People argue over whether entrepreneurship can be learned or if it is an innate quality. There’s no one final answer here. Those that argue that great entrepreneurs are born point to people like Rockefeller, or more recently Bill Gates and Steve Jobs, in making their point. They claim that entrepreneurs are just different than the average person – they have greater ambition, are naturally independent, and have keen business acumen.
It’s indisputable that these men are entrepreneurial geniuses. That does not mean that all entrepreneurs start out with this drive, however. Consider that class of successful business person who started out in a management position – or even lower on the corporate ladder – before deciding to strike out on their own. These people can’t be called ‘born’ entrepreneurs, but are instead ‘made’ entrepreneurs.
Regardless of whether an entrepreneur is born or made, however, they all share a few key qualities. These are the qualities that make or break a person who wants to go into business for him- or herself.
First, a strong sense of independence is a must. All entrepreneurs have this, basically by definition. Often, an entrepreneur has left behind a secure job or even a lucrative career in someone else’s employ in order to strike out on their own. This requires a strong drive to be in charge of one’s own destiny – the need for independence is, essentially, stronger than the need for security in these people.
The ability to keep focused on the goal. All new businesses go through a difficult period where the work is overwhelming. There are literally hundreds of things to keep track of, from finances to inventory, from employee satisfaction to marketing and PR. It can be daunting to say the least.
If your focus wavers from your goal of business success, and you get bogged down in the pesky details, you will find that your profits suffer. It is not easy to stay focused on the goal – it requires discipline and concerted effort. All entrepreneurs who make a successful go of it have this ability.
Strong motivation to succeed is also a must. Any entrepreneur who is not strongly motivated to make his or her business a success will be much more likely to lose heart, and end up with their business not making it.
Running a startup isn’t easy. It’s not for the fainthearted, to be sure. The early stages mean long hours and crushing work load and all too often few clients. If an entrepreneur cannot maintain motivation during the bleak periods, they will never make it. Also, there is the issue of employee morale. An entrepreneur has to also keep employees happy and upbeat, or business will suffer.
There are plenty of other qualities that are also important for entrepreneurs to have of course, like patience and creativity and even luck. But if we are talking bottom line, the three I’ve listed above are the ones an entrepreneur simply must have if they are to have a hope of being successful.