What Are the Characteristics of Entrepreneurship?
It’s possible that you already have an idea of what the characteristics of entrepreneurship are. You might even embody some of those characteristics and have a new product ready to sell. That’s exciting!
It would be difficult to state the one thing that entrepreneurship is – since it can be so many things. It has been described as an endeavoring spirit, a willingness to take risks, something reserved for special individuals, and despite all those hurdles, somehow completely accessible given enough passion.
Fortunately for anyone taking this leap into business development, we’ve provided enough small businesses with our Business Phone System to have learned a thing or two about what it takes to succeed from idea creation through the sale of products and services. What follows are a few aspects of entrepreneurship that may reflect in your own personality and which you’ll find part of the business development journey.
The Foundation for Economic Education mentions the endeavoring spirit as what will propel you through the trials that all people face when creating a business.
It doesn’t falter when noting that the process of starting a business can be filled with uncertainty and offer no guarantees of success. This is why it singles out one characteristic of entrepreneurship as someone who must endeavor to create, own, and commercialize an idea while facing all the risks that idea entails.
Sound scary? It might. But keep in mind that no business has ever been created with perfect knowledge of the future. All entrepreneurs have stared into the unknown, and some have had success because they didn’t let risk or fear break them down.
Innovation and Risk Taking
Where are you willing to take risks? The Business Dictionary is practical in its list of where your endeavoring spirit can take you.
It mentions innovation as a key component of successful projects, noting that innovation is essential for a business to “succeed in an ever changing and increasingly competitive global marketplace.”
This concept of entrepreneurship demands that you have a unique product or service or a unique perspective on an existing product/service. Ask yourself if your idea is strong enough to beat the competitors that already exist. You may already hold a gem.
Reserved for the Unique
It’s not just your idea that needs to be unique. “It takes a special kind of person to be an entrepreneur – to come up with an idea and put that idea into action,” says Inc.
This article points out that entrepreneurs see reward where others might only see risk.
Did you know that 50% of small businesses fail within the first four years? This is the type of statistic that needs to enter your mind as 50% of small businesses succeed through their first 4+ years. If you’re unique enough to have this entrepreneur characteristic, your positive mindset can take you where others wouldn’t be able to start.
Even if you’re still a little nervous at this point, take heart that positivity about entrepreneurship can be found throughout discussions of the subject. Entrepreneur.com insists that “anyone can start a business, regardless of his or her age.”
Beyond your desire to create and beyond your willingness to take risks, you might also benefit from these other characteristics of entrepreneurs.
- Passion for starting a business that has its roots in a deeper life purpose
- Perseverance for dealing with obstacles
- Resourcefulness to make the most of what you’re given
- Open-mindedness to meet the needs of customers and stakeholders
- Spongelike nature to learn as much as you can about the business creation process
These qualities are available to anyone. You can harness them if you already have them, or you can develop your aptitude for any of the above.
Then when you embark on business development, you’ll stand a much greater chance of finding success with your ideas for a new product or service.
Do You Fit the Concept of Entrepreneurship?
We want to help you along your journey to small business success. You can improve your chances by being prepared for the road ahead, such as arming yourself with an affordable Unlimited User Plan we developed for entrepreneurs.
We have helped a lot of individuals get their ideas off the ground, and we’ll be happy to help you for anything you need. Reach out before the end of February to get 20% off a new phone plan. Don’t hesitate to point out your business goals so we can recommend the best plan for your needs.