Personal entrepreneurial characteristics constitute the basic traits that define the personality of an entrepreneur and indicate the spark present in his personality.
- A personal entrepreneur is an individual who starts his/her business venture out of sheer interest on the basis of inbuilt skills.
- There are some definitive traits existing in a personal entrepreneur which are regarded as personal entrepreneurial characteristics.
- Innovation and hard work are necessary but more than that, accepting failures and waiting for the desired results with patience are the principles behind success.
- There isn’t any shorter path to success and aspiring entrepreneurs must understand the ethics of entrepreneurship for success.
Today, entrepreneurship is regarded as one of the most popular professions of all time. It calls for individual freedom and brings the correct use of individual skills for a grand venture. Therefore, much of the youth’s mind is attracted towards entrepreneurship as compared to any other venture.
Personal entrepreneurship and its tenets
When the concept of entrepreneurship evolved, it also comprised many subunits which equally became eminent in the masses due to their efficiency and call for action. One of those subunits was personal entrepreneurship.
Basic Definition of Personal Entrepreneurship
Personal entrepreneurship is the very basic type of entrepreneurship. This one calls for individual efforts and mends them in a single unit altogether so as to lay the foundation of something grand. Personal entrepreneurship allows you to start and monitor the progress of an entrepreneurial journey of your own so that you can take into account all the necessary measures and efforts essential for the propagation of a business venture.
A personal entrepreneur is one who starts a venture solely because of his/her individual interests and is closely associated with every single step taken by the venture. Though, this kind of entrepreneurship seems the simplest form yet it is the most complex type of entrepreneurship because you have to take care of a number of factors in order to achieve success in the end.
Personal Entrepreneurial Characteristics
There are ten personal entrepreneurial characteristics that are classified as the ultimate traits defining the personality of one such entrepreneur.
Let’s find out what makes a personal entrepreneur a pro of his/her field.
- Leadership Skills
- Communication Power
- Risk Taking Abilities
Nothing can be achieved in this world until you don’t have a passion for it. The zeal to accomplish something is what makes you move forward slowly and gradually in the direction of your mission. When enthusiasm is present, then any test in the way doesn’t seem like a trial and you are easily able to overcome any exam.
Passion is the basic ingredient that makes up a personal entrepreneur. Like I always say that, unlike other professions, entrepreneurship is a field where you can only succeed if you have the interest in the market and the willpower to prove yourself. Once the passion to overcome your fears and cross the big names of the market emerges in an individual, rest everything gets sorted out on its own and one is able to passionately work for the cause making the venture an exceptional one.
Passion alone can do nothing if you are not understanding the significance of individual uniqueness. You must remember that every individual is bestowed with individual uniqueness which needs to be explored later on in the professional world. A personal entrepreneur is an individual who senses this uniqueness and gives a new shape to it through the venture.
The innovative skills existing in an individual give one a reason to prove the place in the mainstream market. We all know that today a client’s opinion is divided because of the number of available options. Hence, until and unless there is not something extremely peculiar about the venture, you can never expect to excel.
No venture is complete without proper planning. Planning is the key to success in entrepreneurship. As a personal entrepreneur, you have to learn the art of planning. You must remember that not everything is equally significant. At the same time, what you might consider unimportant can turn out as the most important growth factor. It all depends on the sense of understanding and taking things seriously.
First, you begin understanding the requirements for your venture and after that, you start jotting the agenda you might be applying for the sake of your venture. Once you are able to understand the requisites, you can easily come up with the best plans which can make your venture a successful one.
Planning alone is not enough. Things have to go both ways. First, you start planning your strategy, and then what you need most is the action strategy. A good entrepreneur is one who understands the delicacy of the situation and then responds to it according to the requirement.
Taking the right kind of action at the right time can save you from a lot of inconvenience in the end. Once you are positive about your action plan, you can gradually start working on your venture. If the venture seems feasible according to the particular society, you will soon start getting positive results from your input.
The best part about an entrepreneur is the way he/she leads. Being an entrepreneur means nothing except being a leader because you have to lead a whole team. You have to monitor every single thing. This requires a lot of attention, especially it’s a test of your management power.
A person entrepreneur is the one who understands the significance of leadership. The leadership skills can be developed through rigorous training and experience of years. This makes an entrepreneur a learner as well as a preacher of norms and rules that govern and ensure the success of a business venture. As a leader, he/she proves his/her capabilities through the trials which are innumerable when business is the battleground.
Nothing is easy. You have to put in a lot of effort in every single field. Even the most successful individuals tasted success after years of hard work and effort. In the middle of all this, one single thing keeps them actively functioning. This one attribute is regarded as optimism.
Like all areas of life, optimism is the key to success. An entrepreneur who understands the role of optimism is one who is able to fight any battle with a big smile and zeal. You can find some of the biggest business world names and their success in this world of pressure and trials. You will be shocked to find out that they have developed the optimistic attribute in their nature which makes them welcome all the tough times. They don’t panic easily as compared to the other players and therefore with their unusual calmness and effort, they are most likely to succeed.
Entrepreneurship calls for global outreach. Other than global outreach, there are several other areas where an entrepreneur needs the power of communication to convey whatever he/she has in mind. We know that entrepreneurs are not only the creators of their ventures but they are also the representatives of their creations. From this point of view, whatever an entrepreneur creates must be conveyed in the right way to the clientele. For this purpose, a grip over language is a must.
This grip in the language is added via efficient communication skills where an entrepreneur is able to comprehend the point of view of the clientele and the response from his/her side is in accord with their agendas. Therefore, things get easier between both parties. It is also believed that the essence of an entrepreneurial venture is incomplete without the presence of the finest communication skills. Hence, the entrepreneurs who ace when it comes to the communication weapon are the ones enjoying the most of the entrepreneurial journey.
Risk Taking Abilities
The business has a mode like the weather. Sometimes so good, while other times harsh. One can never be sure of any single-phase throughout an entrepreneurial journey. This is what comes naturally in the understanding of a personal entrepreneur. A personal entrepreneur understands well that without risk the adventure is incomplete. Hence, all of his/her skills are concentrated over the venture, and in this, some of those decisions are also taken which are considered difficult in the business domain.
Nothing good comes off in a day. You have to wait for it. When it’s about startup things can really take a difficult and sometimes too long extent to complete in their fullest form. Therefore, patience is a must. A number of entrepreneurs are often in a haste to achieve success in a short time span and their patience dies after a while.
This attitude is not suggested for those who want to create a fixed place in the business world. You must let the effort speak for itself and obviously, it will take some time until things will finally start bearing fruits of success for you. As the common proverb states that it’s always the slow and steady winning up the end race. Therefore, adopting this principle can be of great help in the long run with a patient yet efficient mindset.
The problem with many entrepreneurs In today’s world is that here there is a zero-tolerance policy when it comes to failures. In other words, many of the entrepreneurs don’t accept their defeat easily and start blaming the market setup or get themselves into some complex procedures making things more hard for them.
This attitude needs to be abolished from the core values of entrepreneurship. A personal entrepreneur should accept that profit or loss is a part of normal business life. Even if the first business venture doesn’t get as much success as expected, then this isn’t the end of life, but it teaches a number of lessons enabling the entrepreneur to work for perfection. Those entrepreneurs who accept their flaws at the first stage are the ones who later on emerge as the masters of the business world.
A personal entrepreneur is not just an individual who aims to set up a business venture which speaks of his/her success story but is the one who has some defining traits as well. These personal entrepreneurial characteristics are the ones that later on contribute to his/her success and set his/her example as an ideal in front of the whole world.
The author is an M.Phil scholar conducting her thesis in Literature. As a sucker for literature, she swoons over Greek and South Asian fiction while reviewing books in her spare time. Her love for writing has made her expand her subject matter and now she pens her opinions frequently on business, finance, entrepreneurship, lifestyle, history, and literature. For a special connection with entrepreneurship, she opens up the details occasionally about it.