Are You Cut out to Be a Successful Entrepreneur?

Are You Cut Out to Be a Successful Entrepreneur?

ABSTRACT

First, there was an interview with a successful entrepreneur. Second, there was a talk on entrepreneurship by a guest speaker, Mr. Azmi Ahmad (the CEO of Skali.com) and later, an "elevator speech" by fellow students on various issues related to entrepreneurship. This collective information and some reading on entrepreneurship journals, books and articles have brought to the idea on writing this paper, towards certain perspective, on successful entrepreneurial characteristics.

This paper examines the myths associated with what it takes to be an entrepreneur, the profiles and the common characteristics among these successful entrepreneurs.

INTRODUCTION

The first definition on entrepreneur was simply someone who invented something. Eventually, it turned into someone who owned a business. But the best definition, the one used most often today, is someone who organizes, manages, and assumes the risks for a business or enterprise. This shows that not only does a person "invent" something, but that they see the opportunity and build a business around it. An entrepreneur has a vision and builds around this vision.

Although no one has found the perfect entrepreneurial profile, there are many characteristics that show up repeatedly. Good health was a characteristic mentioned the most because they are physically resilient. In good health, entrepreneurs work extended periods of time.

DEBUNKING ENTREPRENEURIAL MYTHS

Let us examine a few "flying myths" and put things into a better perspective.

i. Entrepreneur are born, not made

It is true that most entrepreneurs typically have a flair for the creative and a lot of energy. They are born with it. But having these characteristics alone could not help much to become successful. They have to actually gather the right skills, use them and continue to improve these talents.

ii. Anyone can start a business

Although it is true that anyone can acquire a business license and open the shop but the hardest part is surviving, sustaining and building the business. To be successful it takes focus, creativity, diligence, time and resources.

iii. Entrepreneurs are their own bosses and completely independent

An entrepreneur, though independent, has to serve many masters including customers, employees, families, and those involved in social and community obligations.

iv. Entrepreneurs are motivated by the quest for money

A sense of personal achievement and accomplishment, feeling in control of their own destinies, and realizing their vision and dreams are the most powerful motivators for entrepreneur. Money is viewed as a tool and way of keeping score.

PROFILE OF AN ENTREPRENEUR

David McClelland (1961), the entrepreneur is primarily motivated by an overwhelming need for achievement. He has a strong "urge to build". Bird (1992) sees entrepreneurs as Mercurial, that is, prone to insights, brainstorms, deceptions, ingeniousness and resourcefulness. They are cunning, opportunistic, creative, and unsentimental. Busenitz and Barney (1997) claim entrepreneurs are prone to overconfidence and over generalizations.

In a small business, where there is no depth of management, the leader must be there. At the end of the eight-hour day, when everyone leaves home, the entrepreneur will often continue into the evening, developing new business ideas. They have this characteristic which actually drive, motivates and brings them to a certain level of achievements.

i. Self-Control

A dominant characteristic of entrepreneurs is their belief that they are smarter than their peers and superiors. They have a compelling need to do their own thing in their own way. They need the freedom to choose and to act according to their own perception of what actions will result in success.

ii. Self-Confidence

Entrepreneurs are self-confident when they are in control of what they are doing and working alone. They tackle problems immediately with confidence and are persistent in their pursuit of their objectives. Most are at their best in the face of adversity, since they thrive on their own self-confidence.

iii. Sense of Urgency

Entrepreneurs have a never-ending sense of urgency to develop their ideas. Inactivity makes them impatient, tense, and uneasy. They have drive and high energy levels, they are achievement-oriented, and they are tireless in the pursuit of their goals.

iv. Comprehensive Awareness

Successful entrepreneurs can comprehend complex situations that may include planning, making strategic decisions, and working on multiple business ideas simultaneously. They are farsighted and aware of important details, and they will continuously review all possibilities to achieve their business objectives.

v. Realism

Entrepreneurs say what they mean and assume that everyone else does too. They tend to be too trusting and may not be sufficiently suspicious in their business dealings with other people.

vi. Conceptual Ability

Entrepreneurs possess the ability to identify relationships quickly in the midst of complex situations. They identify problems and begin working on their solution faster than other people.

vii. Status Requirements

Entrepreneurs find satisfaction in symbols of success that are external to themselves. Successful entrepreneurs find their satisfaction of status needs in the performance of their business, not in the appearance they present to their peers and to the public.

viii. Interpersonal Relationships

Entrepreneurs are more concerned with people's accomplishments than with their feelings. They generally avoid becoming personally involved and will not hesitate to sever relationships that could hinder the progress of their business. Entrepreneurs with good interpersonal skills will be able to adjust and survive as their organization grows and becomes more structured.

ix. Emotional Stability

Entrepreneurs have a considerable amount of self-control and can handle business pressures. They are comfortable in stress situations and are challenged