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Entrepreneurs: Key Characteristics and Skills, Exercises of Entrepreneurship

Royal Holloway, University of London (RHUL)Entrepreneurship

According to research, one of the most important qualities associated with successful entrepreneurship is passion. When people feel commit- ted to what they are ...

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11

Chapter 3

Entrepreneurs: Key Characteristics

and Skills

If your mind can

conceive it,

and your heart

can believe it,

then you can

achieve it!

Are All Entrepreneurs Alike?

While entrepreneurs have in common certain characteristics and skills,

there is a wide range of individuality among them. In sports, some

athletes do well because they love a sport and are trained to play it.

They have developed their skills. Others are full of natural talent and

require much less special training. Still others simply find their own

successful approach to playing a sport even though they may not have

been trained.

Entrepreneurs are the same way.

Some receive formal training

and skill development. Others

have a natural flair for it. Still

others break every rule or

devise very unusual approaches,

but still succeed. Which do you

think would be

your

style?

While there is no recipe for be-

coming a successful entrepre-

neur, certain

characteristics

are associated with entrepre-

neurial success. Here are

several important ones.

Do What You Love

According to research, one of the most important qualities associated

with successful entrepreneurship is

passion

. When people feel commit-

ted to what they are doing and when they care deeply about it, they

stand the best chance of being successful at it. The heart must become

an ally of the mind. Think about this popular business saying:

If your mind can conceive it,

and your heart can believe it,

then you can achieve it!

Entrepreneurs typically care more about

what

they are doing than how

much money they might make. They must earn an income, of course, or

they cannot continue to be entrepreneurs; however, the amount they

earn often is secondary to achieving their goals.

Partial preview of the text

Download Entrepreneurs: Key Characteristics and Skills and more Exercises Entrepreneurship in PDF only on Docsity!

Chapter 3

Entrepreneurs: Key Characteristics

and Skills

If your mind can

conceive it,

and your heart

can believe it,

then you can

achieve it!

Are All Entrepreneurs Alike?

While entrepreneurs have in common certain characteristics and skills,

there is a wide range of individuality among them. In sports, some

athletes do well because they love a sport and are trained to play it.

They have developed their skills. Others are full of natural talent and

require much less special training. Still others simply find their own

successful approach to playing a sport even though they may not have

been trained.

Entrepreneurs are the same way.

Some receive formal training

and skill development. Others

have a natural flair for it. Still

others break every rule or

devise very unusual approaches,

but still succeed. Which do you

think would beyour style?

While there is no recipe for be-

coming a successful entrepre-

neur, certain characteristics

are associated with entrepre-

neurial success. Here are

several important ones.

Do What You Love

According to research, one of the most important qualities associated

with successful entrepreneurship is passion. When people feel commit-

ted to what they are doing and when they care deeply about it, they

stand the best chance of being successful at it. The heart must become

an ally of the mind. Think about this popular business saying:

If your mind can conceive it,

and your heart can believe it,

then you can achieve it!

Entrepreneurs typically care more aboutwhat they are doing than how

much money they might make. They must earn an income, of course, or

they cannot continue to be entrepreneurs; however, the amount they

earn often is secondary to achieving their goals.

Entrepreneurs

are self-reliant,

opportunity-

focused, willing

to take risks

and thrive on

competition.

If I Think I Can... I Can!

Another key quality of the successful entrepreneur is

self-confidence. If you are thinking that you

would like to be an entrepreneur, do you have

confidence in your ability to succeed? Every

entrepreneur encounters problems, and you

have to believe you can overcome them.

If you feel you lack self-confidence,

perhaps you’re not fully appreciative of

your past accomplishments. Think about all the things you’ve done.

Have you participated in activities at school like music, art and sports?

Have you held part-time jobs? Do you do chores regularly at home?

When you think about all of the things you have accomplished, you will

find that you have every right to be self-confident. Successful entrepre-

neurs believe not only that they arecapable of success but also believe

that they areworthy of success.

Entrepreneurs are self-reliant. They do not wait for others to tell

them what to do. They are self-starters and feel confident making

decisions.

Entrepreneurs have other qualities as well. To accomplish their goals

and make their vision a reality, successful entrepreneurs must have

drive, persistence, the ability to complete tasks, and be

willing to work hard. Additionally, they are

opportunity-focused and forward-looking.

They are able to set both short- and long-term

goals. They create a vision of what they

want their future to be, and then they

work to achieve it. These are some of

the qualities that help them see

problems as opportunities.

As we discussed earlier, entrepre-

neurs are willing to take a risk.

While most people try to avoid risk,

Activity: In your Personal Journal , turn

to page 4 and complete the activity entitled

“ Are You a Potential Entrepreneur?

Part 1: Entrepreneurial Characteris-

tics—A Personal Review and Assess-

ment. ”

Some Entrepreneurial Skills You

Must Have for Success

As with any sport, having the right attitudes

and characteristics can carry you only so far.

You also need the skills that will help you

succeed. However, unlike personal character-

istics and attitudes—which can often be hard

or impossible to change—entrepreneurs can

acquire skills if they are willing to learn them. Additionally, they can

hire people to work for them who have the needed skills. Either way, the

following skills are important if the entrepreneur’s business is to succeed.

Ability to Plan: The ability to plan is a key skill for entrepreneurs.

They must be able todevelop plans to meet goals in a variety of areas,

including finance, marketing, production, sales and personnel (hiring

and maintaining productive and satisfied employees).

Communication Skills: Entrepreneurs should be able toexplain,

discuss, sell and market their good or service. It is important to be able

to interact effectively with your business team. Additionally, entrepreneurs

need to be able to express themselves clearly both verbally and in

writing. They also should have strong reading comprehension skills to

understand contracts and other forms of written business communication.

Marketing Skills: A business’s success or failure is very dependent on

whether the business reaches the market (its potential customers), inter-

ests the market andresults in those in the market deciding to buy. Many

entrepreneurs who failed started with an innovative good or service that

with proper marketing could have been very successful. Good marketing

skills—that result in people wanting to buy your good or service—are

critical for entrepreneurial success.

Good marketing

skills—that result

in people wanting

to buy your prod-

uct—are critical for

entrepreneurial

success.

▲^4

Activity: Are You a

Potential Entrepreneur?

Part 1: Entrepreneurial Characteristics— A Personal Review and Assessment Select the number that best indicates what you believe about each of the following. At the extremes, “1" means “strongly disagree,” while “10” means “strongly agree.” I am a person who: Is passionate, with strong feelings about things personally important to me .................. 1 2 3 4 5 6 7 8 9 10 Is self-confident ................................. 1 2 3 4 5 6 7 8 9 10 Has high self-esteem .......................... 1 2 3 4 5 6 7 8 9 10 Is capable of accomplishing whatever I set out to do ...................... 1 2 3 4 5 6 7 8 9 10 Is self-reliant ..................................... 1 2 3 4 5 6 7 8 9 10 Is opportunity-oriented ........................ 1 2 3 4 5 6 7 8 9 10 Is forward thinking ............................. 1 2 3 4 5 6 7 8 9 10 Has vision and goals ......................... 1 2 3 4 5 6 7 8 9 10 Has drive and ambition ...................... 1 2 3 4 5 6 7 8 9 10 Is willing to work hard ........................ 1 2 3 4 5 6 7 8 9 10 Is willing to take a risk ........................ 1 2 3 4 5 6 7 8 9 10 Is competitive, especially against myself .................................. 1 2 3 4 5 6 7 8 9 10 Is creative ........................................ 1 2 3 4 5 6 7 8 9 10 Is willing to learn ............................... 1 2 3 4 5 6 7 8 9 10

Strongly Disagree Strongly Agree

Chapter 3: Entrepreneurs: Key Characteristics and Skills

If it is over 100, you are a good candidate to consider entrepreneurship Add up your score.

as a career. But here’s the surprise: If you scored less than 100, you may also be a good candi-

date for entrepreneurship. Remember, there is no set formula for who can or cannot be a successful

entrepreneur. The purpose of this activity is to help you explore your interest in and abilities for

entrepreneurship.

Entrepreneurs: Key Characteristics and Skills, Exercises of Entrepreneurship

Related documents

Partial preview of the text

Download Entrepreneurs: Key Characteristics and Skills and more Exercises Entrepreneurship in PDF only on Docsity!

Entrepreneurs: Key Characteristics

and Skills

If your mind can

conceive it,

and your heart

can believe it,

then you can

achieve it!

While entrepreneurs have in common certain characteristics and skills,

there is a wide range of individuality among them. In sports, some

athletes do well because they love a sport and are trained to play it.

They have developed their skills. Others are full of natural talent and

require much less special training. Still others simply find their own

successful approach to playing a sport even though they may not have

been trained.

Entrepreneurs are the same way.

Some receive formal training

and skill development. Others

have a natural flair for it. Still

others break every rule or

devise very unusual approaches,

but still succeed. Which do you

think would beyour style?

While there is no recipe for be-

coming a successful entrepre-

neur, certain characteristics

are associated with entrepre-

neurial success. Here are

several important ones.

According to research, one of the most important qualities associated

with successful entrepreneurship is passion. When people feel commit-

ted to what they are doing and when they care deeply about it, they

stand the best chance of being successful at it. The heart must become

an ally of the mind. Think about this popular business saying:

If your mind can conceive it,

and your heart can believe it,

then you can achieve it!

Entrepreneurs typically care more aboutwhat they are doing than how

much money they might make. They must earn an income, of course, or

they cannot continue to be entrepreneurs; however, the amount they

earn often is secondary to achieving their goals.

Entrepreneurs

are self-reliant,

opportunity-

focused, willing

to take risks

and thrive on

competition.

Another key quality of the successful entrepreneur is

self-confidence. If you are thinking that you

would like to be an entrepreneur, do you have

confidence in your ability to succeed? Every

entrepreneur encounters problems, and you

have to believe you can overcome them.

If you feel you lack self-confidence,

perhaps you’re not fully appreciative of

your past accomplishments. Think about all the things you’ve done.

Have you participated in activities at school like music, art and sports?

Have you held part-time jobs? Do you do chores regularly at home?

When you think about all of the things you have accomplished, you will

find that you have every right to be self-confident. Successful entrepre-

neurs believe not only that they arecapable of success but also believe

that they areworthy of success.

Entrepreneurs are self-reliant. They do not wait for others to tell

them what to do. They are self-starters and feel confident making

decisions.

Entrepreneurs have other qualities as well. To accomplish their goals

and make their vision a reality, successful entrepreneurs must have

drive, persistence, the ability to complete tasks, and be

willing to work hard. Additionally, they are

opportunity-focused and forward-looking.

They are able to set both short- and long-term

goals. They create a vision of what they

want their future to be, and then they

work to achieve it. These are some of

the qualities that help them see