Entrepreneurs are sets of people with some peculiar characters and behavior. Their live is usually influenced by a plethora of factors, making them to cultivate qualities that propel the success of their venture. In this article, we identify why people become entrepreneurs and their common characteristics.
Why People Become Entrepreneurs
- The Desire for Independence
Most people become entrepreneurs because of the strong desire to have the authority to make their own decisions and hence are usually frustrated with rigid bureaucratic systems. The desire for autonomy may come at the early stage of life or much latter out of self-realization. Independence is the driving force behind modern entrepreneurship.
- The Quest for Fulfillment
Most entrepreneurs find working for others to be unfulfilling. They find it unfulfilling to work and help another person fulfill his or her dreams or make him rich.
- Job Satisfaction
Some become entrepreneurs because they are not satisfy with their current jobs as employees. The dissatisfaction may come from poor working conditions, poor remunerations or lack of passion for the job.
- Wealth Creation
Some become entrepreneurs because they desire to create wealth and build their own world.
Some become entrepreneurs because their current circumstances give them little or no option than to create something for themselves to earn a living. Examples are people who belong to deprived or minority class of the society, immigrants and ex- convicts
Common Characteristics Associated with Entrepreneurs
- Creativity and Innovation
New ventures usually emerged through an individual or collective creativity and innovation of the funders. This is the hallmark of entrepreneurship. All definitions of entrepreneurship recognizes creativity and innovation as the key elements of entrepreneurship
- Opportunity and Goal Orientation
They focus more on the opportunities available in the economy to take advantage of and they are goal oriented in their pursuit of such opportunities. They set high and attainable goals and focus their energy to achieve such goals.
- Take Initiative and Responsibility
They take the initiative to create something new, solve a problem or fill a vacuum where there is a gap in leadership and they take responsibility for the success or failure of their initiative. They do this because they like situations where their personal impact on something can be measured.
- Persistence in Solving Problems
Entrepreneurs don’t give up easily in solving difficult problems but they are also realistic, recognizing what they can do and what they cannot do as well where they can get help.
Most entrepreneurs have pre-determined vision of where they want their business to be in terms of performance and expansion. Sometimes, their vision develops as they begin to realize what their business is and what it can become.
- Self-confidence and Optimism
Entrepreneurs are confident in their ability to solve problems and hardly see any problem as unsolvable.
- Ability to Build a Team
Successful entrepreneurs have the ability to assemble highly qualified and well motivated team to help them contribute to the growth and development of their venture.
- Tolerance for Ambiguity
Entrepreneurs usually have to deal with a lot of uncertainties and continuous change which brings ambiguity and stress. They usually don’t allow such ambiguity to affect them negatively.
- Take Calculated Risk
Risk taking is very common among entrepreneurs. However, they try to study risk dimensions and usually do everything possible to get the odds in their favor.
- Integrity and Reliability
Entrepreneurs place high premium on these qualities because it helps them to build good business relationships.
- Tolerance for Failure
Entrepreneurs see failure as learning experiences and hence have high tolerance for failure.
If you are thinking of being an entrepreneur, it will helpful to evaluate your reasons and the qualities you have that will contribute to your success.