What are the attributes of an Entrepreneur?

Attributes of an Entrepreneur

It was so wonderful last Saturday to see so many young hungry entrepreneurs determined to forge their way in the world.  And one of the resounding thoughts we were all left with from the day was this, ‘with so many graduates now out of work and with no such thing these days as a job for life, it is time for us to start taking our lives, our destinies and our financial security and wellbeing into our own hands’. 

So what attributes make an entrepreneur?

Contrary to popular opinion I do not believe that talent or intelligence has everything to do with it.  Alternatively I would support the idea that tenacity plays a far more superior role to either talent or intelligence.  After all, the definition of an entrepreneur is ‘the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits’. 

Risk & Initiative

It is therefore suggested that an entrepreneur as opposed to a salaried worker is someone who is prepared to take more risks, to strive, to recognise that niche in the market, that potential and take their ideas and turn them into reality. 

One example is that of Frederick W Smith the originator and CEO of Fedex.  Frederick entered university in 1962 where he received a C- for his project thesis outlining his business plan for Fedex, apparently his lecturer advised him he would only get a C if he made it something feasible.  Needless to say he went on to set up one of the largest and most successful businesses in the world.

It is a fact that not everyone has what it takes to take these brave steps to entrepreneurialism; it is also a fact that many of the richest people in the world are successful businessmen and entrepreneurs.  But it is not always just about making huge amounts of money, far more often entrepreneurs are ordinary people who chose to work for themselves, to start a business that they believe will work.  

And we need our entrepreneurs.  It is they who provide the services and products that we want, that employ the people who aren’t prepared to take the risks or do not have the initiative to do something on their own.

Tenacious & Brave

So if being a great entrepreneur is all a state of mind, then the question you really need to ask yourself is ‘what do I want from my life?’  Do I want to carve out my own path or am I happy to work for someone else who is prepared to take the risks that I am not?

Tenacity is about being prepared to take 10 rejections and still come back for more.

 

The reality is that in this day and age where jobs are not guaranteed for life and a university education does not guarantee employment that we need more people prepared to get out there and take these risks.  You may not be the next Frederick Smith, but there must be something out there that you feel passionately enough about, and whatever that is pursue it.  And make your career, your business, your life everything that you would want it to be.