SO...What IS an Entrepreneur?

What makes a great entrepreneur?    For starters, most famous entrepreneurs make their own luck. Oprah Winfrey, a famous entrepreneur,  recently said “Luck is a matter of preparation meeting opportunity” while talking with Simon Cowell about how he became so successful.

And what is an entrepreneur anyway?  The entrepreneur definition in Webster’s Dictionary is “one who organises, manages and assumes the risks of a business or enterprise.” 

So let’s look at the characteristics of a successful entrepreneur.  Some sources offer loads of different entrepreneurial characteristics,  from being creative to being able to describe situations with numbers, however let ‘s keep it simple for now.  Setting aside making your own luck, the common traits needed for becoming an entrepreneur include:

Self Belief

Entrepreneurs find their need for status is met through achievement rather than how big their house is or how many holidays they take each year.  They believe in trying things out, following their ideas and their self-belief builds through their experiences.  They are also able to deal with things not going to plan and can assume responsibility for their own failures and successes.  

Confidence

Entrepreneurs who feel in control of the situation will be persistent in the pursuit of their goals.  Confidence is bred from a positive attitude towards a challenge.

Determination and Persistence

Stories of famous entrepreneurs show they never give up.  They also get going, they don’t sit around, rather they have a sense of urgency to get up and do something...

"The critical ingredient is getting off your butt and doing something. It's as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer."
- Nolan Bushnell, founder of Atari and Chuck E. Cheese's

Desire for Challenge

This entrepreneur characteristic is about grabbing opportunities.

"An entrepreneur tends to bite off a little more than he can chew hoping he'll quickly learn how to chew it.”
- Roy Ash, co-founder of Litton Industries

Although most people think entrepreneurs are huge risk-takers, invariably they have assessed the situation and they are taking on the challenge not just the outright risk.

Leadership

Good entrepreneurs lead.   They assume responsibility, direct and organise.  As they need to be creative while they are doing this, their objective is not to wield power, but to drive forward.

Decision making

This is the balancing act, the juggling characteristic of the entrepreneur.  The bit that helps them to identify the relationship between parts and the whole, the bit that helps them conceptualise order, set goals and make the choices.

Vision

Without this there is no entrepreneur......

"Business opportunities are like buses, there's always another one coming."
- Richard Branson, founder of Virgin Enterprises