Entrepreneurs are at the forefront of innovation through creation and invention. They are not only able to create products and services, but are also able to create jobs through their unique traits. They can facilitate a ripple effect through business sectors at the micro and macro level. But what are entrepreneurial qualities? What are the qualities and traits that separate the person who creates a business from the person who works for a business?
The Drive to Succeed
Drive and focus are the very marrow of the entrepreneur’s backbone. However, what does it mean to succeed? Where does this drive originate from? They are leaders that are able to see a problem and offer a viable way of fixing it. They are not in it to alter it in minute amounts or offer a temporary solution. They seek to offer a solution that will completely eliminate the problem altogether. It is a product and a service that makes people think, “Well I be damned. Why didn’t I think of that?” This is an innate entrepreneurial quality: the ability to think ahead of the pack and act upon it.
Risk-Takers: Smart Decision Making
Any person interested in starting a business needs to be a competitive risk taker. Entrepreneurs take risks that are backed up with sufficient qualitative and quantitative data. They do not make blind, stupid decisions. They take smart risks while charging ahead with confidence.
Cater to Market Demands
People who have successful business startups have learned to have a feel for market wants and needs, enabling them to know how to properly fill that need. They do not obtain this intuition as a result of some extra sense or magical power, but rather from observation of past trends, interpreting the current market situation, and knowing their audience and target niches. This trait allows them to reap the benefits of continued success.
Emotional Intelligence: Harness Relationships
Entrepreneurs have high emotional intelligence that enables them to relate with exceptional skill to other people. This skill tells them what will fail and what will succeed by observing how people around them act and react in the early stages of a product’s development. They may take a loss on certain products, but quickly learn what will work, as well as what will not work, and cut their losses more quickly than those who lack emotional intelligence.
The entrepreneurial spirit allows them to search for new channels, avenues, and resources to grow their business. They typically do not burn bridges, but rather focus their energy on building business and social networks in order to increase the size and success of their business.