Five Elements of a Successful Entrepreneur

Date

Spread the love

The entrepreneur is one who uses all means of production to create profit through the value of the products that are thereby created.

—Jean Baptiste Say

Take a moment and observe around you, so you will realize the entrepreneur always exists in our day-to-day life. You will find them: in the streets while you are on your way to work, sitting next to you and scrolling through a phone, in your conference room to suggest a project proposal, or calling you over the phone to deal with something that you never thought. It is a term, which always sways, regardless of where it exists. Sometimes, our mother as a housewife is always an entrepreneur in silence; you may never know that.

 

How do you think this term leads to different directions in the vast field of business and economy?

Think about a world without an entrepreneur, and determine whether we could exist without them. I would assure you it is impossible, perhaps it could be in an authoritative government where they put restrictions on citizens who interact with entrepreneurship. Not for so long however nonetheless because they somehow find a way to express their ideas and be all innovative about them one way or the other with an anarchic mindset to market what they invented or brought back from a faraway land. Entrepreneurship is a traditional term, it even existed with our ancestors. Take a breath and think about the silk route—the days when all those ancient entrepreneurs invented something or found something to sell and make profits in a different geographical area. Think about the intention and dedication they were sunken with, think about the desire they had: travel across through raging waters and share what they grasped and do product management, accounting, marketing, finance, and customer relations on their own. It is perhaps the best entrepreneurship we could ever learn of in our technologically developed existence.

 

There are two well-known entrepreneurs. Commercial entrepreneur: an individual with the intention to collect wealth for personal and commercial expectations to receive profits, turnover, and market shares in return for what he/she provided as materials or services. Social entrepreneur: an individual, group, network, organization, or alliance of organizations who seek large-scale change through pattern-breaking ideas in how governments, non-profits, and businesses can address significant social entrepreneurs (Paul Light, 2006).

 

I thought of writing a quote for the above definitions:

“Commercial entrepreneurs are highly motivated with profit while social entrepreneurs are occupied with a social mission.”

 

I recently witnessed entrepreneurship as merely a realistic concept in a Facebook media post of how a man teaches entrepreneurship to another man who tried to clean his car windshield in traffic in a street in South Africa. I was stunned to see the way he taught the man to fish rather than feeding him a fish. The story flowed as follows, the man who drove the car said, this is old school, nobody washes windows nowadays. The man who was trying to wash the window stared at him in wonder. The man who drove the car said, here, take this box of masks and go make some profit. Later, they met again several times—thus, the man who tried to wash the window was all set and ready to purchase out of the man who was driving the car with the profit he made. He wanted more and perhaps more and more, so entrepreneurship existed, not as a buying and selling concept but as a social norm.

 

Let’s take a look at five key elements to evaluate the skills and attributes of a successful entrepreneur.

  1. Strategic thinking: they are cheap because they want to save much to invest more, thus strategically focusing on how to invent another set of ideas and double their profits. They expect immediate feedback from their clients in order to bring clarity and standards to their concepts, so they can flourish better to do another revolution to their existing concept.
  2. Predicting risks: they maintain a good vision, so they know when to pack or unpack, depending on the circumstances they have been interacting with hitherto. They plan quickly while organizing well, and also prefer self-reliance and independence. The risks they take with their investments are always followed up with a backup plan because they tend to believe in more than the profit, recovering cost is important with the experiment they tried. They make decisions very fast and change very slowly or not at all.
  3. Futuristic: they start from scratch and upgrade with the fast-moving and developing world. As an example, just think about a university dropout who started a virtual mall with the only PC and internet connection he had 10 years ago, perhaps now he might have his own lab with the cutting-edge technology to work through his ideas. Also, imagine a restaurant owner, he probably thinks, ‘oh, I don’t need my staff to carry a notepad and a pen to take orders, but rather a networked tab would do the job accurately,” or he could also think, ‘I don’t need three people to do dishwashing, but rather have a dishwashing machine to get the job done efficiently.’
  4. Comprehensive attitude: they serve with appropriate details about what they are doing, so their clients and partners understand their motives to evaluate their concepts for the sake of the company. They give as much as they can to get much more than what they gave. ‘Fake it until you make it,’ they are the experts in this term to hold in the worst to reach the top. Then, once they are on the top, they do believe they deserve more, so most of the established entrepreneurs have the attitude ‘oh, no, I don’t have to go to them anymore, they have to come to me because I already made it.’
  5. Advanced managerial skills: they are the best managers to be found because they know every inch of what they are doing even though they do not have any understanding of how the book theories work. They manage others to be like them, sort of like, ‘you scratch my back and I scratch yours.’ Resiliency is the most known term in their dictionary because they know they will not back off even though they lose. So, with an optimistic attitude, they nonetheless serve as energetic and interpersonal persons when dealing with thousands of clients and customers.

 

Entrepreneurship and entrepreneurs won’t ever leave this world as a concept even if we live in a world where all the necessities have been given like in a mythical fairyland; because people tend to sell or trade with their increasing expectations to receive what they like the most. Entrepreneurship is a concept, which is on the fence of the whole economy in a country, and the entrepreneur is the negotiator on behalf of the customer and the system—they support the development of the society: maintaining infrastructure, introducing a green concept, creating opportunities, etc., while serving customers the best way possible. I would contrast an entrepreneur as an opportunist who will not interact with anyone if they see no potential in what they are doing. Merely, ‘he is a one-man army,’ and his army is his thoughts, ideas, skills, and personality, so he intelligently uses his army to be successful in the perspective of Entrepreneurship.

About the Author

More
articles

00:00:00