Zomato is popular for being one of the largest restaurant guides and food delivery enterprises in India. But how did it become one of the fastest-growing startups? The credit goes to Deepinder Goyal—the brain behind Zomato. As the founder, Goyal considered user preferences and relied on hyper-local advertisements.
While startups can put new business ideas into the world, entrepreneurs also need to find ways to sustain and grow the business. Successful entrepreneurs like Goyal possess certain traits that help them tap into opportunities along the way. Read on to understand what makes entrepreneurs effective in their fields and the traits of a successful entrepreneur.
Before we look at the definition of entrepreneur, let’s take a moment to understand what entrepreneurship stands for. In a nutshell, entrepreneurship is the process by which you explore a commercial opportunity and develop, organize and run a business enterprise to make a profit.
On the other hand, an entrepreneur is someone who creates, organizes and runs their own business. They come up with an innovative idea or identify and solve an existing problem. Then they set up a business that sells goods or services, with the hope of making a profit. But what qualifies someone as an entrepreneur?
There are several characteristics of an entrepreneur that set them apart from others. They’re creative, self-starting and flexible risk-takers who anticipate business needs and bring new ideas into the market. They play a key role in the economy as they take risks on innovative ideas. While the odds of success may not always be promising, they encourage change and out-of-the-box thinking among industries.
Some examples of different entrepreneurs include:
Online Business Owners:
Anyone who performs commercial activities online, such as blogging and e-commerce
Home-based Business Owners:
They run their business from home as opposed to an external office space (for example, home chefs)
Small Business Owners:
They run a privately owned business that has fewer employees and lesser revenue than a regularly-sized enterprise
Entrepreneurs look to make the most of opportunities that come their way throughout their personal and professional lives.
What Does An Entrepreneur Do?
An entrepreneur wears multiple hats as they juggle many responsibilities. Coming up with a business idea is only the first step in the process. Let’s look at some responsibilities that a successful entrepreneur needs to undertake:
Set And Achieve Goals
Goal setting is only part of the work done. Many people know how to create and set goals but often can’t achieve them. Entrepreneurs know how to set up a plan of action that helps them set specific, achievable, realistic and time-bound goals.
Take And Navigate Risks
Risk-taking is one of the defining characteristics of a successful entrepreneur. When you start a new business, you need to be prepared for every risk, obstacle or opportunity that comes your way. Good entrepreneurs are always ready for emergencies and new competitors.
Identify And Solve Problems
An entrepreneur starts their journey by identifying an existing problem. However, a business is never free of risks and effective entrepreneurs are quick to identify those problems and seek appropriate solutions. To avoid setbacks in the future, entrepreneurs must be quick to respond and resolve the challenges.
Make And Implement Decisions
Entrepreneurs determine their business objectives in the beginning. However, as a business continues to grow, multiple factors influence the objectives and goals. Stakeholders, in particular, contribute largely to the decision-making process. Entrepreneurs need to identify which decisions are healthy to implement for their business.
Starting your own business also means that you get to be your own boss. While it has its perks, there are several responsibilities that come along with the tag. You must be at the forefront at all times and need to display powerful leadership qualities. Outstanding entrepreneurs are those who attract smart people, build effective teams and motivate everyone involved.
If you’re considering pursuing your own business, you need to be prepared for all the responsibilities and risks that come along with it. The ability to navigate setbacks, learn from failures and work toward continuous development are the primary qualities of an entrepreneur.
Who Can Become An Entrepreneur?
Entrepreneurs come from all walks of life. There isn’t any single personality profile that defines an entrepreneur. Often, it’s the entrepreneurial spirit—the appropriate mindset—that drives high-thinking individuals to pursue innovative business solutions. Moreover, an entrepreneur can come from any field—art, education or fashion. Here’s a list of fields you can consider if you want to start something on your own:
When you’re in a managerial position, you delegate tasks, develop teamwork skills and learn how to optimize resources. Managerial and leadership skills are essential qualities of an entrepreneur.
Working in sales helps you gain strong communication skills—one of the primary qualities of a successful entrepreneur. Your ability to influence clients and customers, meet their expectations and establish strong connections are exactly what’s needed as an entrepreneur.
When you work in client- or customer-facing roles, you have the added advantage of understanding their demands firsthand. It helps you get insight into what customers or clients want and how you can tailor your product according to their needs.
There are several other fields such as public relations and finance that can help you strengthen entrepreneurial skills and develop the necessary traits of an entrepreneur. No matter what field you’re in, having the right attitude can make a huge difference.
How To Become A Successful Entrepreneur
As we’ve already established, owning a business comes with a lot of responsibilities. Additionally, it takes hard work, dedication and resilience. If you want to become a successful entrepreneur, you need to have the right attitude and a combination of behavioral, social and cognitive skills. Let’s take a closer look at the qualities and characteristics of an entrepreneur necessary to achieve success in their businesses:
Qualities Of A Successful Entrepreneur
Although there isn’t any ‘ideal’ entrepreneurial personality, experts suggest there are certain qualities and traits of an entrepreneur that are instrumental in achieving business growth and profitability.
They Have A Clear Vision
Entrepreneurs dream big; they envision a new reality. They know what they want to achieve and the opportunities they need to pursue to succeed. A clear vision gives them purpose and helps them stay focused.
They’re Passionate About Change
Successful entrepreneurs are known to make unique contributions to society by solving recurring challenges. The products and services they create not only bring profit but drive positive change by filling existing gaps.
Effective entrepreneurs have faith in their ideas, abilities and themselves. They ask the right questions, come up with ways to answer them and prepare to tackle challenges along the way. They’re driven and know how to lead themselves.
Being passionate about results is one of the hallmarks of a successful entrepreneur. They conceptualize ideas and turn them into actions that have an impact. Ultimately, they get the job done.
They Know How To Sell
Business is primarily about selling and, without sales, an enterprise can’t take flight and make a profit. Entrepreneurs are not only innovative thinkers but also successful business people who know how to convince others of their idea and product.
Characteristics Of A Successful Entrepreneur
When we look at a list of successful entrepreneurs across the globe, it makes us wonder: are entrepreneurs born or made? Irrespective of whether a person is born with certain traits or develops those traits along the way, there are certain characteristics of an entrepreneur that are common to all.
Every entrepreneurship story starts with an idea. Entrepreneurs need to think differently and bring fresh perspectives to the table if they want to succeed.
Passion is essential to any business owner. Not only does it help entrepreneurs stay dedicated but also remain engaged and motivated.
Entrepreneurship is focused on moving forward. Therefore, entrepreneurs need to look toward the future and be forward-thinking.
New businesses need a lot of support and hiring the right people makes a lot of difference. Effective entrepreneurs are open-minded and attract people who are ready to challenge as well as support their own business ideas.
In a constantly changing world, taking risks becomes a part of an entrepreneur’s job description. Successful entrepreneurs plan for the unknown and make calculated decisions.
Do You Have What It Takes?
We often think that the discussion around entrepreneurship boils down to: do you want to build your own dreams or get hired by someone to build theirs? But entrepreneurship isn’t always so black and white. You can channel your entrepreneurial spirit even though you’re working for someone else. Consider the list of traits and qualities and identify how best you can lead yourself and others.
Harappa’s Leading Self course will help you get on the path to becoming the best version of yourself. You’ll learn how to overcome limiting beliefs and develop a growth mindset—embrace opportunities for continuous learning and development. Powerful frameworks will help you step outside your comfort zone and find your entrepreneurial spirit today!
Explore Harappa Diaries to learn more about topics related to the LEAD habit such as Meaning Of Entrepreneurship, How To Become An Entrepreneur & The Latest Skills In Demand to take a step towards becoming your best self.
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