Entrepreneurship is a journey that many are taking on. Unfortunately, not many succeed. External factors could be what causes many to fail, but usually, one’s qualifications are the main reasons for their downfall. Let’s take a look at what makes a successful entrepreneur.

What is an Entrepreneur?

An entrepreneur is someone who jumps off a cliff and builds a plane on the way down. ― Reid Hoffman

An entrepreneur takes the risk to create a business by providing a product or a service. They invest their time, resources and energy in a venture to gain some sort of profit. It can be either financial or social.

It is a challenging adventure that requires a lot from the person desiring to do it. There are a lot of qualities and skills one needs to be a successful entrepreneur. They make up what is called the entrepreneur profile.

What is an Entrepreneur Profile?

An entrepreneur profile is the traits and characteristics an entrepreneur possesses. No two people are alike; the same goes for entrepreneurs. Nonetheless, the most successful ones share some interesting qualities.

Risk-takers

Entrepreneurs more often than not deal with the unknown. Usually, there isn’t a guideline for the specific thing they want to accomplish. Even though there are general rules in business and entrepreneurship, there is no guarantee.

To be successful, be willing to take risks and work hard.  Many factors can impact your venture, no matter where you are on the journey. It’s up to you to decide how you will act.

Innovative

Entrepreneurs strive to make a difference. They have an eye to see something even if it doesn’t exist. Nowadays, things are rapidly changing. Entrepreneurs have to keep up with the market’s trends and demands. To grow and maintain their ventures, they constantly need to develop new ideas, methods, products and services.

Knowledgeable

Knowledge is power; it is a pillar of entrepreneurship. To succeed as an entrepreneur, you have to know a lot about your project and the business world. You don’t have to be an expert, but knowing enough about what you do is crucial. Know your field or domain, your clients and their needs, the market trends and the economy. Know the people you are working with, either your employees or your business partners. Always strive to learn more daily and exploit your knowledge to your advantage.

Committed 

Growing a business and keeping it alive is tough. According to this analysis, nine out of ten startups fail in Europe. Although there are many reasons why a business may fail, lack of commitment is the main reason. When you are an entrepreneur, you will face many challenges. External and internal factors may push you to give up on your goals. Your financial situation or your peers’ comments may discourage you. But you can accomplish great things if you push through. Keep going in the face of adversities.

Patient 

Anything worth having takes time. Launching a venture, staying committed to it and monitoring its success requires patience. There may be setbacks, delays, and challenges. The way to get through is by being patient. Don’t rush things; the result might be critical. Enjoy the process.

How to Develop Your Entrepreneur Profile?

What happens if you want to be an entrepreneur but lack one of these qualities? Do you give up on your dream? Obviously not. You only have to learn.

Having the suitable criteria to be a successful entrepreneur doesn’t come naturally. There are things you can do to develop your profile.

Stimulate your mind: if you lack innovation, let your imagination run wild. Avoid pressure. Think about the craziest ideas possible; it doesn’t have to make sense. Find inspiration in fictional books and movies, or brainstorm with your peers or yourself. Don’t worry if nothing comes at first. Your brain is like a muscle: the more it works, the more it develops.

Challenge yourself: get out of your comfort zone once in a while. Change your routine or habits. Try something new. Accept a dare to do something scary but safe, for example, parachuting. Do something out of the ordinary for you.

Learn: an entrepreneur will learn something at some point, even by trial and error. Nonetheless, it’s better to be proactive about your learning. Whatever interests you, research about it. Set time apart in your day just to do that. You can use whatever material you want: books, movies, podcasts, online classes or workshops. Know that you don’t know enough yet, no matter how much you know already. There’s always something to discover.

Play games: Games are a great way to target your commitment and patience. Build a puzzle. Better yet, do it where someone may disturb you and make your efforts to focus on the task. If you really want to challenge your patience, play with children.  Create a Lego game they can destroy and ask you to rebuild it again and again.

Conclusion

Having the qualifications to be a successful entrepreneur takes time and work. There are other valuable characteristics, such as being passionate about your venture. But your entrepreneur profile is what gets you going. Keep working on those attributes to list among successful entrepreneurs.

About the author
EWOR Team

EWOR is a school conceived by Europe’s top professors, entrepreneurs, and industry leaders. We educate and mentor young innovators to launch successful businesses.

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