Entrepreneurial Characterisitics
Entrepreneurial Characteristics
- Innovative: Entrepreneurs often come up with new ideas for products or services, or for ways to improve existing ones.
- Risk-taking: Entrepreneurs are willing to take calculated risks to achieve their business goals.
- Self-Motivated: Entrepreneurs are driven to achieve their goals and are willing to put in the hard work necessary to succeed.
- Visionary: Entrepreneurs can visualise the future and how their actions will impact it.
- Adaptable: With the ability to react quickly to unforeseen circumstances, entrepreneurs can pivot and shift their plans as required.
Skills and Comfort with Ambiguity
- Leadership: Ability to inspire and lead others towards achieving the business goals.
- Decision-making: Entrepreneurs need to be confident in their decisions under conditions of high uncertainty.
- Persuasion and Negotiation: Critical when dealing with stakeholders including investors, customers, and employees.
Entrepreneurial Passion and Perseverance
- Perseverance: Entrepreneurs often face many challenges in their journey and a common trait among successful entrepreneurs is never giving up.
- Passion: Entrepreneurs love what they do; this passion drives their ambition and helps them overcome obstacles.
Degree of Internal Locus of Control
- Internal Locus of Control: Entrepreneurs believe that they can influence their outcomes and don't rely on external factors or luck.
- Responsibility: Accepting and learning from failures and making necessary improvements shows a high degree of accountability.
Entrepreneurial Alertness
- Alertness to Opportunities: Entrepreneurs are always scanning the environment for new business opportunities.
- Problem-solving: Good at identifying problems and coming up with innovative solutions.