Entrepreneurial Traits
An entrepreneur is an individual who identifies a business opportunity in a particular sector or region and starts a business by taking a risk for the sake of making profits. Entrepreneurs are said to have various traits that contribute to their success. One of the main characteristics of an entrepreneur is the determination for success. They start a business in an uncertain environment and sometimes the external risks of the business such as market fluctuations affect their businesses, but they still hold on.
The driving force in entrepreneurship is a passion for their work other than the monetary profits. Entrepreneurs can tolerate ambiguity (Burggraaf, 2008). This is a risk-taking character in them that enables them withstand the uncertainty in the market and potential failure of the businesses. It is the ability to overcome the fear of humiliation in case the business fails, missing payrolls, bankruptcy and running out of cash.
Entrepreneurs have clear visions on what they target to achieve. They can spot an opportunity where other people may not be able to find one. Their curiosity identifies the niches that have been overlooked and uses their innovative ability to provide products that eventually are accepted in the market. Self-belief is another major trait of entrepreneurs. They do not fear that the consumers will reject their products or that their ideas may seem out of place. They have the task-specific confidence that helps them gain confidence in the research they carry about a particular opportunity before venturing into the business (Julien, 2007). Entrepreneurs are flexible, a trait that enables them to change quickly with the changing business environment. Entrepreneurs have strong leadership skills thus can influence customers to buy their ideas.
In conclusion, entrepreneurs have high self-drive that makes them face challenges confidently. Their innovative traits help them improve the existing processes or come up with a new idea. Further, they have a high competitive spirit, a quality that motivates them to make their products better than their competitors (Burggraaf, 2008). Entrepreneurs have a high sense of integrity and fundamental ethics thus they can carry their business without conflicting with the society.
References
Burggraaf, W., & Flören, R. H. (2008). The entrepreneur & the entrepreneurship cycle. Assen: Koninklijke Van Gorcum.
Julien, P.-A. (2007). A theory of local entrepreneurship in the knowledge economy. Cheltenham, UK: Edward Elgar.
