Being an entrepreneur is not easy, it includes starting new businesses, taking great risks, launching new products, finding profitable opportunities, et cetera. Entrepreneurs were behind some of the greatest products released as well as some of the greatest product failures. Experts say that there are essential characteristics that all entrepreneurs possess, here are five.
- Passion: Entrepreneurs must have a great degree of passion because they have to. Their job is to fully invest and promote their product to ensure its success. The passion might be fueled by money or the ability to help people.
- Resourceful: When dealing with a start-up it is unlikely that entrepreneurs will have everything they need to get the job done. That is why entrepreneurs must be resourceful and be able to make the most of what they have.
- Vision: Entrepreneurs must be able to see the “big picture” of the project so that they can make the right decisions to get there. Without this, the project will end up not going where it was intended or even a failure.
- Flexible: Entrepreneurs have to be flexible and be able to change their plans quickly because of changing market conditions, tastes or financial reasons. It is very unlikely that the project goes as planned so entrepreneurs have to be flexible and allow the project to keep moving forward. This is especially true since there is usually a time constraint.
- Tolerance of Risk: Entrepreneurs must deal with many risky decisions that could put them out of business, but the decisions are also necessary to keep going. In some cases there will be complete ambiguity and entrepreneurs just have to go for it. This is all part of being an entrepreneur and creating a start-up.