Estimated Read Time: 9 minutes.
What are entrepreneurship characteristics? It’s a pertinent question when you’re considering self-employment. It’s natural to want to know if you have what it takes before you move forward.
Ask yourself these 14 important questions to discover whether you have the best characteristics needed for successful entrepreneurship.
1. Are You A Visionary?
A primary difference between an employee and an entrepreneur is motivation. Some people are perfectly happy doing the same job and collecting the same pay cheque until retirement. They find the consistency comforting, but for others it’s not enough.
What are entrepreneurship characteristics of a visionary? An important component is that these entrepreneurs are motivated by opportunity. They see new or better ways of doing things and won’t settle for the status quo if it ignores a gap in the marketplace or performs less than optimally.
This drive for innovation and change can get them in hot water in a traditional job, since their bosses may misinterpret their ideas as criticism. Entrepreneurs are often outspoken, opinionated, and demanding, which can be a thorn in the side of management.
Entrepreneurs strive for improvement and spot opportunities. They can’t understand when others don’t see their vision and they crave success in many ways, including a better work/life balance. They’re goal-setters always trying to reach higher towards a more prosperous, fulfilling future.
2. Are You Satisfied By Your Hard Work?
Many people work for others, because it’s the usual way things are done. You apply for work based on your experience, education, and training and once hired you do the tasks your employer assigns you. In return, you collect a pay cheque and can hopefully enjoy time away from the workplace.
Unfortunately, it doesn’t always work that way. Many employees work hard, but never have the time off they should and their home life suffers. Others work hard and don’t see the financial return they should. Still others work hard, but their efforts go unnoticed or the company changes directions and they feel they’ve wasted their time.
Entrepreneurs do work hard – don’t kid yourself. The idea you can work four hours a week, travel the world, and create a better future isn’t very realistic. However, when you work hard for your business, you reap the benefits.
Your energy goes into growing your business, improving your lifestyle, and attaining financial freedom; not someone else’s. An entrepreneur’s hard work is very satisfying since they see the direct results.
3. Do You Thrive On Challenge?
Most of us have seen complacency in the workplace. Instead of addressing problems, people pass the buck and claim it isn’t their job. This can be frustrating if you’re trying to find a solution and it’s definitely very unproductive.
On the other hand, entrepreneurs thrive on challenge. They rise to the occasion and the challenge motivates them to work harder. Instead of seeing a problem as an insurmountable task, they stare adversity in the eye, ignore naysayers, and search for solutions.
Entrepreneurs tend to look at the glass half full, instead of half empty. That doesn’t mean they don’t experience setbacks and disappointments. Nonetheless, they constantly focus on their dream, move forward, and learn in the process. Challenge fuels their spirit to continually reach higher levels.
4. Are You Flexible?
Flexibility isn’t always expected when you work for someone else. Your employer outlines the job requirements and tells you what to do. Your boss probably isn’t going to ask you to do the books if you’re a salesman, or manage the office if you normally deal with customers.
On the other hand, entrepreneurship demands flexibility. You must be willing to do what it takes to complete tasks, lower expenditures, and increase revenues. If that means getting your hands dirty, so be it.
Most people start out as a solopreneur, since they don’t have the luxury of hiring support staff initially. Consequently, you need to wear many hats and learn many skills. If you’re a person who can’t handle change, entrepreneurship probably isn’t for you.
You may need to handle sales, bookkeeping, marketing, and more. When faced with an unfamiliar situation, you learn and adapt. A ready and willing attitude and flexibility are key components of entrepreneurial success.
5. Are You Resourceful?
When you work for someone else, you’re a cog in the wheel of their business. They need your skills and hard work to help them accomplish their goals. They usually don’t assign you tasks outside of your expertise, but when you’re an entrepreneur you need to be ready for anything. You need to be resourceful with what you have.
6. Are You Willing To Learn?
Many people work hard and get very good at their job. Later, they might occasionally take a course or attend a seminar because their company or title requires it.
What are entrepreneurship characteristics of highly successful business owners? They constantly self-educate since it keeps them relevant and competitive in a fast-moving marketplace. Forbes states lifelong learning is the fundamental key to successful entrepreneurship. It provides “access to a good life, both personally and professionally”.
Entrepreneurs rely on education to stay abreast of the latest trends, fine tune skills, and continually address the challenges that come their way.
7. Are You Willing To Take Chances?
When you work for someone else, they decide which risks could benefit the company. You may not agree with their decisions and in a worst-case scenario it could lead to you losing your job if you become redundant.
Alternatively, entrepreneurs decide on what risks they’re willing to take and which don’t suit their vision. They’re not afraid to act when they see a gap in the marketplace and they seize opportunities.
Barbara Corcoran of Shark Tank fame states it is people who think on their feet and act that find success, not those who spend time overanalyzing opportunities.
8. Are You Tenacious?
When you work for someone else you may start a project, but someone else finishes it. You could also complete a small part of a large project and never understand the entire vision. You don’t have control of policies, procedures, or workflow either and the result may not affect you directly.
Conversely, entrepreneurs need tenacity to guide their business throughout the entire journey. They oversee all aspects of the work from start to finish and handle whatever comes their way in stride. They have natural drive and energy to accomplish goals, even when they face unpleasant situations.
Entrepreneurs have self-discipline. They make decisions and finish projects, despite obstacles. They persevere, because they know they will enjoy the fruits of their labour.
9. Are You A Good Communicator?
Companies spend millions on marketing and hire sales personnel for a reason – to communicate their message. If you work for an established company, you may not need great communication skills for your position, but they’re a must as an entrepreneur.
You need to communicate with potential and existing customers, persuade people to buy your products and services, network with peers and businesses, and promote your business.
If you bring on staff, you must also communicate priorities, policies, and procedures so they understand your expectations.
10. Are You A Leader?
Many traditional jobs don’t require leadership skills, unless you’re in management. Even then, many managers don’t have the required skills and aren’t good leaders. It takes a particular temperament and skillset to lead well.
If you’re an entrepreneur and you don’t have the required skills, you’ll need to learn them. You must handle negative feedback and criticism gracefully and learn from your experiences.
Good leaders demonstrate patience and gratitude towards their customers, employees, vendors, partners, and peers. They’re confident, align themselves with mentors, and collaborate for business success.
11. Can You Overcome Failure?
Companies fail often, but their failures may not directly affect you. They could miss a sales projection, fail to meet a deadline, or lose a big customer. You stick to your work and hope they’ll manage their failures well.
Entrepreneurs must face their failures head on. Their ambition and need to succeed drives them to do whatever the business requires. That includes learning from their mistakes so they’re not repeated.
What are entrepreneurship characteristics for overcoming failure? Entrepreneurs stay focused on the big picture and recover from their failures quickly. Entrepreneurs can’t afford to wallow in self-pity for long. Instead, they pick themselves up and get it right the next time.
12. Can You Handle Pressure & Isolation?
When you work in a traditional company you interact with people every day. Managers, co-workers, and business peers provide stimulation, support, and sometimes criticism. Typically, a highly-demanding workload is the exception, not the rule.
Initially, entrepreneurs don’t share their workplace with others, so they need to ask for feedback to measure their performance. Consequently, they need mentors, coaches, and peer support they can rely on. They must also listen to customer complaints, or their competitors will surpass them.
Entrepreneurs must remain flexible, instead of sticking to a single acceptable outcome. When you’re self-employed, you listen, learn, and adapt to feedback to ensure success.
13. Income or Financial Freedom?
Working for a traditional company includes regular pay cheques and the appearance of security. However, we all know that even high-level employees with years of service aren’t guaranteed they’ll keep their job today.
Nonetheless, many people cling to their 9-to-5 employment hoping it will continue to provide them with money until retirement so they can finally enjoy the good things life has to offer. They become more dependent on their employer as they have a family, buy a home and car, and incur debt. They build their life around their limited income.
Entrepreneurs strive for more since they see the benefits of unlimited growth potential and ultimate financial freedom. They build their business so it works with their life and aspirations.
If they need to work on a weekend so they can enjoy time with friends and family during the week, they have that option. If they want a vacation they don’t need permission. They just need to schedule their work.
14. Do You Want To Work For A Pension or Build A Legacy?
Many people work for years hoping they’ll get a pension so they’ll live comfortably during retirement. They also scrimp and save and hope to build equity so they can pass something on to their children.
When you build your own business you can build equity and leave a legacy for your children. They can partner with you, learn the business, and carry your vision forward.
Pensions end once you’re gone, but a business can provide for years and years. Will your children respect your efforts when you work for someone else for thirty or forty years? Or will they admire your creativity, fortitude, and hand-forged success when you start with an idea and make it a reality?
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