What is an Entrepreneur and how do I become one?
What is an Entrepreneur?
The entrepreneurial revolution is here and is here to stay.
Entrepreneurs are the creators, innovators and the leaders who give back to society as directors and trustees.
These are the people who create new technologies, products, processes and services that become the new benchmarks in industry.
They are the people who are prepared to take the risks to create high value and jobs which support the economy.
Entrepreneurship is a way of thinking, reasoning and acting that is opportunity obsessed. It is a willingness to take risks both personal and financial in a calculated manner to ensure the odds remain in your favour.
Much research has been done to determine what makes a successful entrepreneur. They have looked at the influence of genes, family, education, career experience etc. To date no model has been developed.
Successful entrepreneurs are of both sexes in every imaginable shape, size, colour and description.
The real question is what do successful Entrepreneurs do?
The common factors are:
1. They work hard and are driven by intense commitment and determined perseverance.
2. They see the cup half full not half empty.
3. They have a burning desire to compete and win.
4. They encounter a situation and look for ways to improve it.
5. They use failure as a learning tool.
6. They have a belief that they, by their actions, can make a difference in their endeavours and their lives.
Myths about entrepreneurs
? Entrepreneurs up born not made
A. All of us have inside us intelligence, creatively and energy. This must be moulded over years of experience to develop the skills, know how and contacts to succeed. We must also develop the ability to see an opportunity and to pursue it.
? Anyone can start a business
A. In theory, yes, but only those that can see the difference between an idea and an opportunity and think big enough to start businesses have a chance of succeeding. Luck, if it plays a role is, as Gary player says, the harder you work the luckier you get.
? Entrepreneurs are gamblers
A. Successful entrepreneurs take very careful calculated risks. They try to influence the odds by planning, sharing the odds and knowing what they need to do to mitigate risks.
? Starting at a business is risky and often ends in failure
A. Businesses fail but entrepreneurs do not. Failure is the fire that tempers the entrepreneurs learning experience and street smart. This is referred to as school fees. Talented and experienced entrepreneurs pursue attractive opportunities, build the right team and have sufficient finance and resources to succeed.
? Money, lots of it, is the most important factor
A. Money is one of the least important ingredients. It is like the paint and brush to the artist, and inert tool. Money is more often the mechanism to keep score for the entrepreneur rather than an end in itself.
? Entrepreneurs are young and energetic
A. Age is no barrier. The average age of start-ups is mid 30s. Many do so after retiring in their 60s. What is vital is know how, experience and contacts.
It is often said the entrepreneur needs to have an MBA or a base skill in accounting or marketing.
These are all skills which can be bought in the market and the successful entrepreneur builds these resources into the team.
There are six desirable and acquirable entrepreneur attributes:
1. Commitment and determination
Tenacity and decisiveness, able to decommit/commit quickly,
discipline
persistence in solving problems
willingness to undertake a personal sacrifice
total immersion
2. Leadership
Self starter, higher standards but not a perfectionist
Team builder and hero maker, inspires others
Treat others as you want to be treated
Share the wealth with all the people who helped to create it
Integrity and reliability, builder of trust, practice fairness
Not a loan wolf
Superior learner and teacher
Patience and urgency
3. Opportunity obsession
Having intimate knowledge of customers needs
Market driven
Obsessed with value creation and enhancement
4. Tolerance of risk, ambiguity, and uncertainties
Calculated risk taker
Risk minimiser
Risk sharer
Manages paradoxes and contradictions
Tolerance of uncertainties and lack of structure
Tolerance of stress and a conflict
Ability to resolve problems and integrate solutions
5. Creativity, self reliance and ability to adapt
Non conventional, open minded, lateral thinker
Restlessness with the status quo
Ability to adapt and change, creative problem solver
Ability to learn quickly
Lack of fear of failure
Ability to conceptualize and sweat details, (helicopter mind)
6. Motivation to excel
Goal and results orientation, high but realistic goals
Drive to achieve and grow
Low need for status and power
Interpersonally supporting
Aware of weaknesses and strengths
Having a perspective and sense of humour