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CHARACTERISTICS OF AN ENTREPRENEUR

By Edited Nov 13, 2013 0 0

My investigations shows that for any one person or group of people to excel in business online(Entrepreneur online), these facts must be possessed:
1. Drives And Energy
Online Entrepreneurs must have a tremendous amount of drive. They must possess a capacity to work for long hours and in spurts of several days with less than a normal amount of sleep. My research in the venture industry confirmed that drive and energy is a characteristics that must be desired by investors and that any known Entrepreneur who was successful today has it.
2. Self Confidence
There is an agreement that successful entrepreneurs have a high level of self-confidence. You must believe in yourself and in your abilities to achieve the goals you have set. Entrepreneurs believe that events in their lives are mainly self determine, that they have a major influence on their personal destinies, they have little belief in fate. Venture capitalist and the financial community also look for a strong sense of self-confidence in the entrepreneurs in whom they place their money. But they are negative about over-confidence, subtle arrogance or lack of humility, which may suggest a lack of realism.
3. long Term Involvement
This is one of the characteristics which distinguish the entrepreneur (the creator and the builder of a business) from the promoter or fast buck artist. Entrepreneurs who creates high potential ventures are driven to build a business, rather than simply get in and out in a hurry with someone else's money. You must make a commitment to long term and to working towards goals that may be quite distant in the future. If am asked to say how long it will take a business grow i will say 2 or 3 years depending on the type of business 7 or 8 years on the maximum.
4. Money As A Measure
Money has a very special meaning to the successful entrepreneur: it is a tool and a way of keeping scores. Profits, capital gains and net worth are seen as measures of how well the entrepreneur is doing in pursuit of self-established goals.
5. Persistent Problem Solving
If you want to be an entrepreneur who wants to successfully build a new enterprise, then you must possess an intense level of determination and desire to overcome hurdles, solve a problem and complete the job. You should not be intimidated by difficult situations. In fact, You should have self-confidence and your general optimism should translate into a view that the impossible just takes a little longer. Interestingly enough, if the task is extremely easy or perceived to be unsolvable, you should actually give up sooner than others.
6. Goal Setting
Entrepreneurs are very goal oriented. They have an ability and commitment to set clear goals for themselves. These goals tend to be higher and challenging, but they are realistic and attainable. Entrepreneurs are doers; they are goal and action oriented. Psychologists say they are motivated by a high need for achievement. Related to this in the short term is a great concern for time. An entrepreneur will tend to set his watches a few minutes fast in order to avoid lateness. Having clear, and measurable goals will be an effective way to guide your time allocations.
7. Moderate Risk Taking
The successful entrepreneur prefers to take moderate, calculated risks where the chance of winning are neither so small as to be a gamble nor so large as to be a sure thing. rather, risks are preferred which provide a reasonable and challenging chance of success. And a situation whose outcome is influence as much as by one's ability and effort as by mere change. Your success or failure in your business depends on the level of risks you take also risk taking has much significant implications for the ways decisions are made. But remember that entrepreneurs are very much aware of the no risk-no return, high risk, high return continuum, and to take moderate challenging risks where moderate returns are attainable and are influenced by their abilities and decisions.
8. Dealing With Failure
Entrepreneurs are not afraid of failing. Being more intent on succeeding they are not averse to the possibility of failing. The person who fears failure will neutralize whatever achievement and motivation they may possess. They will tend to engage in a very easy task, where there is little chance of failure, or in a very difficult (chance) situation, where they cannot be held personally responsible if they don't succeed.
9. Use Of Feedback
Entrepreneurs, as a high achievers are very concerned about entire performance, especially about doing well. Without information or feedback about performance the entrepreneur cannot know how well or poorly they are doing. Successful entrepreneurs demonstrate a capacity to seek and use feedback on performance in order to take corrective actions and to improve.
10. Taking Initiative And Seeking Personal Responsibility
The entrepreneur has historically been viewed as an independent and highly self-reliant innovator, the champion of a free enterprise economy. Entrepreneurs actively seek and take initiatives. They willingly put themselves in situations where they are personally responsible for the success or failure of the operation. They like to take the initiative to solve a problem or fill a vacuum where no leadership exists. Entrepreneurs like situations where their personal impact on problems can be measured.
11. Use Of Resources
Successful entrepreneurs know when and how to seek outside, as well as inside, help in building their companies. Success entrepreneurs seek expertise and assistance that is needed in the accomplishment of their goals. They are not ego involved in purely individual achievement of goals and independent accomplishment that they will not seek aid or let anyone help. What distinguishes high potential entrepreneurs is their ability and willingness  to seek and to utilize outside resources.
12. Competing Against Self Imposed Standards
Competitiveness by itself can be a misleading attribute. It is most important to distinguish between competition directed towards others, without any objective measure to performance and competition with a self-imposed standard. Competition directed towards beating the other person (as in boxing) can have in it seeds of self-destruction, for example ,price falls below variable cost. This kind of competition has an externalized standard (the opponent) or no objective standard at all. This orientation tends to be more reactive to what they are doing, than proactive in figuring out what to do before the fact based on your goals, capabilities, resources etc. Competition with self imposed standards is an internalized kind of competition. What high performing entrepreneurs possess is internalized kind of competitive spirit in which he or she continuously engages in competition with himself/herself to beat their last best performance.
13. Internal Locus Of Control
the entrepreneur does not believe the success or failure of a new business venture depends mostly upon luck or fate or other external,personally uncontrollable factors. Rather, the entrepreneur tends to believe that one's accomplishment as well as setback lie within one's personal control and influence. This sense of personal causation as the determinant of success or failure is linked to the entrepreneur's achievement motivation and preference for moderate risk-taking.
14. Tolerance Of Ambiguity And Uncertainty
Entrepreneurs have long been viewed as having a special tolerance for ambiguous situation and for making decisions under conditions of uncertainty. In contrast to the professional manager, entrepreneurs are able to live with modest to high level of uncertainty concerning job and career decisions and security.

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