Distinctive Personal Entrepreneurial Traits

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Table of Contents

Introduction
Opportunistic
Creative-Innovative
Self-Confident
Vision
Willing to Take Risks
Drive and Determination
Conclusion

Introduction

The competition in the business world needs entrepreneurs to possess some enabling personal attributes to be successful. Entrepreneurship pushes one to the limit, ensuring they analyze the market well and know when to act. Due to the competitive nature of the business world, entrepreneurs must possess some distinctive personal characteristics to enable them to succeed, such as being opportunistic, creative-innovative, risk-takers, self-confident, determined, and visionary.

Opportunistic

Entrepreneurs must be opportunistic and see the possibility of success out in any chance that comes their way. Invariably, they are alert and view any change as a norm because they can get the best out of it. They scan the market in search of an opportunity, and they spot and grab it and ensure they benefit from it. This trait is coupled with a good knowledge of the industry and change in response to the prevailing market situation. For example, when the market prices for a given product drop dramatically, most investors bow out of the industry because of the fear of making huge losses. However, an entrepreneur views this market situation as an opportunity, so they position themselves strategically to wait for the right chance to reap big from the risky decision they make with the changing market circumstances. Therefore, entrepreneurs are opportunists because they adjust to the times and seize business opportunities to leverage the fluctuating market trends.

Creative-Innovative

Entrepreneurs are creative-innovative because they generate ideas on many aspects and devise a plan on how to handle a business situation because of the competitive nature of the market. They examine problems from various perspectives and formulate possible solutions that other people may not see. This is the reason why entrepreneurs generate an endless flow of ideas for individual investors and corporations.

The success of any business hugely depends on innovation, which entrepreneurs offer. For example, a company that has been making losses and receiving negative customer reviews turns to an entrepreneur to see if they can find a solution to their problem. Since entrepreneurs are creative and innovative, the business gets ideas that help meet their clients’ needs, and their profits begin to rise once again. Additionally, entrepreneurs exploit these new ideas and help companies improve their processes. Creativity and innovation always coexist, and entrepreneurs need both to generate solutions to the problems. Therefore, entrepreneurs are creative-innovative because they improve something that already exists or changes it to respond to the customers’ needs due to the market’s highly competitive nature.

Self-Confident

Entrepreneurs are self-confident because they believe in their skills, abilities, and judgments wholeheartedly. A lack of this exceptional skill makes it easy for one to be resentful, demoralized, and frustrated when one fails to meet set targets. However, entrepreneurs do not fear going beyond unchartered territories because they believe the risk is worth it. Self-confidence implies that a person will not hesitate to make a difficult decision because they have faith in their capability. With every situation they encounter and create a solution out of, they build their enthusiasm.

Even in the wake of uncertainties and the possibility of negative results, entrepreneurs do not allow any pessimistic thoughts to hinder them from accomplishing success. Sometimes, the market situation is unpredictable, and any wrong move will cause disastrous results and massive losses. In this case, an entrepreneur sits down and considers the available options and then focuses more on one they believe will enable them to realize success. Therefore, since they believe in their abilities and skills, entrepreneurs do not allow pessimistic externalities to block them, increasing their enthusiasm.

Vision

Entrepreneurs are visionary and communicate successfully to win support. Behind every start-up is a vision of what the entrepreneur wants their venture to look like. They envision what is yet to come and are future-oriented. For example, an entrepreneur thinks about investing in real estate but does not have enough money to afford a piece of land in an urban neighborhood. He goes to the outskirts of the city and finds an affordable place, and because he has a vision that one day the town will extend up to that place, he buys that piece. After a few years, the city expands, and he sells that piece of land at a higher price, mostly over twice the buying price. This is how visionary entrepreneurs are; forecasting the future and visualizing how to benefit from it. Additionally, entrepreneurs are successful communicators, enabling them to garner support. They successfully convince others that their vision is desirable and possible, making them believe in it. Therefore, entrepreneurs are visionary, obsessed with the future, and effective communicators, successfully influencing others to believe in their vision.

Willing to Take Risks

Entrepreneurs are always willing to take risks even in the wake of an uncertain future. For example, when they start a business, they are not guaranteed to make profits, but they proceed without fearing the unpredictable situation. They always do not like being distracted by the view that the business may become a failure. They can sell their assets and even top up using huge loans to establish a start-up. In their decision-making process, they find ways of reducing the risks slowly as they continue with their venture, in every small step they take towards it.

Some undertakings may lead to significant losses, for example, investing in the stock market during a pandemic when businesses have difficult times. In such risky situations, entrepreneurs take the opportunity to put their money there, hoping that once the situation improves, the profits will be overwhelming. One of the reasons most entrepreneurs are willing to take risks is that they do not want to find themselves in the awkward situation in the future of regretting having not given it a try. Therefore, entrepreneurs are risk-takers because they know the higher the risk, the higher the returns.

Drive and Determination

Entrepreneurs have the drive and determination because their success massively depends on this trait. They have a strong desire to succeed and are mostly intrinsically motivated. The drive that makes an entrepreneur wake up in the middle of the night to complete a given task. After deciding on the goals and the plan of action, one should work toward the target without paying attention to distractions and opposition. In most cases, passion fuels the drive within entrepreneurs, which explains why most of them are always working tirelessly, even long beyond working hours, to ensure they accomplish all tasks in good time. The intrinsic motivation in entrepreneurs enables them to continue moving closer to their targets even when they feel like giving up.

In the business world, some situations discourage investors, but being determined and having self-motivation help one endure difficult circumstances to realize success. For example, when people know their goals well, they become resolute and focus there without anything topping them when they have the determination. Therefore, whatever their destination, their drive, and determination give entrepreneurs the energy to continue working tirelessly due to their strong desire to succeed.

Conclusion

In conclusion, entrepreneurship calls for some personal attributes for one to be successful in it. The business world is competitive, and the key to unlocking the available returns is by being ahead of the rest and acting when others fear to. The main distinctive personal attributes of entrepreneurs are self-confidence, determination and drive, creativity and innovation, being opportunistic, visionary, and willing to take risks.

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