Entrepreneurism: requirements made upon the entrepreneur
An entrepreneur plays an essential role in the company’s ability to succeed. Successful entrepreneurs are the ones who have developed very specific skills and personality strengths that directly contribute to the company’s eventual success. What do you need to do to be a successful entrepreneur and what talent and abilities influence how successfully you will meet the demands of the role?
Here are the 10 requirements of entrepreneurship and the traits needed to meet them to achieve the desired business outcomes:
▼ 1. Be opportunistic and take on challenges
Risk taking makes you experiment, face the fears and stretch yourself therefore raising the bar and pulling the business forward, which is most relevant in the early stages of the business.
▼ 2. Commercialise the possibilities
Creative strategy is helping you think of all possibilities that expand beyond the present, creating a space in the future that can be filled with a commercialised idea. Consistent innovation is the key to a company’s survival.
▼ 3. Keep promoting the business
Successful entrepreneurs have strong advocacy. This enables them to convey a clear and compelling message that promotes their point of view and their business’.
▼ 4. Focus on business outcomes
Profit-orientation is a spontaneous, moment-to-moment mental activity, helping you set measurable goals and focus on achieving them.
▼ 5. Be a perpetual student of the business
The hunger for more knowledge and skills relevant to your business will help you grow the business by making smart improvements continuously.
▼ 6. Be self-reliant and resilient
Self-efficacy helps you be able to fill in many roles to meet the needs of the business. Successful entrepreneurs are prepared to do whatever must be done to see the business succeed. So the more competent the better, especially in the early stages of the business.
▼ 7. Be a self-starter
Being an activator helps you push passionately to make things happen, seeing opportunities where others see roadblocks. Successful entrepreneurs show initiative and possess an enduring sense of urgency because there is never enough time to do it all.
▼ 8. Accelerate growth through delegation
Delegate and empower the leadership team as the business grows and the team expands. Recognising that you cannot do everything yourself will make you shift the style and control from self-reliance to delegation.
▼ 9. Know your brand
Being self-aware and self-reflective helps you to know yourself well and to have the ability to perceive others accurately. This requirement is essential when your start-up business is established and you are likely to conduct negotiations, influence others, and motivate employees.
▼ 10. Build and nurture meaningful relationships
The ability to build and maintain deep social ties and networks will help you gain access to capital and other resources for your business.
Use these requirements to build a roadmap of activities and skills you need to perform to develop and grow your business. You can close any gaps by either acquiring the skills or knowledge or partner with somebody with complementary talents.
In a micro and small businesses the more you are able to meet the requirements the higher the chances of making your business successful and sustainable, as your actions and decisions directly impacts the future of your business. As the size of your business increases to more than 50 employees your entrepreneurial personality will have less impact of the success of your business.
Post originally published via ICAEW Business Advice Service – click here