An entrepreneur is defined as an individual who organises/operates a business and tends to take more financial risks in order to achieve success within their start-up business. Entrepreneurship consists of individuals who have high aspirations however, the lifestyle is not as lavish as it may appear in films or TV shows. Success as an entrepreneur is not guaranteed but with the right attitude and vision anything is possible. Entrepreneurs have brought vast economic growth and social advancements in recent years however, there is various key attributes that determine what makes an entrepreneur successful.
One of the first key attributes in succeeding as an entrepreneur is innovative thinking. A creative individual who can identify a gap in the market and capitalise on this with an innovative product/service is one of the first signs of a successful entrepreneur. Identifying a gap in the market can be accomplished through analysing and evaluating competitor’s so that you can differentiate yourself. In addition to this, focusing on trends in your area of expertise on a global scale can allow for gaps in the market to be discovered. Linking to this, adaptability is vital to achieving your objectives as an entrepreneur as new challenges will present themselves every day, such as facing rejection, and being able to overcome these will be vital.
Furthermore, determination and risk-taking are crucial attributes for an entrepreneur to achieve success as calculated risks must be taken whenever necessary. An entrepreneur must be determined to continue taking risks even when mistakes are made.
Passion and motivation are arguably the most important traits that an entrepreneur must possess in order to become successful as focussing on achieving the long term goals is vital for overcoming any challenges that present themselves in the early stages of the business. Tackling obstacles at stages across your journey can require the individual to stay motivated surrounding their business and persistence is essential to achieve objectives.
The key skills discussed are the underlying factors in what can make an entrepreneur successful.
Vivolution is a management consultancy in Glasgow with focus being placed on supporting start-up/scale-ups who have aspirations of revolutionising the healthtech, fintech and digital industry. Read more about how we can help on our services page.