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From Upendra Rao
12 EssentialCharacteristics ofan Entrepreneur
12 Essential Characteristics of an Entrepreneur
An entrepreneur is a businessperson who not only conceives and organizes ventures but also requently takes risksin doing so. Not all independent business people are true entrepreneurs, and not all entrepreneurs are created equal.Dierent degrees or levels o entrepreneurial intensity and drive depend upon how much independence one exhibits,the level o leadership and innovation they demonstrate, how much responsibility they shoulder, and how creativethey become in envisioning and executing their business plans.
The Five Levels of Entrepreneurial Development
Brad Sugars, a world-renowned business author and ounder o his own international ranchise with nearly 1,000oces worldwide, identies ve dierent types or levels o entrepreneurial mindsets, patterns o thinking, and belie systems.Tey begin with the basic level o the employee – and an understanding that good employees oten evolve intogreat entrepreneurs but that to become an entrepreneur one has to rst adopt a perspective and seek out a role aboveand beyond that o an employee.
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Te employee sets goals mainly to impress others, to avoid conronting ears – including the ear o personalreedom and success – and to conorm to a comort zone rather than pushing to learn more and gain new experiences.
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Because o sel-imposed limitations, employees preer to ollow someone else’s game plan, and they lack thedesire to become a sel-motivated and sel-reliant entrepreneur.
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Tey ocus primarily on personal security and their emotional motivation derives rom a ear o insecurity and adesire to be within the comort zone o a secure situation.Tose who want a greater sense o responsibility and control over their lives and have the condence to experiment with that possibility oten rise up rom the ground level o employee status to the rst level o entrepreneurship.Tey do this by becoming sel-employed.
Level One: The Self-Employed Mindset
Te emotional driving orce behind the sel-employed person is not security but a desire or greater control overhis or her lie, career, and destiny. Relinquishing that control to a boss every day rom nine to ve is not their ideao happiness, and they believe that they could do their job just as well without an employer – and perhaps withoutthe need or other employees. Tey want more autonomy. Tey want to do things their own way. And they usually begin by creating a situation where they do the same type o work they did while an employee, but they gure outhow to do it by themselves and or themselves.Unortunately, many o the primary objectives o the person setting o to become an entrepreneur with thesel-employment mindset are pitalls or traps. Because they want to go it alone, they oten do so at their own peril.By not taking help rom others they not only cut themselves o rom valuable talent, intelligence, eedback, andexperience that others could oer in the orm o assistance, but they also create a situation where they will never
experience reedom.Many small business owners with a strong do-it-yoursel attitude only succeed at creating a new job or themselves,not a new career or protable company. And as a solo perormer, their job becomes all-consuming. Tey never geta day o, they always bring work home with them, and they work overtime with no nancial compensation. Teirmotto is “Why have someone else do it when you can do it better yoursel?” and they oten promote their businessby telling customers “When you deal with this outt you only deal directly with me.” Soon they get burned-out, anda great majority o these sel-employed people ail in a short amount o time and wind up going back to work orsomeone else.Tey make the mistake o not envisioning a business that will run by itsel without their constant supervision andhandholding, and they don’t picture creating an enterprise that thrives on involving others in a teamwork eort.One o the greatest blunders is that these sel-employed entrepreneurs try to replicate the same job they had beore,in the same area o experience, selling a product or service they already know. While it may seem counterintuitive tostrike out in a dierent direction and into unamiliar territory, that trajectory puts one into a position o learning,being open-minded, and relying upon others or help. Tose ingredients contribute to a recipe or entrepreneurialsuccess because they orce one to evaluate the entire business system rom a new and resh perspective. And they setthe stage or working on the business without having to actually be physically in the business on a day-to-day basis.Tat premise o designing a business that works or its owner – rather than the owner working or it all the time –is vital or becoming a real entrepreneur versus becoming simply the most important employee o one’s own sel-employed venture. Tose who understand that act can rise to the next level o entrepreneurship.
Level Two: The Managerial Perspective
Tose with a managerial outlook are oten in a great position to succeed as entrepreneurs, expect or two bigmisconceptions that lead to massive problems. Many managers believe that i a business is not working, the solutionlies in hiring more employees. Tey throw extra bodies at the problem, but this only aggravates the situation becauseit ails to address the underlying root cause o the diculty or lack o protability. Another mistaken belie that iscommon to this mindset is that the route to success is through growth – not prot growth but overallstructural growth o the enterprise itsel. Once again, bigger is not necessarily better unless and until theundamentals are sound and ecient. Growing larger to x the problems o a small business only generates a muchbigger company with problems that are expanded, magnied, and much more expensive to remedy. Many managerial entrepreneurs go into bankruptcy thanks to vigorous growth, but they never gure out why.A third misstep common to the managerial attitude is that the entrepreneur wants to be the boss, even i thatmeans sacricing the talent or potential o employees. o give orders and be in charge requires no great skill oraptitude, but to be a leader – one who knows how to inspire and train others to rise to greater heights – is a rarequality. Managers who become leaders succeed because they accept the challenge and responsibility o ensuring thatothers under their wings also succeed and fourish.By getting the most out o employees, managers themselves are able to delegate aspects o their business to othersand set higher goals. Tose who say they can’t nd good employees usually mean they lack what it takes to attract orcreate good employees – and as a consequence they also lack what it takes to succeed as an entrepreneur. But those who not only manage but also lead can rise to the next level and become owner/leaders – one step closer to the realdenition o an entrepreneur.
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Characteristics of an Entrepreneur
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