Entrepreneurship, is defined as the management and organization of a Business or Enterprise with considerable initiative and risk. The risk and high volatility of the, entrepreneurial business, is the life blood of the, capitalist society.
Because of the high risk of failure of the, Entrepreneurship, (statistics says 1 in every 10 businesses will succeed) it is of paramount importance to have an effective, Leader, at the helm.
Here are ten of the most important characteristics of Entrepreneurship:
- Passionate - In, entrepreneurship, you must care about people above profits. People encompass your customers, your employees and your community.
- Driven - As an, entrepreneur, you must be self motivating and have a burning desire to succeed
- Humility - "I believe the first test of a truly great man is in his humility". -John Ruskin Visionary
- Vision - "The most pathetic person is a person who has sight but no vision". -Helen Keller
In, entrepreneurship, you must have vision. Where do you see your company in 5 or 10 years? Are you able to recognize trends? Are you able to be innovative and re-inventive? If not, your company will become obsolete.
Leaders and entrepreneurs must have vision
"Where there is no vision, everything will fail. Your business will fail, your marriage will fail, you will stumble in your spiritual life, your money will disappear, you will get fat and flabby and you will go no where in life!" - Peter Drucker.
The bible teaches "people without a vision, will perish". Not in the physical body but you will become spiritually dead. Vision is the blood that circulates in your organization and keeps it alive. Pull your dreams gently out of the clouds, write them down, work with an Executive Coach to design action steps; only then it becomes a vision.
5. Loyalty - "A person who deserves my loyalty receives it". - Joyce Maynard
Entrepreneurship, is about, leadership. A, leader, who has no followers is only out for a walk! Loyalty is the glue that keeps your employees and customers bound to you. Reciprocate it.
6. Charismatic - Entrepreneur leaders, are essentially very skilled communicators. Individuals who are verbally eloquent; but also able to communicate to followers on a deep, emotional level. They are able to articulate a compelling or captivating vision, and are able to arouse strong emotions in followers. Charisma is not a must have characteristic but a nice to have.
Entrepreneurship comes with great risk
7. Entrepreneurship includes becoming a Risk taker - With great risks come great rewards. Nothing ventured nothing gained. An, Entrepreneur Leader, must take risks to win!.
8. Strength and Courage - Courage, confidence, self reliance, and persistence are the characters needed to overcome obstacles and reach the goals in life that really matter to you and your company.
Spiritual strength - which includes mental and emotional strength are also important characteristics to add. When you are able to surrender to God, and have confidence that you are on purpose; you tap into the organizing power of the Universe. The power that supports all living things, the power greater than yourself.
As goes the King goes, so does the Kingdom. Your business and your career rises and falls according to the strengths or weaknesses of its Leader. You are the lid! A Spiritual Life and Executive Coach can help you push past limiting beliefs, and help you build that courage and confidence muscle.
Successful Entrepreneurs are Mavericks
9. Maverick - Entrepreneurship, is about becoming a Maverick. Mavericks are talented and truthful to the point of bluntness. Mavericks break rules, not out of spite but because the rules don't work. They are highly goal orientated, charismatic, and will question anything and everything!
Mavericks are, Leaders, who eagerly make business decisions that fly in the face of business-as-usual. They deliberately turn traditions up-side-down or shut them out altogether, looking instead for new "disruptive" ideas and creative people, and in doing so find themselves on a joyous ride to success. Steve Jobs (Apple) and Richard Branson (Virgin) are often marked as 'mavericks'.
10. Passionately Serving - You have to be a servant to lead effectively. “I don't know what your destiny will be, but one thing I know: the only ones among you who will be really happy are those who have sought and found how to serve.” ― Albert Schweitzer
Examples of small businesses an entrepreneur can start:
- Nail or hair salon
- Flower shop
- Vintage store
- Café or restaurant