What makes you a good entrepreneur?
Do you dream about starting our own business? And, can anyone become an entrepreneur?
When you look at the research, there are certain aptitudes, personality traits and business skills that tend to make you a more successful entrepreneur. But can you learn these skills? Or are these innate abilities that some entrepreneurial people are just born with?
Let's take a look at what makes a good entrepreneur.
What drives someone to become an entrepreneur?
There are upwards of 582 million entrepreneurs in the world. But what drives these people to start their own business? And why do so many reject the traditional path of a career as an employee in someone else’s company or organisation? On the whole, it comes down to three core drivers: freedom, passion and opportunity.
Respondents in recent research from [Search Logistics] (https://www.searchlogistics.com/learn/statistics/entrepreneurial-statistics/) gave their top three motivations on becoming an entrepreneur as follows:
- Being their own boss – 55% of entrepreneurs were motivated by the freedom of being the boss and stepping away from being an employee in the usual corporate structure.
- Pursuing their passion – 39% of entrepreneurs wanted to pursue a passion in a specific industry or niche, allowing them to follow an interest that’s close to their heart.
- Taking advantage of an opportunity – 25% of entrepreneurs made the leap to starting a business because the opportunity presented itself, and they took the risk.
The particular motivations which drive someone to found their own company are different for each person. But a desire for freedom and opportunity very often sit at the heart of the decision.
What are the key traits of a successful entrepreneur?
Entrepreneurs crave freedom and have a passion for grasping opportunities and turning them into workable and profitable business models. But are there specific character traits that make you more likely to take this entrepreneurial leap?
Every entrepreneur is unique, but there are some general characteristics that are likely to be found within a group of motivated entrepreneurs and business founders.
Many entrepreneurs will have:
- Visionary mindset – entrepreneurs possess the ability to envision future opportunities, set ambitious goals and develop a clear direction for their ventures.
- Resilience – successful entrepreneurs are good at bouncing back from failures, persevering through challenges and maintaining a positive mindset.
- Adaptability – entrepreneurs are usually highly flexible and open to change, helping them to adjust their strategies and business models to changes in the market.
- Risk-taking propensity – willingness to take calculated risks is crucial for entrepreneurs, allowing them to seize opportunities and drive innovation.
- Strong leadership skills – entrepreneurs inspire and motivate their teams, effectively communicate their vision and make sound decisions in dynamic business environments.
Talk to us about boosting your entrepreneurial skills
Does this sound like a description of you? Perhaps you relish the possibility of taking a calculated risk as an owner but feel your leadership skills are somewhat lacking. Or maybe you have immense vision for your business but find it difficult to deal with the highs and lows.
Whatever your current entrepreneurial skill set, we can work with you to refine and boost your abilities as a business leader. Working with a business mentor not only helps you push yourself to do better, but also lightens the load of being the sole captain of the ship.
Get in touch to talk about business mentoring.
If you want to learn more about this topic and how we can help your business, contact us to set up a FREE consultation so we can get started.
Binghay & Co are Accountants & Business Advisors located in Docklands, Melbourne.
