Entrepreneur? What are the Personal Traits of Entrepreneurs?
The word entrepreneur refers to a person who identifies a need and has an innovative business idea to fill this gap. Entrepreneurs are prepared for all kinds of risks they will face in the process of putting their ideas to life and are extremely willing to start this new business.
The word "entrepreneur" refers to a person who identifies a need and has an innovative business idea to fill this gap. Entrepreneurs are prepared for all kinds of risks they will face in the process of putting their ideas to life and are extremely willing to start this new business. They also take on the leadership role of their company or organization. All responsibility for the execution, success or failure of the business rests with them. Contemporary interpretations link entrepreneurship with innovative and creative ideas specific to online use or those who can use the power of the internet to fill a niche.
Although an entrepreneur is often referred to as the person who created a business from scratch, the definition of “entrepreneur” also includes people who apply for other options, such as buying an existing business (for example, a franchise company) or taking over a family business.
What Do Entrepreneurs Do?
Entrepreneurs develop a new business idea, design, manufacture, market and ultimately sell their venture for a financial profit. They can own almost any type of business, from small shoe stores to tech startups, and they are responsible for running those businesses. Whatever the size and scope of every business, there is a successful entrepreneur behind the scenes. (Think Coca Cola, Microsoft, Facebook, Amazon, McDonald's etc. companies and the famous entrepreneurs who created this company).
Having your own business can be extremely rewarding and rewarding. However, being an entrepreneur also means taking risks and taking initiative, which will inevitably entail considerable stress and anxiety. Business owners are likely to be the first to arrive and last to leave the office, and they work overtime in the evenings as well as lose most of their weekends or even their holidays to keep things running as smoothly as possible.
Entrepreneurship also requires initiative and a solid determination to succeed. At the same time, a tremendous amount of confidence, perseverance and independence is essential. This could mean having to search hundreds of cold calls and write emails on emails to find the right investor or client for your new business idea. It can also mean learning to start a new trend on social media through online marketing campaigns. Or it may require negotiating with manufacturers to determine the production costs of a product.
There are different types of entrepreneurship and the content of the work done according to these types also varies.
For example, a business entrepreneur is someone who has an idea or product for the business world. Often this can be a new or different idea, an unprecedented invention, or something that will give new impetus to the existing industry or drive the development of the industry.
A social entrepreneur is someone who has innovative ideas for social change or offers new solutions to social problems and devotes valuable time to bringing those ideas to life. This kind of initiative is about inequality or poverty etc. may be related to issues. For example, opening a new charity to address such social problems is within the scope of social entrepreneurship.
Serial entrepreneur, on the other hand, refers to people who have a lot of ideas and are constantly starting new companies or initiatives to implement those ideas. For a serial entrepreneur to start new ventures, he must have had an impressive success or success in his previous ventures.
Finally, let's talk about lifestyle entrepreneurs. These entrepreneurs build their ideas or initiatives based on a sport, hobby or recreation they are passionate about. Large startup costs are required for this type of initiative. Therefore, people who are usually successful in business and have significant income to invest in can make this transition.
In Which Environment Do Entrepreneurs Work?
The environments in which entrepreneurs work are mostly office-based, but this may vary. Actually, the size of the workplace depends on the size of the enterprise. There are frequent cases where the first spark of the initiative is thrown at home or in a small office, but then this spark turns into a big company. For some startups, the workplace has to be tied to a specific idea or industry, for example, a sports initiative may require a sports facility and this facility also functions as a business location.
What are the Personality Traits of Successful Entrepreneurs?
People think of entrepreneurship as being the boss or owner of a successful and profitable business that gives them the freedom to work wherever or whenever they want. Unfortunately, this information is not true (if it did, everyone would be an entrepreneur).
The truth is, however attractive this business may seem, most of us would not be born entrepreneurial in nature, because entrepreneurship requires a tremendous amount of work, plus courage, perseverance and determination. Study statistics research shows us that about 20% of new businesses fail in their first year, and 50% can only survive until the fifth year. Despite this prospect of failure, thousands of new businesses are opened every year - some will be extremely successful, some will barely see themselves, and some will soon disappear from the market.
So what do we need to do to sign a successful venture?
When you look at the entrepreneurs who run successful businesses, you will see that there are some common features in each of these people.
Let's take a look at a few of these features together:
The word vision is defined in the dictionary as "the ability to see: sight or sight, picture seen in the mind or something you see or imagine". When it comes to being an entrepreneur, the vision is; It is seen as what drives the drive and the courage to have the determination to explore, to bring to life, to continue and ultimately to succeed. Successful entrepreneurs can clearly state what the main purpose and objectives of their ventures are and can easily explain who, what, where, when and why.
The vision also creates the corporate culture, which is the fundamental component of an organization's survival - which will bring the same solid team understanding as a solid founder you will need to tackle the inevitable ups and downs of the enterprise journey. Successful entrepreneurs must adhere to their visions because they can focus on their business and surround themselves with people who will grow their business and encourage them to step outside their comfort zone.
Entrepreneurs do not hesitate to risk their own life and their families in pursuit of a business idea that has a 50% chance of success in more than five years. It is incredibly difficult to step on this road, and you fall right in the middle of a cutthroat competitive environment. Therefore, taking this road requires unwavering determination and solid motivation. This determination and motivation actually comes from the urge to succeed, hidden deep inside.
Every entrepreneur's motivation is unique. The source of your motivation may be to make money, to help others, to have autonomy, to form a team with like-minded people for any “cause”, to think competitively, to leave marks or simply to take risks. However, motivation lacking passion is not enough to do a successful business.
Undoubtedly, both vision and motivation are the basis of entrepreneurship. However, entrepreneurs who are not bound by genuine passion and love for the work they do or the people they serve, find it difficult to overcome the challenges of starting or running a successful business.
Passion is what draws entrepreneurs towards a mission and creates the impulse they must have to be successful in their business. When an entrepreneur embraces his job passionately, throwing a towel and giving up is no longer an option - even if intense stress makes his job difficult or obstacles seem insurmountable.
Passion is one of the most important things that enables entrepreneurs to take an alternative and timeless perspective of the world, mobilize them and encourage and consolidate every company employee's commitment to their company.
4- Self Confidence
Starting a business from scratch requires an endless confidence in yourself to take the first step. However, being self-confident has a much deeper meaning for entrepreneurs. The confident attitude (not to be confused with arrogance or selfishness) that you will display as an entrepreneur is a strong character trait. It allows your employees or investors to trust and respect you, which is a decisive factor in successfully negotiating and closing deals. You can be sure that you will come to your rescue like Hızır in difficult times when you will need it most.
It's easy to have confidence in doing things that you know you're good at or are comfortable doing. Entrepreneurs, on the other hand, only have the opportunity to develop and recover as long as they leave themselves in the arms of uncertainty, accept the fact that nothing is unchangeable, and know that they can always find a suitable ground to learn something new or to improve themselves. An entrepreneur's confidence and creating an atmosphere of trust is also a skill you can acquire by working on it every day. You can do this by learning what is best for your business, taking responsibility for what you can control, and taking calculated risks.
5- Humility and Empathy
Nobody likes dealing with egotistical people - nothing more disturbing than people who consider themselves superior to others. Entrepreneurs should also make a conscious effort to keep their feet firmly on the ground and maintain their modesty, even if they achieve the highest success.
Humility is often confused with low self-esteem, but humility does not mean belittling yourself, but thinking less about yourself. Humility also requires you to be an understanding, self-aware, kind and empathetic person. Entrepreneurs who can adopt these characteristics and make them part of their daily habits - and those who can be honest about their strengths and weaknesses - will pay off in the long run.
The rule is simple - you have to treat those around you the same way you want to be treated. Successful entrepreneurs know how to brag to be proud, seek help when needed, admit their mistakes when they are wrong, and can hear constructive criticism sincerely. This attitude makes entrepreneurs a much more honest, compassionate and giving person, and ultimately, a respected and reliable leader.
6- Open mindedness
Entrepreneurs' open-mindedness, willingness to reflect on different perspectives, and not hesitating to experience new processes enable them to achieve even greater success. Embracing new ideas and perspectives will help business owners find much more creative solutions to problems and be open and accessible to new opportunities that will benefit the business in the long run. Open-mindedness is also closely related to humility. It allows entrepreneurs to see their past established beliefs and to shake off their egos, to quickly turn from decisions when necessary, and to take advantage of new opportunities that have nothing to do with the original plan.
Most entrepreneurs are open-minded for improvement, because trying to keep everything under control is a very difficult task. Admitting that you cannot know everything can make you feel a little vulnerable. Developing an open mind means that you will create a strong sense of self without limiting yourself to your personal beliefs or the ideologies of others.
A successful entrepreneur or leader needs to be able to make decisions both effectively and quickly. An entrepreneur who delays decision making out of fear of making the wrong decision will be a problem for any business. Not even reaching a decision is a decision in itself. Uncertainty, delay and indecision can create an atmosphere of anxiety and insecurity that will only prevail throughout the company.
Even if every decision of the entrepreneurs is not correct, it would be more appropriate for them to prefer to say "yes" or "no" rather than taking refuge in the word "maybe". Determination does not mean being hasty or careless. on the contrary, it is to examine all the facts of a decision without unduly delaying the matter or subjecting it to excessive analysis.
Entrepreneurs need to spend their valuable time finding their long-term vision. A clear vision of the future will make all of these small decisions much easier, as these small decisions will either bring the company closer to the goal or will be an important lesson on the road to the vision. Having a clear and long-term vision will also serve as a guide or filter - so all unanswered questions will find their answers spontaneously without spending time in a thorough mental discussion.
Throughout the entrepreneurship adventure, it is certain that you will encounter ups and downs and obstacles. One of the most defining characteristics of a successful entrepreneur is being optimistic and their ability to leverage these downfall moments to help guide their business towards the goal. To be a successful entrepreneur, you must master the ability to pull something good out of negativity.
“I have always had my greatest achievements when I hit the bottom of failure, so I learned to look at every head-on fall as the beginning of something good,” says Barbara Corcoran, the famous entrepreneur, creator of Shark Tank. is a commercial American television show that aired on
You can see, if you stop and think when you fail, you may realize new opportunities that await you. You must learn not to feel sorry for yourself. Feeling sorry for yourself takes away all your strength in just five minutes and prevents you from seeing the opportunity in front of you.
Since optimism enables entrepreneurs to focus on the solution, not the problem, it helps to handle problems much more effectively. Optimism also supports creative thinking and the generation of new ideas. It creates a desire to act, increases confidence and stability, and thus allows you to easily overcome the next failure experience.
How Much Do Entrepreneurs Earn?
According to research data from the United States, the average salary for a successful entrepreneur is around $ 45,000 per year.