Personal Qualities of Successful Entrepreneurs

Generally an Entrepreneur is seen as someone who starts a new business project. They are also seen as people that have a talent for seeing opportunities and proceeding to make it as profitable as possible. Some Entrepreneurs have managed to become successful in the business market and build an image, however not all Entrepreneurs have been successful in implementing ideas and business ventures. "Entrepreneurs who are fearless, adventurous and 'modern' usually build the best business fortunes, a new study has found." (http://www.fpb.co.uk/YaZY6Sdo5lMmUA.html). The study was conducted in 2002 and identified five categories of entrepreneurs. The most successful of the five are those identified as "rising stars" - people who crave the prospect of owning a business and who are further motivated by success and fortune. At the other end of the scale are "walruses" - conservative and self-assured group. Whichever group an entrepreneur falls under, the report identified that in all cases entrepreneurs need to rely heavily on technology to help them succeed.

1. Risk - taking - To be a successful entrepreneur you need to have the ability to evaluate risks. A common misperception is that entrepreneurs are wild risk-takers but in fact, when they do take risks, it is usually calculated ones. Richard Reed and his friends Adam and Jon quit their jobs to make smoothies. Although they had done a substantial amount of research before hand they still risked not gaining enough support in the open market. They had had difficulty in obtaining the finance needed but once they did they risked losing that money and being in debt. Although there was negativity towards them about their experience and the price of the product, they risked losing everything to make it happen, in which they became successful.

Another entrepreneur that had a lot of difficulty and risked losing everything was James Dyson. His bag-less vacuum cleaner is renowned on the market now, but getting it there had been very risky for James Dyson. Unlike the above, there was absolute no one who would back up the Dyson idea and so James had to manufacture his own product, at the risk of losing his home and any finance he had (and all the time and effort), if the product was not accepted on the market. He had gone up against those that were already established on the open market. It took him seven years from first developing the idea and then making it to getting it launched into the market, which only the Japanese would do. "The multinationals are reluctant to invest in the Dyson as it would terminate the bag replacement market, worth Ј100 million a year in the UK alone." (http://www.dyson.co.uk/nav/inpageframe.asp?id=DYSON/JD/PROFILE/1947-1992).

Above is the first Dyson - G-Force that the Japanese sold on the market.

It seems that there is a trend that when Entrepreneurs first start out, they start out with very little money to finance of their own and so for their idea to launch they count on their ideas to obtain the enthusiasm from investors or loan companies. Some are unable to obtain that, as illustrated above with the Dyson and Smoothie business! Below is an example of someone who was given the right recognition that has put them into unexpected success. Matt Roberts and his business partner Irfan Badakshi developed an idea of an expanding beanbag. Being students themselves they understood that as students you needed something that didn't take up a lot of space but that could be used to house guests or generally relax in, at a reasonable price. They had the minds of students and so they could understand student's needs. They managed to make and market these using their student loans, and from their gained recognition and a chance to star in a TV shopping channel to advertise their product further. The risk for them was that the only income they had was from their student loans, and they were using this to produce the product and get it recognised. If their idea had become unsuccessful then they would have spent their student loan, leaving them without finance for other things that they may have needed as a student. They would have wasted time and effort in which they could have used concentrating on their studies, and so this could have an effect in the future. It is also a risk that they may become de-motivated at such an early stage in their career path, leaving them less confident and expect less for the future. For them it is not just a financial risk it could be a mental risk.

(http://www.bean2bed.com/index.php)

Another Entrepreneur like James Dyson was Trevor Baylis, the inventor of the clockwork radio. His motivation was not based on money but rather doing something good for the people in Africa. Even though this was the case, he received negativity towards his product and no body was prepared to help financially; he went to his workshop and evaluated the concept of the clockwork radio. Once he knew it was workable he tried getting the support to get it up and running but found that no one was prepared to develop it further. Things were pretty downhill until he went on a TV show that gained him recognition and the support he required. From then on he managed to build a successful product and distribute it to Africa. In the process of development he not only risked his time, effort and money but the effort of others and their money because the product development was not going well but within one year they cracked the problems and launched it into the market. Mental discouragement was also a risk due to the bigger businesses reactions to his product "Large companies wrote frosty rejections, if they bothered to reply at all, and even bodies such as the Design Council decided not to help Baylis". (http://www.timesonline.co.uk/article/0,,2095-1621668,00.html). Also, if this product had not been successful, it may have discouraged him from launching other products and services. Due to this product he later launched Trevor Baylis Brands, which was aimed to help other inventors to develop their ideas and protect them from being exploited and discouraged by others. So his future confidence may have been at risk.

"Mothers who began their successful businesses at home are becoming a "powerful force" in British industry, a survey suggests." (http://news.bbc.co.uk/1/hi/uk/5345760.stm).

In recent years there has been an increase in female entrepreneurs. However, females play a major part in home life and so it is generally seen that they will be risking more than men, especially those with children. Below is an example that clearly shows the devotion and motivation of females