Entrepreneurship is essential to stimulate the economic growth and employment prospects that any country has to offer. In order to develop an aspiring entrepreneurial environment, individuals who steer a business or entrepreneurs can play a highly influential role. To transform an otherwise failing economy into a thriving one, the propensity of individuals to initiate start-ups and make them grow can make the difference of life and death.
Entrepreneurship is not about owning a business and making it grow, it is about an attitude, a mindset that keeps individuals going and allows them to stand firm against the hurdles and failures that the corporate arena hurls their way. Today we will touch on what it takes to become an entrepreneur and how these individuals with their exceptional qualities can help a failing economy gain its footing.
Having discussed in the previous weeks the other two ingredients that render a viable entrepreneurial environment, namely a vibrant financing environment and conducive rules, this week we will outline the most sought-after qualities in an entrepreneur, and the way they can be put to use to nurture and foster entrepreneurship.
Starting your own business can be a life-changing experience, one where a lot is at stake. While being an entrepreneur is highly rewarding, it has its share of unrelenting risks and nasty failures as well. In the pursuit of big business dreams, entrepreneurs often sacrifice their savings and personal lives. While one may wonder what encourages an entrepreneur to make that leap of faith, it is their ability to create things from scratch which differentiates them from others.
Contrary to the other two ingredients that the government has some influence over, there is not a lot that can be done when it comes to create entrepreneurs. The government can take measures to offer more financing options or can make efforts to ensure that the set of rules regulations facilitate the creation of start-up from an idea and ensure smooth execution of plans but when having more people becoming entrepreneurs is in question, the government is really beyond the scope of the government to address this issue.
If the country lacks home grown entrepreneurs, perhaps the government can create an environment that can encourage foreign entrepreneurs to relocate and give the economy a boost. Also, it can implement the other two ingredients so prolifically that individuals with exceptional talents and unrelenting spirits are discovered soon and find it conducive to test out their ideas. This will allow more individuals to go down the entrepreneurial path.
Another viable approach that the government can make use of is a long-term investment, which suggests that the innovative mindset of an individual be developed since childhood, from the initial stages of education. If this can be accomplished, any country stands bright chances of producing a generation of entrepreneurs who are more open to challenges and take failures positively.
While there is no definitive profile or criteria to assess who can be or cannot be an entrepreneur, research has shown that entrepreneurs who have successfully paved their path towards success have certain personal attributes in common. These are briefly outlined below.
- Entrepreneurs are creative. Creativity is the spark that differentiates these individuals from the rest as they think of new ways to do business or develop products/services. Creativity is the push for constant innovation and ceaseless improvement. It is questioning, learning and a desire to explore unfamiliar territories.
- Dedication is the driving force that encourages an entrepreneur to go the extra mile as this is what it takes to get the start-up off the ground. Planning when coupled with hard work brings success but it is dedication that makes things happen.
- Determination is the strong desire to excel. It is the ability to spring back to action once the rough times have passed. For an entrepreneur, success serves as a motivator whereas money is the reward.
- Flexibility is one’s ability to take routes according to the ever-changing market needs. It implies the modification of vision to accommodate the diverse market needs.
- Passion is what gets an entrepreneur started and keeps him going. It lends the individual the ability to convince others to believe in his vision.
- Self-confidence is the way one reduces uncertainty and the level of risk involved in any venture. Self-confidence is derived from expertise and it brings out an entrepreneur’s true potential that prevents him from easily getting intimidated or swayed.
By following certain strategies, the government can make sure that these qualities are developed in individuals since childhood so as to have a nation that grasps the true disposition of a successful entrepreneur, entrepreneurs who possess the confidence, foresight and determination in just the right proportions.