Thursday, May 2, 2013

6 Amazing Traits Of Entrepreneurs

Entrepreneur is the person who, after analyzing risk and marketing conditions, initiate or re-initiate a business by combining all 3 types of resources that is human resources, physical resources and financial resources.

By this narrow definition one can easily think that be an entrepreneur is such a simple and easy task but it is not the case in real, on the contrary, choosing your goal as a successful entrepreneur is rather a challenging task. If you do not have any wishful thinking about startinga business and you have the set of some specific traits then nobody can stop you to become a successful entrepreneur  So, without any further delay let us start sorting out those essential traits of successful businessman or entrepreneur.

Trait No.1 Locus Of control.

Locus of control means your believe about controlling the situation. Basically there are two types of locus of control
  • Internal Locus Of Control
  • External Locus Of Control

Persons with internal locus of control believe that they are the master of any situation and they can change the situation in a way they want while persons with external locus of control believe that they can not make any changes with the situation and they have to accept it in a way it is.
To be a smart entrepreneur you must be a person with internal locus of control otherwise you can't compete with the difficult situation and will give up easily while business is all about playing with difficult scenarios and situations.

Trait No. 2 Higher Energy Level.

Set up a new business requires high amount of energy. Research proves that new entrepreneurs have to work 60-70 hours per week in order to earn reputation and get recognition. Only 23% entrepreneurs work less than 60 hours in a week which is quite a average for medium level managers.

Trait No.3 High Need Achiever

If you are used to setting high goals for you then definitely entrepreneurship is your cup of tea, For taking your business at highest peak you have to set your goals high but here high doesn't mean of setting unrealistic goals. If you want to be a successful business person then set your goals at a level that is neither too high nor too low.

Traits No.4 Confidence

Who can dare to spend all of  his resources on an experiment, other than a confident person? You must be confident that your idea of business is worth daring in spite of other's negative thoughts and discouraging attitudes.

Traits No.5 Tolerance For Ambiguity

Normally people want clear cut knowledge, complete data structure and clearly seen situation for making any decision but sometimes entrepreneurs have to take decision without any first hand knowledge and complete picture of situation. So, entrepreneur must have tolerance of ambiguity and he must be able to move with this ambiguity.

Traits No.6 Time Management.

Entrepreneurs always perceive time as a jewel. They work like there is no tomorrow and manage it efficiently. 

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