THE SUCCESSFUL ENTREPRENEUR

Introduction:

Entrepreneurship is a journey that requires a lot of determination, creativity, and hard work to achieve success. The successful entrepreneur is a role model for people looking to embark on their own entrepreneurial journey. These individuals have taken bold risks, faced challenges, and persevered to create thriving businesses that change people’s lives. In this discussion, we’ll explore the characteristics that define a successful entrepreneur, their experiences, and the lessons that aspiring entrepreneurs can learn from their success stories.

 

Definition of Terms:

An entrepreneur is a person who starts a business or venture that takes financial risks in the hope of profit.

This is usually a business person or people who starts or owns a business; whether in farming, in trading, in manufacturing and or in the service industry. These are people who find success by taking risks. They could be viewed as disruptors in established industries. This is because they often challenge the status-quo, come up with different innovations; with great efficiency, affordability and access while penetrating any given industry.

 

A Successful Entrepreneur is that someone who has a strong sense of self-confidence, someone who has a sound opinion of their skills and abilities. A person that is organized, Diligent / Hard working, Prudent (ability to govern and discipline oneself by the use of reason) and Meticulous or near Perfectionist. This set of people have strong and assertive personalities.

 

Determination is an unwavering commitment and persistence towards achieving a goal or objective. In relation to successful entrepreneurship, determination is an essential quality that allows entrepreneurs to overcome obstacles, setbacks and failures.

 

Entrepreneurship is not an easy path, and there will inevitably be challenges and failures along the way. Successful entrepreneurs face these challenges with an unwavering determination, persistence and resilience. They are focused on their goals and see failure as a lesson to improve their approach.

 

Determination is a critical quality in entrepreneurship because it keeps entrepreneurs going when things get tough. It helps them overcome obstacles, take risks, and make difficult decisions. It also helps them stay motivated and work hard towards their vision even when the path forward is not clear.

 

Commitment in relation to successful entrepreneurship refers to the unwavering dedication, passion and responsibility entrepreneurs have towards their business venture. This includes the willingness to put in long hours of hard work, to take risks, and to make sacrifices to achieve business goals.

 

A successful entrepreneur must be fully committed to his or her venture, willing to give their all to ensure that the business thrives. This level of commitment is essential because entrepreneurship is not without its challenges, and there will be times when it is tested.

 

Commitment also serves as a motivator for successful entrepreneurs. Entrepreneurs who are fully committed to their businesses are more likely to stay focused, driven, and persistent in the face of setbacks or obstacles. They are less likely to give up when they encounter difficulties.

 

Moreover, commitment inspires the team, the investors, and all other stakeholders to believe in the entrepreneur’s vision and support the business venture. A committed entrepreneur is more likely to attract and retain a team of equally dedicated individuals who are also fully invested in the success of the venture.

 

Qualities or traits of Successful Entrepreneurs:

To become a successful entrepreneur, you must have the passion, a willingness to improvise, resourcefulness, always listen to others and most importantly, a strong determination to succeed. Some of the qualities that make one a successful entrepreneur are:

1. Being Curious: A successful entrepreneur always have a sence of curiosity that allows them to seek new opportunities rather than being satisfied with what they know, curiosity allows him or her to achieve their main goal. Understanding structured experimentation is another thing they thrive on, they are eager to know if what they want to do is worth doing. No matter what challenges an entrepreneur faces in business, flexibility is usually to allow the business grow. The confidence to make difficult decisions and stick to them through to the end is what makes one an entrepreneur.

 

2. Versatility: For a business owner to serve their clients better and more positively, they must be knowledgeable and have a good understanding of the latest service techniques and technologies. A successful entrepreneur thrives on competition, they do not relent when it comes to being competitive, they are always full of energy and drive, they are always ready to deliver what they are made of, they have a strong passion for success and are always on the move to getting better results. To achieve all these, an entrepreneur needs to have an open mind, a mind that is always ready to learn new things and new ideas. Exposing oneself to new changes & challenges and evolving & developing capacity to be proactive, innovative and skilled would keep an entrepreneur at the leaderboard; because one major and direct path to success is through evolution.

 

3. Being Focused: Successful entrepreneurs do not bow at the face problems or challenges; rather they are always focused on their goals and have good judgement about their strategies, abilities and skills. Rejection and criticism have a major impact on a successful entrepreneur. It draws your awareness to the shortcomings of your business and let you know where and how to make amends and you know that inorder to improvise in life, you have to accept criticism. Always have this strong sense of confidence and trust in yourself and in the process. You must focus on the process from beginning to the end to ensure long-term success of your business.

 

4. Team Building: Entrepreneurs are always aware of their strengths and weaknesses, and by not letting their shortcomings hold them back, they build a team that compliments their abilities and is ready to tolerate any risk presented to them. Always willing to learn from their mistakes, always asking questions and persevering till they reach their goals is part of what makes a successful entrepreneur.

 

5. Strong leadership qualities: this is not just about being outgoing or ability to value goals above the unpleasantness of the job or providing guides or even just being tenacious. It also means having strong communication skills and the ability to amass a team of people toward a common goal in a way that the entire team is motivated and works effectively to get there as a team.  This requires the leader to earn the trust and respect of his team by demonstrating positive work qualities and confidence, then fostering an environment that proliferates these values through the team.

 

6. Highly self-motivated: Statistics have shown that every average successful entrepreneur is self-motivated. They go out into the world and summon change through their own actions. A successful entrepreneur would ordinarily enjoy challenges and will work diligently to solve problems that confront them. They adjust well to situations that are changing without actually unraveling and are typically expert of helping their teams change with them by motivating them toward new goals and opportunities.

 

7. Passion and Drive: Successful entrepreneurs are passionate about their business and have a strong drive to succeed. They are dedicated and committed to making their business a success.

 

8. Adaptability and Flexibility: Entrepreneurs must be able to adapt to changes and be flexible in their approach to business. They need to be able to pivot quickly and adjust their plans as circumstances change.

 

9. Creativity and Innovation: Entrepreneurs often come up with innovative and creative ideas that give them a competitive advantage. They are always looking for new and better ways to do things.

 

10. Strong Work Ethic: Entrepreneurs typically work long hours and are very focused on their business. They have a strong work ethic and are not afraid of hard work.

 

11. Taking Calculated Risks: Successful entrepreneurs are willing to take risks, but they do so in a calculated way. They carefully weigh the pros and cons of each decision and are not reckless in their approach.

 

12. Problem-Solving Skills: Entrepreneurs must be skilled at solving problems and overcoming obstacles. They are creative in finding solutions to the challenges they face.

 

13. Vision and Strategic Thinking: Successful entrepreneurs have a clear vision for their business and a strategic plan for achieving their goals. They are able to see the big picture and plan accordingly.

 

14. Effective Communication and Networking Skills: Entrepreneurs need to be able to communicate effectively with their team, customers, and partners. They are typically skilled networkers and know how to build relationships with others.

 

15. Resilience and Perseverance: Entrepreneurship can be challenging and there will inevitably be setbacks along the way. Successful entrepreneurs are resilient and able to bounce back from failure. They have a strong sense of perseverance and are not easily discouraged.

 

16. Continuous Learning and Self-Improvement: Entrepreneurs have a thirst for knowledge and are always learning and seeking ways to improve themselves and their business.

 

How to be a Successful Entrepreneur

Here are some steps one that can take to become a successful entrepreneur:

1. Identify a problem or need – Successful entrepreneurs start by identifying a problem or need that they can solve with a new product or service. This could be a unique or innovative solution to an existing problem or an entirely new idea.
2. Do market research – Once they’ve identified a problem or need, entrepreneurs need to conduct market research to ensure there’s a viable market for their idea. This includes analyzing the competition and the market demand.
3. Write a business plan – A business plan is essential for securing funding, attracting investors and mapping out a roadmap for the business. A good business plan would include an executive summary, market analysis, company description, product/service line, marketing and sales strategies, financial projections and a SWOT analysis.
4. Secure funding – Successful entrepreneurs need to have access to funding, and there are various ways to secure funding including personal savings, loans, and investors.
5. Build a team – Building a strong team of employees, advisors, and mentors is essential for a successful business. Entrepreneurs can’t do everything alone, so they need to hire the right people to take care of different aspects of the business.
6. Launch and market the business – After the pre-launch tasks are complete, entrepreneurs need to launch their business with a robust marketing strategy that attracts potential customers and helps to build brand recognition.
7. Continuously innovate and improve – Successful entrepreneurs need to be forward-thinking and have a relentless drive to innovate and improve their product or service based on customer feedback.

 

Note that becoming a successful entrepreneur requires strong inner motivation. You are expected to have strong drive to succeed and overcome obstacles that life brings to you. The most important thing is to see that despite the countless setbacks you have experienced, you are determined to achieve your goals.

 

The right approach to business combined with determination and grit in the pursuit of success makes a person a successful entrepreneur.

 

Types of Entrepreneurs (or entrepreneuriships)

1. Small Business Entrepreneur: A small business entrepreneur is someone who starts a business with the aim of generating a regular income. They may have little or no desire to expand their business beyond their local community, and the primary goal is to earn a living.

 

2. Scalable Start-up Entrepreneur: This type of entrepreneur creates a startup with the aim of rapidly growing their business and ultimately creating a profitable exit. Scalable start-up entrepreneurs focus on creating a business that can grow rapidly and be sold or become publicly traded.

 

3. Social Entrepreneur: Social entrepreneurs are individuals who start businesses with the primary goal of creating positive social or environmental impact. They use their business as a tool to address social or environmental problems and create a better world.

 

4. Serial Entrepreneur: A person who creates and manages multiple businesses over their career is called a serial entrepreneur. They usually start, grow, and eventually sell their businesses, then move on to the next venture.

 

5. Lifestyle Entrepreneur: Lifestyle entrepreneurs prioritize personal goals and interests over their business goals. They establish businesses that allow them to live a certain lifestyle or achieve a particular level of work-life balance.

 

6. Corporate Entrepreneur: A corporate entrepreneur is someone who uses their entrepreneurial skills and mindset to create and develop new products or services within an existing company.

 

7. Technology Entrepreneur: Technology entrepreneurs are individuals who start businesses that create, develop, and sell new technologies or innovative products/services. They focus on solving problems with technology.

 

8. A situational entrepreneur: A situational entrepreneur is someone who identifies an opportunity or gap in the market and starts a business venture based on their ability to take advantage of that opportunity. They are not necessarily entrepreneurs by nature but rather have the skills and knowledge to identify and capitalize on a specific opportunity.  They often have other job responsibilities or may not have a traditional entrepreneurial mindset, but they are attuned to identifying business opportunities and acting on them. They might see a change in the market, a new technology or recognize an unmet need in their community, and develop a business plan to fill that need.

 

The term situational entrepreneur is often used to refer to someone who starts a business venture in response to a unique situation or opportunity. They recognize a need or opportunity that has arisen due to changes in the market, regulation, demographics, or another factor and develop a business to take advantage of it.

 

In summary, these are the seven primary types of entrepreneurs, each with their unique focus, purpose, and motivation.

 

Conclusion:

In summary, to become a successful entrepreneur, it takes a strong business idea, a solid business plan, access to funding, and the right team, and a persistent drive for innovation and improvement.  There are several types of entrepreneurships, eight of which have been discussed above.  To succeed as an entrepreneur, you must have a clear vision for your business and the level into which you want the business to grow.  Optimism is required on daily basis and in everything one undertakes to do.  It is important to note that each entrepreneur is unique and will have their own strengths and weaknesses, but the aforementioned are some of the traits that are typically associated with those who have achieved success in entrepreneurship.

 

References for further reading:

1. https://www.bdc.ca/en/articles-tools/entrepreneurial-skills/be-effective-leader/what-is-an-entrepreneur
2. https://www.forbes.com/sites/karagoldin/2017/06/25/hard-truths-about-being-a-disruptor/?sh=4a1d8a89617b
3. https://groco.com/article/lead-successful-entrepreneur/
4. https://archive.mbda.gov/news/blog/2010/07/8-traits-successful-entrepreneurs-do-you-have-what-it-takes.html
5. https://online.hbs.edu/blog/post/characteristics-of-successful-entrepreneurs
6. https://archive.mbda.gov/news/blog/2010/07/8-traits-successful-entrepreneurs-do-you-have-what-it-takes.html
7. https://www.studocu.com/en-us/document/university-of-the-people/entrepreneurship-1-proctored-course/entrapenaurial-tools/24363523
8. https://www.linkedin.com/pulse/loyalty-being-dedicated-passionateenergetic-committed-sudhakar
9. https://thefoundersfrontier.com/f/top-10-must-have-traits-for-successful-entrepreneurs-in-2023
10. https://www.cbn.gov.ng/out/publications/pressRelease/HRD/2009/HR%5CCode 104_9001 to 12000.htm
11. https://www.entrepreneur.com/leadership/10-authors-offering-entrepreneurs-insight-and-advice-for/365771
12. https://www.amazon.com/How-Successful-Entrepreneur-practical-successful/dp/1976559987