We live in an era where thanks to the massiveness of communications, the advancement of technology and the vast possibility we have to carry out innovative ideas to market them and make a living from them, a whole generation is increasingly interested in entering the business world. But, regardless of the activity, the most important thing when considering being an entrepreneur is to be able to manage that great project effectively. So, do you think you’re cut out for entrepreneurship? Let’s delve into the most relevant traits of an entrepreneur in this post.
Are you made for entrepreneurship?
According to a survey conducted by the Think Institute, the French have a paradoxical sensitivity towards entrepreneurship. In fact, they prefer salaried employment, permanent contracts, i.e. protection against unemployment. But they still have a desire for entrepreneurship. Especially because they have an increasingly positive view of business creation. This state of mind can be seen in the new generation, with almost 49% of students saying they want to be entrepreneurs, compared with 51% of executives and 22% of retired people. It can be seen that this is a transgenerational phenomenon. But, although it affects the population, are we really all made for entrepreneurship?
In 2017, Vista conducted a study focused on the personality of entrepreneurs. Vistaprint aims to test the hypothesis that there are common personality traits among entrepreneurs and their impact on the success of their business.
The study reveals that, for most of the entrepreneurs surveyed, “you become an entrepreneur” through your background, experiences and education, but that a certain personality type is required. Their survey clearly shows that entrepreneurs share personality traits such as independence, hard work and confidence. These traits are, according to them, crucial to the success of a business. Finally, this same need for independence is the main reason entrepreneurs start their own business.
The survey was conducted among 500 owners of small and micro businesses (0-49 employees), based in France and aged 18 and over. The survey was conducted by OnePoll, an ESOMAR member, on behalf of Vistaprint.
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Traits of a successful entrepreneur
As we have seen before, the main motivation of an entrepreneur is to be independent. It is a person who feels satisfied and fulfilled in creative freedom. But let’s break down the most relevant traits and at the end, you will be able to answer us: do you recognize yourself in this entrepreneur?
“Entrepreneurship is not accepting the world as it is”.
Monique Canto-Spencer (Principal of the Ecole Normale Supérieure).
As a rebel, the entrepreneur does not see themselves in the condition of wage-earner, they even feel limited and trapped that way. Therefore, they are definitely curious and never stop looking for originality or novelty in the world around them. Because with this curiosity, they can see the gaps and fill them with innovative ideas.
An entrepreneur always seeks to differentiate his offer by providing it with qualities that are different from those of his competitors. This may refer to one or more characteristics of the product itself, of the service associated with the product, of the staff, of the point of sale, etc. Differentiation and originality begin with a mental attitude, a way of conceiving oneself, and are then expressed in everything one does.
Confidence in the future
All entrepreneurs go through tough times, but only some manage to hang in there, get up and keep going. Of course, great entrepreneurs do everything they can to avoid failure, but if they survive, it motivates them even more to excel.
The entrepreneur is a person who accepts failure, feeds on it to recover and emerge stronger. But to deal with failure, you have to be optimistic not only in the project, but also in the propensity of society to improve. They see these failures as opportunities to improve. Their determination and perseverance drive them to stay the course they have set for themselves and to do whatever it takes to succeed, no matter what difficulties they may face.
A successful entrepreneur is someone who is not afraid to make mistakes, who tries things and dares to do things that others would not do. Entrepreneurship involves financial risks and, above all, risks of failure.
The entrepreneur is fully aware that it is possible that his project will not succeed. But to behave in this way, you have to be optimistic and have unshakable confidence in yourself (and in the project).
Self-confidence is a fundamental personality trait for an entrepreneur. It drives the entrepreneur to deploy all the means necessary to achieve his project, without focusing on the negative aspect that represents the risk of loss or even failure. Without self-confidence, a person cannot launch a project because fear takes over the entrepreneurial will.
Every investment involves taking a risk. And without investing, you can’t start a business. That is why it is essential to take risks. Being aware of this, and focusing your mind on the sole success of the project, is to have confidence in yourself. Nicolas Sarkozy once said: “The worst risk is not to take it”.
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Passionate and fun to work with
In fact, an entrepreneur is a person who is motivated, confident and persistent in what he or she does. Perseverance and persistence are intrinsic traits of an entrepreneur. However, to maintain motivation, enthusiasm and enjoyment must be inherent to the project.
This is undoubtedly the point that unites the most successful entrepreneurs: passion.
Every entrepreneur is passionate about a particular field. Entrepreneurs have a good sense of self, so they know what their passion is and their only goal is to dedicate themselves and make a living out of it. This is what helps the entrepreneur to stay motivated, and acts as a stimulant to aim for the top. In other words, the determining factor of their success is that they love their project and what they do. Therefore, they are willing to work without counting the hours, because they do not feel their work as a burden, but enjoy every moment they dedicate to it.
Finally, although perseverance is a major character trait, the entrepreneur is a responsible person, who knows himself, has a balanced life and the support of his family. It is a mix between the will to change the world around him and the reality of delivering an offer that is financially viable and socially accepted.
Ambition: think big.
This is probably the most important personality trait of the entrepreneur. Being ambitious means seeing far ahead. They believe with vehemence and determination in their idea, and therefore see the development of their project in the long term.
The means at their disposal are scarce at the beginning, but the only thing that matters is the growth of the business, the development of the idea, the improvement of a concept and even the emergence of new concepts. On the other hand, a person who only focuses on the present and does not think about the development potential of his idea will certainly not succeed in his task.
A practice that is deeply ingrained in entrepreneurially minded people is that they constantly set goals. They ask themselves the essential questions: What vision do I have for my business? What do I want to achieve? How will I know that I have successfully achieved my goals?
If you have managed to establish your vision, you will be able to stay on course throughout your entrepreneurial journey. It is this vision that will translate into a winning strategy through methodical thinking and meticulous implementation.
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A good leader
Leadership is the art of influencing people to achieve a goal.
To be an effective business leader, it is essential to be able to lead a group of people. Being a leader is not a status but an attitude, as you have to show exceptional qualities to motivate your employees, to influence them to willingly do the work you ask them to do. A leader is usually unifying, inspiring, charismatic, decisive, visionary and a good listener.
So being an entrepreneur also means being able to work in a team and to delegate. During his adventure he will have to seek the skills – which he alone does not possess – from associates, partners, employees, service providers, etc., and he will have to delegate responsibilities in order to be able to concentrate on the tasks that concern him as a leader. To do this, he will have to be able to share his vision, communicate effectively to convince, train, control, motivate, etc.
Definitely not everyone who carries out a project or runs a company can be considered a leader. But definitely the most successful cases are those who have at the head of a person who knows how to properly lead the members of your organization, and gets everyone to act in synergy towards business objectives.
So, what characterizes an entrepreneur beyond their area of expertise and knowledge, is their determination and ability to face the challenges that cross the path of entrepreneurship. If you think you have most of these traits, then congratulations! You are already on your way to success. Now you just have to get down to work, and begin to materialize that project you have in mind.
Remember that if you are thinking of investing in Spain, it is ideal to have allies in the creation of companies, tax management, accounting management, talent management and many other services related to business activity. Do not hesitate to contact us to provide you with personalized advice and offer you the services that best suit your needs.