The Empress, Victoria B.C.

Entrepreneurs are often described as impulsive, energetic, genius risk takers and charismatic leaders.  No doubt there have been quite a few of these personalities in business start ups throughout history.  But does that really help define the underlying traits of entrepreneurship?  I don’t think so!

When we think of entrepreneurs, we automatically think of successful entrepreneurs.  We tend not to associate the word ‘entrepreneur’ with failure or unsuccessful business people.

It is easy to laud successful entrepreneurs as heroes and visionaries.  It is just as easy to label unsuccessful entrepreneurs as egotistical losers.  To do so however, is to misconstrue the concept of entrepreneurship.

It is in a similar way that we misconstrue the concept of ‘risk’.  We focus only on the downside of risk – the risk of loss.  No one except trained finance boffins ever talks about upside risk or the risk of winning.  Yet risk is a positive and negative concept.

It is the same with entrepreneurship.  Some entrepreneurs are successful and some are unsuccessful.  And some try and fail many times before finally succeeding.

So merely exhibiting entrepreneurial traits is no guarantee of business success.  It merely defines the type of person most likely to get off their ass and give it a go.

So with that in mind, I have listed what I believe to be the 7 entrepreneurial traits required merely to give a business start up a go – with no guarantee of success:

1. Uncomfortable working for others
2. Enthusiasm and motivation to make it work
3. An ethic of hard work
4. Sees opportunity, not problems
5. Can enlist others in their cause
6. Has intuitive good judgment
7. Can attract necessary knowledge and skill

Now here are the final three entrepreneurial traits that, in my experience, distinguish the successful from the unsuccessful:

1. Has sharp awareness of own strengths and special skills; an honest recognition of own weaknesses plus an appreciation of what is lacking; doesn’t presume to know everything or do everything

1. Takes much of the risk out of risky ventures by carefully matching products and services to consumer demand, by thorough business planning, by excellent team building and by adherence to sound business practices, particularly financial management

1. Is doggedly persistent and not deterred by setbacks and failure; recognises that success is a journey, not an overnight outcome; always finds a way; has the ability to maintain a calm positive mind in the face of adversity; recognises that mind is everything; becomes creative to survive

Until next time!

Gary

For 100 top business start up ideas and lots more tips and traps for entrepreneurs, read my latest book at:

http://garyweigh.com/recession-riches-and-wealth

The post Business start up – 7 entrepreneurial traits to start & 3 to succeed first appeared on Gary Weigh.

Entrepreneurship is about getting new business rolling and that means action and implementation.  Unless a new business starts up and becomes profitable, there is no increase in competitive advantage, there are no new jobs, no additional tax revenue available, and no contribution to GDP or the standard of living.

Getting products and services to market is the only thing that matters in the end.  And this can only be achieved by people collaborating and cooperating commercially with each other.  So connections are vital.  Finding people who access the right business channels is an entrepreneurial art in itself.

Commercial innovation is another entrepreneurial art.  This means working with existing technology and know-how and creating new applications.  As Andrew Hargadon, Senior Fellow at the Kansas City based Ewing Marion Kauffman Foundation says, “Most innovative leaps come from the collective creativity and entrepreneurial spirit of many businesses actively learning-by-doing and learning-by-using”.

Arguably the real entrepreneurs are the well connected private investors of the world.  These people are experienced business promoters who have access to both money and quality business connections.  Although they fund less than 5% of proposals put to them, they can identify ‘diamonds in the mud’ and get innovation to market.

Until next time!

Gary

The post What is entrepreneurship? first appeared on Gary Weigh.