Characteristics or Features or importance of successful Entrepreneurs or explain the personal Features of Entrepreneurial Leadership.

Characteristics or Features or importance of successful Entrepreneurs   or explain the personal Features of Entrepreneurial Leadership.

Answer:

Entrepreneur:

            An Entrepreneur is an individual who undertakes the risk associated with creating, organizing, and awning a business.

Entrepreneurship:

            It is the process of starting a business, a startup company or other organization.

Characteristics or Features:

            There are ten features or characteristics of Entrepreneurship.

1)      Risk Taking:

            Entrepreneurs are risk takers ready to drive deep into a future of uncertainty. But not all risk takers are successful entrepreneurs. Successful entrepreneurs are will to risk time and money on knowns, but they also keep resources plans, and bandwidth for dealing with “unknown unknowns” in reserve. When evaluating risk, a successful entrepreneur with ask herself, is this risk worth the cost of My career, time and money? And. What will do if this venture doesn’t pay off?

2)      Self – belief, hard work & Disciplined Dedication.

            Entrepreneurs enjoy what they do. They believe in themselves and are confident and dedicated to their project. Occasionally, they may show stubbornness in their intense focus on and faith in their idea. But the flip side is their demonstrated discipline and dedications.

3)      Adaptability & flexibility.

            It is good to be passionate or even stubborn about what you do. But being inflexible about client or market need will lead to failure. Remember, an entrepreneurial venture is not simply about doing what you believe is good, but also making successful business out of it.

4)      Understand your offering and its market.

            Entrepreneurs know their product offering inside and out. They also know the marketplace and its dynamics inside & out. Remaining unaware of changing market needs, competitor moves and other internal factors can bring even great products to failure (for example, Blockbuster)

5)      Money Management.

            It takes times to get to profitability for any entrepreneurial venture till then, capital is limited and needs to be utilized wisely. Successful entrepreneurs realize this mandatory money management requirements and plan for present and future financial obligations. Even after securing funding or going fully operational, a successful business man keeps a complete handle on cash flows, as it is the most important aspect of any business.

6)      Planning (But not over planning)

            Entrepreneurship is about building a business from scratch while managing limited resources (including time, money and personal relationships). It is long term commitment, and attempting to plan as much as possible at the beginning is a noble impulse. In reality, however, planning for every thing and having a ready solution for all possible risks many prevent you from even taking the first step. Successful entrepreneurs do keep some dry powder in reserve, but more importantly they maintain a mindset and temperament to capable of dealing with unforeseen possibilities.  

7)      Networking Abilities.

            How do you tap your Network for solutions, may people seek comfort in commiseration: friends colleagues and neighbors are happy to complain with your about “the global slowdown” poor demand, or unfair competition;  but that won’t improve the bottom line. They reach out to mentors with more experience and intensive networks to seek valuable advice.

8)      Being prepared to take the Exit

            Not every attempt will result in success. The failure of entrepreneurial ventures is very high. At times, it is absolutely fine to take the “practical” exit route and try something new, instead of continuing to make sunk cost investments in the some venture. Many famous entrepreneurs weren’t successful the first time around. But they had the serenity and foresight to know when to cut their losses.

9)      Entrepreneurs Doubt themselves but not too much.

            You may ask yourself, am 1 an entrepreneur? And the very question may put you in doubt about the answer. Even if you don’t have the flair of Steve jobs or the hair of Elon musk, if you have the courage to ask yourself intimidating questions. Can I do this? Do I want to do this? You have the stuff to be an entrepreneur.

Instead of worrying about fitting the image of the perfect entrepreneur, check in with your gut

10)   Passion & Motivation.

            The one word that describes the basic requirement for and entrepreneurship venture is “passion”

ü  Is there something that you can work on over and over again, with out        getting bored?

ü  Is there something that keeps you awake?

ü  Is there something that you have built and want to continue to improve       upon?

ü  Is there something that you enjoy the most and want to continue doing for the rest of your life?

      Your demonstration of passion and motivation will determine your success in any entrepreneurial venture. From building and implementing a prototype, to parching you idea to venture capitalists, success is a function of passion and determination.