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What it really means to be an entrepreneur

All successful entrepreneurs have a clear idea concerning what they want to achieve through their work and what sort of companies they want to lead

Posted by Rebecca Paddick | December 21, 2016 | Business

Everyone has a slightly different idea about what exactly it means to be an entrepreneur and all businesspeople have their own approach to running their companies.

However, there are certain characteristics and tendencies that the majority of these individuals share, and here are a few of the most important.

Setting out a vision and getting others on board

All successful entrepreneurs have a clear idea concerning what they want to achieve through their work and what sort of companies they want to lead – and they have the ability to get others on board with their way of thinking. According to Chris Niarchos, founder and chairman of the Cobra Group of Companies, the most inspirational leaders tend to have a bold vision. This could be developing ground-breaking services or products, furthering industry standards or outselling rivals. Whatever their targets, these individuals are able to think big and to articulate their ideas in a compelling way that really resonates with others. This helps them to win over new customers, attract investors and recruit the best workers.

Seeing opportunities where others don’t

Another trait that tends to set businesspeople apart is their way of seeing opportunities where others only see problems. They use their imagination and insight to spot potential gaps in the market and develop goods or services that plug these gaps. Often, the ideas come from their own personal experiences or those of their family or friends. 

This principle doesn’t only apply to developing products or services; it can also be important for entrepreneurs when it comes to spotting potential in the people around them. The best businesspeople have a knack for identifying and nurturing talent to enable them to build a skilled and loyal team around them.

Having the courage to commit

Many people feel attracted to the idea of setting up their own companies at some point in their lives and quite like the thought of being their own boss and following their dreams. However, it takes courage to commit to launching a business. After all, it requires a considerable investment of time, energy and usually money to get a new business off the ground, and there is no guarantee that fledgling firms will succeed. So, to initiate this process and follow through, people have to have a certain level of bravery and optimism. The majority of people give up their entrepreneurial ambitions long before they have to make any major commitments.

 

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