A true entrepreneur executes ideas and dreams that others may have seen or had but did nothing about. In essence, an entrepreneur should be more than a dreamer; he/she should be a everyone else, so where does the difference come in? What forms the character and habits of a successful entrepreneur? What are the characteristics of successful entrepreneurs?
- Successful entrepreneurs understand the value of information. With this understanding they are able to make use of every opportunity to gather information and guard what they have. Information is the currency of the 21st century, the more you have the more wealth you can command. The less information you give out to potential competitors, the more power you have over the market.
- Take risks. Economists say that the higher the risk, the more the returns. When a business is just beginning it would help to take more risks, but as it grows you need to get more calculative. If you fail, you will have learnt what doesn’t work. If you succeed, you now know what works and this will be useful in the future.
- Execute with speed. A story is told of how the West Germans rebuilt the country in seven years after the world war two- this is a great example of efficiency. Most businesses are too slow by world standards and take up to three years to implement ideas while in some western countries, they are implemented overnight. This way rivals do not get the opportunity to steal or unveil them first.
- Never walk alone. There is a saying that if you want to walk fast, walk alone, but if you want to go far, walk with others. It is imperative for successful entrepreneurs to engage other like-minded individuals who can buy an idea and run with it as well. The investor must determine who comes in as a co-worker, employee or consultant depending on capacity and business requirement.
Source: Business daily
The world is full of competition these days. Successful entrepreneurship requires that you got to be different or cross the finish line to stay ahead of your rivals. You need to have the business ideas and information required and you need to update yourselves more often. The more you know the better it will be for you. Apart form it, you need to take risks or experiment new stuff. Only if you try new things you will get to know if there’s scope for development and growth. Never walk alone, think you are walking with many other people, this will make you walk faster.