What is an entrepreneur?

Let’s begin from basic definition. Entrepreneur is of French origin – entreprende – meaning ‘to undertake’. A standard definition is one who assumes the risk of generating profits or getting losses in the business transactions. But successful entrepreneur assume only calculated risks of generating profits or getting losses in the business transactions within a market in which they have developed a sense of its need.

By inserting the word ‘calculated’ before risks and demanding that the individuals research the needs of the market, we have eliminated the ‘flim flam’ connotation of the term entrepreneur and have significantly improved the individual’s chances for achieving success in reaching their intended goals.

Desired Entrepreneurial Characteristics

The most important question is: Do you have what it takes to be a successful entrepreneur? Think this honestly and then discuss it with who close to you, because if you are not ready to assume entrepreneurial risks at this point in your career, put this article aside until the proper time.

First: You Must Be Goal-Oriented

Sam Walton, the founder of Wal-Mart, put it very simply: “Knowing where you want to go and being willing to do what it takes to get there.” So much of what we accomplish is through sheer determination of achieving important goals and then once they are achieved, setting even loftier goals to pursue.

Second: Do You Have Creative Energy?

Most successful entrepreneurs are people who come up with a better way to serve an existing market. It doesn’t require reinventing the wheel, but it does require that you are able or willing to find those ways of doing things better. This means a more efficient method to serve a customer or a more creative way of telling the market that you exist and that you have a product to sell.

Third: Do You Have an Abundance of Self-Confidence?

As an entrepreneur, you will be a decision-maker in your enterprise. Making decisions requires confidence. Not only in making the right decision but also not being afraid of making the wrong one. Not all decisions are going to be right. Therefore, you must be able to learn from them. Self-confidence is evident in those who are able to believe that although the decision made today was wrong, the decision that you will make tomorrow will be the right one.

So, set the goals, make a creative strategy, and fight in your decision.