What is an entrepreneur?
An entrepreneur is an innovative individual who seeks to use their knowledge in a particular skill set or industry to create a business venture. These individuals take significant financial risks to fund start-ups, which have the potential to grow into multimillion-dollar corporations.
Related: How to Grow Your Business
13 traits of an entrepreneur
Here are 13 qualities that make an entrepreneur:
Self-motivated describes someone who can motivate themselves rather than relying on another person. Self-motivated individuals use discipline and passion to complete essential tasks on time, limiting procrastination and producing results. Entrepreneurs must have a level of self-motivation to overcome challenges and keep up with their business practices.
For example, an entrepreneur might use their self-motivation to send out emails to clients after having a challenging client experience that resulted in a loss of business.
Someone open-minded is willing to accept or learn about new ideas and opportunities. That’s why open-mindedness is such an essential trait for an entrepreneur. If they remain open to new business opportunities, they could find success in a completely different way.
For example, an entrepreneur starts a workout-app company wherein gym-goers can connect with personal trainers. This idea proves unsuccessful, and so they try to start a social media advertising consultant firm. This business idea helps generate over $5,000 in revenue during the first two months of operation. Open-mindedness could mean finding success in an area you didn’t want to consider.
Similar to open-mindedness, entrepreneurs should also have high levels of curiosity. A curious mind can produce unique and innovative ideas that provide solutions to save a start-up company.
For example, an entrepreneur creates an online recruiting network that allows companies and recruitment agencies to connect with qualified job candidates. They wonder if business would improve by marketing their site toward colleges and universities with career center services for upcoming graduates. This idea helps jumpstart site revenue while also creating a primary customer base.
When an entrepreneur is proactive, they cannot only anticipate change but also take preemptive measures that help them conquer those changes. For example, a self-employed HR consultant creates their own online course and eBook to predict a rise in competition across the industry.
Entrepreneurs tend to lead healthy, balanced lifestyles so they can have the energy to operate their business ventures. For example, an entrepreneur might make a point to work out every morning, or they might take a day off to recharge after a long work week.
Another trait of entrepreneurs is creativity. Regardless of their business’s industry, they have to come up with new ideas and solutions to guide their company forward. For example, an entrepreneur comes up with a unique marketing idea where they record a video series about entrepreneurship to drive traffic to their website.
Entrepreneurs should have a level of persuasiveness to convince investors to donate funds and to persuade customers to buy their products or services. For example, an entrepreneur prepares a presentation to give to potential investors about their projections for the company’s growth within the next five years.
Bravery is another entrepreneurial trait from which you can benefit. Entrepreneurs regularly take risks from the moment they decide to start their business, and they must have the courage to accept criticism. For example, an entrepreneur puts in their two-week notice at their nine-to-five job before operating their start-up full-time.
Entrepreneurs might start as sole-proprietors, but with the right business tactics, they could soon have several employees working under them. That is why it is so crucial for entrepreneurs to be team-oriented.
For example, an entrepreneur takes on three other employees to help with sales calls and content creation. They hold daily meetings, listening to their employees’ concerns and involving them in decisions.
Regardless of age, entrepreneurs should have a young perspective to keep evolving their business and combat working odd hours. For example, an entrepreneur spends the evening after meeting with clients all day to work on a new software application.
Entrepreneurs typically have a humble attitude because they understand the work that goes into creating and maintaining a successful business and how success can drop. For example, a successful entrepreneur makes a point to respect others and show gratitude for their business.
Another excellent trait for entrepreneurs is showing up early to meetings and events. For example, an entrepreneur arrives 20 minutes early to a lunch meeting with a prospective client.
Humorous entrepreneurs can laugh at their mistakes and move on from them. For example, when an entrepreneur sends an email addressed to the wrong client, they remedy the situation by sending a second response before getting back to work.
Related: 10 Steps to Starting a Business
Entrepreneur traits FAQs
Here are some answers to additional questions you might still have about entrepreneurs:
Can I earn a degree in entrepreneurship?
You do not necessarily need a college degree in entrepreneurship. However, there are degree programs at the bachelor’s and master’s degree levels that focus specifically on entrepreneurship. If you do not want to pursue a college education, there are also plenty of entrepreneur certification courses that can help you cultivate a business idea.
How do entrepreneurs get funding for their business?
Several areas allow entrepreneurs to get adequate funding for their businesses. They can save up funds themselves as they work another job, they can pitch their ideas to investors or gain funds from generous family and friends. Here are some common ways to get funding:
- Crowdfunding platforms
- Cloud funding sites
- Partner companies
- Venture capital companies
What are the benefits of being an entrepreneur?
Despite specific challenges, being an entrepreneur can prove extremely rewarding to those who gain success. You can be your own boss, create your own schedule and work flexible hours. What’s more, you can build a business around a topic you are passionate about, giving meaning to your work life.