their product or service? Even if the product has potential due to their impatience character they will lose their market. Thus, having patience is really important.
- Ability to mobilize resourcesIt’s really important to have the capability to mobilize resources for an entrepreneur. It is because an entrepreneur have to make sure of the mobilization of 6M’s; Man, Money, Machine, Market, Material and Methods. Not being able to mobilize the resource correctly might lead a person’s idea to glance failure.
- Lack of Decision Making SkillNot having a decision making skill can lead to hard times especially for an entrepreneur. An entrepreneur really doesn’t have a room to procrastinate; they have to be quick at judgment and analysis of a situation most of the times. Not having an ability to make a sound decision under pressure might keep them in difficulties and this skill isn’t attained in one day of practice this skill is acquired with a lot of patience and practice. They should also be quick at prioritizing the task and make quick moves.
All in all, in my opinion, adapting or enhancing the quality of an entrepreneur doesn’t come in a blink of an eye; it requires a lot of practice. Only with proper commitment and perseverance, one can become successful entrepreneurs by following the above mentioned attributes.
EssaysUK. (November 2018). The Definition Of Entrepreneur Business Essay. Retrieved from https://www.ukessays.com/essays/business/the-definition-of-enterpreneur-business-essay.php?vref=1