Key Characteristics Every Entrepreneur should have
Having an idea and plan is not quite enough to see you through the business's whole process. Success as an Entrepreneur is not just about the concept and how much money is poured into the venture. To be a successful entrepreneur, you have these essential characteristics, according to Alan Safahi, a Fintech CEO.
An entrepreneur refers to a person who undertakes the process of opening and managing a business, usually someone who has the ability to manage the risk inherent in the aforementioned process, as well as managing the venture, having a long term goal, and most importantly, staying profit-oriented. However, the fact remains that not all entrepreneurs are successful. While we see some success, we have also seen some entrepreneurs start well but, unfortunately, not end well. Why do you think we have this? You might even see certain entrepreneurs who have a great concept and a solid launch but in the end the company folds. Some might ask themselves, what happens along the way? Could it be that this entrepreneur lacks specific characteristics of entrepreneurship that produce a successful venture? Let's talk about these traits that every successful entrepreneur should possess (In our opinion).
Key characteristics of an Entrepreneur
● Ability to Take Risk: The first characteristic perceived by Alan Safahi is the Entrepreneur's ability to be a risk-taker. An Entrepreneur has to understand that risk is part of a business, which can either come with failure or success. Playing it safe never leads to winning in a company. Therefore, the courage and capacity to take risks are essential for entrepreneurs.
● Teamwork: The best business operates as a team where each member of an organization is saddled with responsibility and everyone has the mindset of focusing solely on the business's future. This doesn’t just happen by chance. A good entrepreneur shares responsibility within the team and gives them room to operate in whatever role that they have been assigned. In addition to this, the business's goal must be set so that every team works towards achieving it.
● Vision: Alan Safahi explained that every entrepreneur must be a visionary. He must be able to recognize how the business started, where the business is, and where he/she envisions the company being in the long run. Without this, forget about a successful venture. He or she would only be working aimlessly without having a direction and without reaching any point of success.
● Leadership: As important as a vision is, it takes a leader to transform the former into reality. Without a proper leader, there won't be an assigned role to the employee, resulting in everyone working aimlessly, independently, and without a direction. A leader needs to inspire his/her employees towards achieving a common goal and be able to motivate them anytime they are down.
● Creativity: One of the critical characteristics of entrepreneurs is the ability to be creative. An Entrepreneur must be able to do things differently without depending on the majority's standard approach.
● Passion driven: Every business starts with a spark of an idea. Having a passion for a startup gives you the drive to turn your vision into reality. You must have the necessary motivation to keep the business going, even if there are ups and downs in the venture. The passion of the entrepreneur drives the business going, and is often the soul of the company
Think about how you can develop yourself and become an exceptional entrepreneur even as you consider the following critical characteristics provided by Alan Safahi. Always try your best to network with others, and to recognize the different partnership opportunities available at any given time.
About the author
Alan Safahi is an Iranian-American entrepreneur and six-time startup founder with over 30 years’ experience in the information technology, telecommunications and financial services industries.