What are The Essential Characteristics of a Successful Entrepreneur
Entrepreneurship can be one of the most rewarding experiences for many people. These are individuals who have decided to form their own company and determine their own financial destiny. Whenever a person decides to become an entrepreneur, there are certain characteristics that they need in order to be successful. By having these characteristics, entrepreneurs will be in position to become financially independent as well as help meet the needs of many consumers and businesses.
TYPES OF ENTREPRENEURS
There are many types of entrepreneurs that start up a business. All of these businesses range from a one person operation to a medium or large company.
Small Business: A small business is often a mom and pop shop or a local small independently owned establishment. Many small businesses are either sole proprietorships, partnerships or Limited Liability Companies. Small businesses are businesses that have fewer than 500 employees.
Home Based Business: Home based businesses are often small businesses that are run from a person’s home. Since they are not run from an office, they give people some flexibility in their lifestyle. While these businesses are run from home, they can still be quite successful. There are quite a few home based businesses that are competitive with larger businesses. In fact companies such as Apple and Disney started as a small home based business.
Online Business: An online business is any business that is operated from the internet. These can either be small businesses or large companies. Some of the most well known online businesses are companies such as Amazon and Ebay. These businesses provide products and services that can be obtained through the internet. Therefore, these types of businesses provide convenience for both the business owner and their customers.
Inventor: An inventor is a type of entrepreneur that builds and develops a certain product and then begins to market it. Inventors have been known to be some of the most successful entrepreneurs in history. One example of an inventor is a contestant from shows such as Shark Tank or anyone who develops a unique product and then looks to form a business with it.
Serial Entrepreneur: A serial entrepreneur is someone who starts up a business, builds it and then sells it. They are involved in the process of establishing a business but not managing it. Therefore, they often found a business and then let someone else operate it once they are finished building it.
Lifestyle Entrepreneur: An entrepreneur who starts a business in something that they are interested in or passionate about is known as a lifestyle entrepreneur. These individuals have an online business that can allow them to travel and use technology and the global economy to operate on a daily basis.
ESSENTIAL CHARACTERISTICS OF A SUCCESSFUL ENTREPRENEUR Successful entrepreneurs have a number of unique traits that make them successful. One of the keys to success is passion where the entrepreneur truly enjoys the type of business that they run. Those who succeed as entrepreneurs are also independent thinkers, are optimistic and self confident. Entrepreneurs who have been successful are also good problem solvers and are very resourceful. All of the entrepreneurs who have experienced much success have a vision, are very focused and are action oriented.
THE DIFFERENCE BETWEEN ENTREPRENEUR AND ENTREPRENEURSHIP When it comes to entrepreneurs and entrepreneurship, there are some key differences. An entrepreneur is an individual who comes up with one or more entrepreneur business ideas and then starts up a business. Entrepreneurs are also innovators who have a dream to build a successful company. Entrepreneurship is the process of starting up a business and providing products and services to customers. It is a procedure that often entails innovation and building a business from its startup phase into a successful establishment.
CONCLUSION Entrepreneurs have been essential to shaping the economy. They are individuals who have started up companies that offer essential products and services to the masses. Entrepreneurs come in many different types. The most successful entrepreneurs have all had certain personality traits that have allowed them to attain their goals. Entrepreneurs are the individuals who engage in the process of entrepreneurship.
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