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What it takes to be an entrepreneur? |
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Not everyone can launch a new business and be successful at it. Business founders are constantly bursting with new ideas, highly enthusiastic and insatiably curious. |
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| Author: Cme |
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‘Some are eccentrics, others painfully correct conformists; some are fat and some are lean; some are worriers, some relaxed; some drink quiet heavily, others are total abstainers; some are men of great charm and warmth, some have no more personality than a frozen mackerel’.
It is strongly believed that to be a successful entrepreneur, a sound business plan itself is not sufficient. Entrepreneurs need to possess certain characteristics which are going to be discussed briefly in this article. The following characteristics although are essential, but are subjective.
Total commitment and hard work:
Many entrepreneurs start businesses under assumptions of flexible working hours and a more relaxed life style. Unfortunately, in reality small business proprietors are more likely to put in many more hours than their employees. An average working day could easily last up to twelve hours which is why many founders tend to keep their families involved in the business as well. It was during the 1980’s in United Kingdom when the proportion of small business owners were working on an average more than forty-one hours per week increased. Today, working all hours is looked down upon and considered ineffective and unproductive. Working a forty to fifty hour work is still acceptable. However, it is believed that productivity decreases by up to 25% after fifty hours and after seventy hours nothing is contributed. Therefore, although total commitment and hard work is just a start to establish the business, productivity must not be ignored at any level.
Self discipline:
A common pitfall for most business men is not being able to recognise the difference between cash and profit. When cash starts to flow into the business and results in luxury products instead of reinvestment into the business, failure is just around the corner. Hence strong self-discipline to keep the founders on track and business plans in schedule is very important.
Acceptance of uncertainty:
Managers in large business organisations often seek to minimise risks and delay decisions until all possible facts are laid out. This type of response to uncertainty is what challenges many to work in the unknown. It is believed that to work without all the facts is highly undesirable. However, entrepreneurs must think otherwise. Once the cloud of uncertainty has cleared, entrepreneurs may find themselves with many others pursuing the same opportunities and playing in a very competitive field. Entrepreneurs must be ready to take risks at a higher degree in order to stand their ground against their competitors and establish themselves in the market.
Flexibility, Perseverance and Durability:
Hard work will be required, on a continuous basis. Things may go well, then not so well, then well etc, it’s a rollercoaster. The ability to maintain energy levels and keep going is essential, never give up until all options are exhausted. Being flexible and trying out different ideas even when the previous dozen have not had the desired impact is important.
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