10 common traits that make entrepreneurs tick
Entrepreneurs are a special breed. They may all be seeking different goals, have different definitions of success, but they share a few common traits that enable them to effectively chase their dreams. Let’s celebrate these adventurous businessmen and businesswomen and take a look at what makes an entrepreneur tick.
- Passion: Loving your work is pivotal when in the high-stress, entrepreneurial world. Invest yourself in a job that you can’t wait to dive into.
- Creativity: New approaches to old problems are the epitome of the entrepreneurial spirit. Entrepreneurs differentiate themselves from their competitors and the rest of the industry with their creative thinking. A notable twentieth-century economist, Joseph Schumpeter defined the entrepreneur is a “disruptive force in an economy. ”Schumpeter emphasized the beneficial process of “creative destruction,” in which the introduction of new products or services supersedes others.
- Persistence: When faced with roadblocks, entrepreneurs power through. They know staying on track and seeing their vision through to the end is vital.
- Adoption of technology: Figuring out how to capitalize on the technology of today while anticipating the technological advancements of the future provides enormous opportunities. Business owners who use IT more effectively, especially for data-driven decision making, have shown higher productivity and profitability than average companies.
McKinsey Global Institute’s Small and Medium Enterprise (SME) survey found that “Web knowledgeable” small and medium enterprises created more than twice as many jobs as companies that are not heavy internet users, across sectors from retail to manufacturing.
- High risk-tolerance: Entrepreneurs take calculated risks — “can’t” and “never” are not part of their vocabulary.
- Detail orientated: Entrepreneurs have a lot to keep track of, often wearing more than one hat. Keeping organized in everything from meetings to finances is a critical part of being a successful leader. You only have to watch one episode of Shark Tank or Dragons Den to see that investment opportunities are offered to those who are detail orientated.
- Networking: Staying involved in the community, passing on knowledge and learning how peers run their business, is one of the best weapons in an entrepreneur’s arsenal. Great networking can also help bring great opportunities and partnerships to life. Your next business partner could be one introduction away.
For entrepreneurs to compete in today’s global landscape, they need to expand their networks, access new sources of capital and explore how technology can help them innovate. Any female entrepreneurs may be interested in joining the Dell Women’s Entrepreneur Network, a community of women in business helping provide access to knowledge, networks and capital.
- Self-improvement: Entrepreneurs are always learning, never settling or overlooking a chance to build on their skills and networks. They are always looking for skills that will give them a competitive edge.
- Knowing when to call for help: No one person can do absolutely everything — a smart entrepreneur knows when to call for help. Being humble and knowing when to call in an expert can save money and frustration.
- Collaboration: Entrepreneurs build strong relationships with their team and suppliers and customers and delegate when needed. The Guardian Life Index study from www.smallbiz.com, found that success-orientated business owners are more open to "creating opportunities for others."
Does that sound like you or someone you know? Have any additions to add to our list? Come join your local Dell community and speak out!