LifestyleTrending News

Shovon Ahmed’s 05 Characteristics Of Successful Entrepreneurs

2 Mins read

WHAT IS ENTREPRENEURSHIP?

Entrepreneurship is commonly thought of as the process of starting a business. While this is true, in part, some nuances should be considered.

In the HBS Online course Entrepreneurship Essentials, entrepreneurship is defined as “the pursuit of opportunity beyond the resources currently controlled.” An opportunity is a proposed venture to sell a product or service for which customers are willing to pay more than the required investments and operating costs.”

05 CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS

1. Curiosity

Successful entrepreneurs have a sense of curiosity that allows them to continuously seek new opportunities. Rather than settling for what they think they know, curious entrepreneurs ask challenging questions and explore different avenues.

In Entrepreneurship Essentials, entrepreneurship is described as a “process of discovery.”

Without the drive to continuously ask questions and challenge the status quo, valuable discoveries can easily be overlooked.

2. Structured Experimentation

Along with curiosity comes the need for structured experimentation. With each new opportunity that arises, an entrepreneur must run tests to determine if it’s worthwhile to pursue.

For example, if you have an idea for a new product or service that fulfills an underserved demand, you’ll have to ensure customers are willing to pay for it. To do so, you’ll need to conduct thorough market research and run meaningful tests to validate your idea and determine whether it has potential.

3. Adaptability

The nature of business is ever-changing. Entrepreneurship is an iterative process, and new challenges and opportunities present themselves at every turn. It’s nearly impossible to be prepared for every scenario. Entrepreneurs need to evaluate situations and adapt so their business can keep moving forward when unexpected changes occur.

4. Decisiveness

To be successful, an entrepreneur has to make difficult decisions and stand by them. As a leader, they’re responsible for guiding the trajectory of their business, including every aspect from funding and strategy to resource allocation.

Being decisive doesn’t always mean having all the answers. If you want to be an entrepreneur, it means having the confidence to make challenging decisions and see them through. If the outcome turns out to be less than favorable, the decision to take corrective action is just as important.

5. Team Building

A great entrepreneur is aware of their strengths and weaknesses. Rather than letting shortcomings hold them back, they build well-rounded teams that complement their abilities.

In many cases, it’s the entrepreneurial team, rather than an individual, that drives a venture toward success. When starting your own business, it’s critical to surround yourself with teammates who have complementary talents and contribute to a common goal. Raw Marketer

51 posts

About author
Chief editor of Fox interviewer
Articles
Related posts
SportsTrending News

USMNT to take on England in its toughest match of the FIFA World Cup

1 Mins read
Monday, November 21, the United States Men’s National Team (USMNT) appeared in the FIFA World Cup for the first time since 2014….
CrimeTrending News

Mass shooting at Chesapeake, VA, Walmart claims the lives of six

1 Mins read
The state of Virginia witnessed its second mass shooting in a month when an employee of the Walmart Supercenter in Chesapeake, VA,…
SportsTrending News

USMNT set to kick off its bid for the FIFA World Cup against Wales

2 Mins read
The quadrennial FIFA World Cup kicked off in Qatar on November 20. The Qatar national team faced off against Ecuador in a…