What characteristics are required to be a successful entrepreneur? Does the person need to be a technical guru like Bill Gates or very dedicated and focused like Steve Jobs? Should the person have a strong passion and vision like Care.com's Sheila Lirio Marcelo or is it more about culture, education, and life experiences?
Regardless of education, very few individuals know what's really behind an entrepreneurial spirit. Similarly, research data is not blatantly clear, and most data provide conflicting information. Surprisingly, Harvard Business School has been conducting research and evaluating the qualities of a successful entrepreneur. Based on accumulated data from different educational resources, many factors influence entrepreneurial behavior.
Most aggressive entrepreneurs can immediately identify a profitable business opportunity. They can see opportunities that most people don’t. They are typically experts in their field and have mass amounts of self-imposed experience and education.
Many entrepreneurs can influence stockholders. They can often communicate the value of a product or service with little effort. It’s the enthusiasm that’s the driving force behind their actions. It’s their passion. It’s their way of life. It’s who they are.
Comfortable with Uncertainty
An aggressive entrepreneur can oversee a business when confronted with obstacles and uncertain circumstances. Regardless of the business’s financial situation or management structure, a successful entrepreneur is focusing on the overall success of the company despite all perceived obstacles.
Build and Motivate
The unique ability to assemble a winning team is essential. Comparatively, many successful business owners have acquired their wealth by assembling successful teams. A team can make or break a company, and many aggressive entrepreneurs know the importance of hiring people who are just as motivated as they are.
To be successful, one must have the ability to make logical decisions, even when there is a lack of adequate information. Gathering resources to complete a specified task is a forced habit. Therefore, building a team of experts while broadening a company’s exposure comes naturally.
Being a staff member while managing a corporation is a difficult but necessary task. Smaller tasks are secondary and concentrating on the overall success of the company is the ultimate goal. A proactive entrepreneur knows how to successfully operate a company on a long-term basis.
Taking a proactive approach in financial matters, regardless of gains or losses, is a must. Successful entrepreneurs know how to construct a successful sales team that can recruit and retain existing customers while creating strong relationships. Successful entrepreneurs also understand the significance of conducting business within an existing environment rather than creating a new one.
While these aspects vividly display the behavior of an aggressive entrepreneur, it clearly distinguishes the ideas and the mindset from a non-successful business owner. The insight as to opportunities, their vision, the comfortableness with working in an unpredictable environment while building a network of professionals are some of the significant qualities of a successful entrepreneur.
Many of today’s business owners are consistently looking for tools to enhance efficiency. Although this information is exceptionally helpful in understanding behaviors that bring about success, it's also a useful tool for motivating business owners to develop the habits of a successful entrepreneur. The most important aspect is understanding how successful business owners operate within all business cycles.