There are many characteristics that an entrepreneur needs to possess, and while many of them sound like a cliché, they are largely true. Starting a new business takes passion, vision, and tenacity. An entrepreneur must wear many hats, while at the same time providing leadership to align others with the same purpose in good times and bad.
Entrepreneurs are motivated by passion; it’s not just about making a living. There are far easier ways to do that. This passion may be driven by the desire to find challenges, redefine an industry, be your own boss, or to push environmental or social change.
Successful entrepreneurs must have a vision. The greater the idea, the greater the vision needed. It is imperative that the individual leading has an incredible vision, and can communicate it well to get others on board and on the same page.
Entrepreneurs must be willing to live with ambiguity and risk while prepared to sacrifice, at great cost. The phrase, “nothing ventured, nothing gained,” holds true. One must take risks and chances to progress. Granted, there is a tremendous amount of diligence and preparation done to mitigate risk. However, at the end of the day, nothing is certain and an entrepreneur needs to dive in headfirst. When someone presents a great opportunity, you say “Yes,” and fill in the details later. This takes a certain kind of mindset, confidence and ability that not every person possesses.
Thick skin also an important trait. People will critique, criticize and comment – not always constructively. It is difficult for people to understand the creativity and effort that’s put into launching a venture and as a result, people don’t understand the life of an entrepreneur unless they are one or have at least tried.
Finally, an entrepreneur must not be afraid to fail. No one likes to fail, but one must be willing to take calculated risks to succeed.