Online Entrepreneurs must have a huge amount of drive. They must possess a capacity to work towards long hours and in spurts of several days with fewer 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.
In the past some of the more professional entrepreneurs were people who worked as doctors, or comptroller, engineers, or s or lawyers. To get to that level in these professions these entrepreneurs had to sacrifice a huge amount of time and money early in their career.
To broaden the discussion.
There is an arrangement that successful entrepreneurs have a high level of self-confidence. You must believe in yourself and in your abilities in order to attain the goals you have set. Entrepreneurs believe that events in their life are mainly self determine, that they have a major impact on their personal destinies, they have little belief in fate. Venture capitalist and the financial community also look for a great sense of self-confidence in the entrepreneurs in whom they place their money. But they’re negative about over-confidence, subtle arrogance or lack of humility. This may suggest a lack of realism.
The Details: Entrepreneur
Having Self-Confidence: To be a successful entrepreneur, you require to have tremendous self-belief. Do you really believe that you have the will to overcome all obstacles and accomplish your goals? If you miss that crucial element of trust in your mental makeup, then entrepreneurship isn’t for you. Belief in yourself is what provides you with the self-confidence you need to get a good entrepreneur. If you have the self-belief that you will be able to do it, that will give you all the confidence you need. Can you inculcate self-confidence in yourself? Yes, you can, by actually attempting to push yourself to doing a bit more than what you’re comfortable doing each day. And before long, you’ll find yourself accomplishing things you never would’ve thought were possible. Bear in mind, that many successful entrepreneurs that you see, started out with zero, or very little, apart from self-confidence and self-belief.
This is one of the features 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 establish a business, rather than simply get in and out in a rush with someone else’s money. You must make a commitment to longer term and to working towards goals that may be very distant in the future. If am asked to say how long it’ll take a business grow I’ll say two or three years according to the type of business 7 or 8 years on the maximum.
Entrepreneurs, in the most traditional sense, are creators. Though the term small business owner is typically used interchangeably with entrepreneurship, there are important differences in perspective and in how the business is run. Small business owners work for themselves, but keep the same processes and income streams that are familiar to them. Successful small businesses build profit slowly, often during the course of several years. They take few risks and change slowly, irrespective of economic and industry conditions. Entrepreneurs create wealth quickly. They run their business by seizing opportunities as they see them and by developing their own processes to create revenue streams.
Money has a very specific meaning to the successful entrepreneur: it’s a tool and a form of keeping scores. Profits, capital gains and net worth are regarded as measures of the degree to which the entrepreneur is doing in pursuit of self-established goals.
If you ‘d like to be an entrepreneur who wishes to successfully establish 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 shouldn’t be intimidated by difficult situations. In fact, You should have self-confidence and your general optimism should translate into a position that the impossible just takes a little longer. Interestingly enough, if the task is extremely easy or perceived to be insolvable, you should actually give up sooner than others.
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. However, they’re realistic and attainable. Entrepreneurs are doers; they’re goal and action oriented. Psychologists say they’re motivated by a high need for achievement. Related to this in the short run is a great concern for time. An entrepreneur will tend to set his watches a few minutes fast, with a view to avoid lateness. Having clear. Measurable goals will be an effective means to guide your time allocations.
Organized and goal-oriented-An entrepreneur knows the value of organization in a business endeavor. All efforts must be paid towards achieving the goal. A good entrepreneur systematizes every move he/she makes so that less time and other resources are consumed in the pursuit of the goal, yet the purpose is the best expected result, however. A good entrepreneur has the ability to consolidate his resources.
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 become 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 is contingent on the level of risks you take also risk taking has much significant impact on the ways decisions are made. But remember that entrepreneurs are well 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 affected by their abilities and decisions.
RISK BEARING: Risk is the uncertainty in business. However, business is full of risk such as employers risk. Risk is the likelihood that a desire result or event may not occur, when it occurs, the outcome will be different from the expectation.
The entrepreneur bears all the risk that is engaged in the operation at the final result of the business activities.
DECISION MAKING: Entrepreneur is like a manager, in that he decides how the business activities should be done which comprises of the strategies to be adopted for the functioning of the business. The entrepreneur decision making can either be favourable or unfavourable to the business. The entrepreneur is said to be supreme in decision making in this regard because he got the final say on the implementation of the business. The entrepreneur must be innovative as to enhance good operation and decision making.
Entrepreneurs aren’t afraid of failing. Being more intent on succeeding they’re not averse to the potential of failing. The person who fears failure will neutralize whatever achievement and motivation they may possess. They will tend to take part in a very easy task, where there is not much chance of failure, either in a very difficult (chance) situation, where they cannot be held personally responsible if they do not succeed.
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’re doing. Successful entrepreneurs demonstrate a capacity to seek and use feedback on performance, so as to take corrective actions and to improve.
The entrepreneur has always 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’re personally liable for the success or failure of the operation. They like to take the lead to solve a problem or fill a vacuum where no leadership exists. Entrepreneurs like situations where their personal impact on issues can be measured.
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 performance of their goals. They aren’t ego involved in purely individual achievement of goals and independent accomplishment that they’ll not seek aid or let anyone help. What distinguishes high potential entrepreneurs is their ability and the will to seek and to use outside resources.
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 become more reactive to what they’re doing, than proactive in figuring out how to deal with this before the fact according to 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 the course of which he or she continuously engages in competition with himself/herself to beat their last best performance.
Entrepreneurs have long been viewed as having a special tolerance for ambiguous situation and for making decisions in conditions of uncertainty. In contrast to the professional manager, entrepreneurs are in a position to live with modest to high level of uncertainty concerning job and career decisions and security.