Entrepreneurship: Do You Have What It Takes?
Neil Bromage has run his own small business and is a freelance business writer working on a range of newspapers including The Times, Sunday Times, Telegraph and Financial Mail on Sunday. This book is based on a wide range of columns and Q&As written and answered by Neil for Business Link over a number of years. He is based near Preston, Lancs.
According to the Global Entrepreneurship Monitor 2000 only 1 British person in 25 is entrepreneurial, compared to 1 in 10 in the USA. Brazil leads with 1 person in 8 being considered an entrepreneur.
Entrepreneurship is defined as ‘any attempt at new business or new venture creation, such as self-employment, a new business organisation, or the expansion of an existing business...’. It is a major contributing factor to the economic well-being of a country both in terms of economic growth and job creation.
Traditionally, entrepreneurial ability tended to focus on initiative, decision-making, innovation and risk-taking, defining the characteristics of those who chose to become entrepreneurs. Now, however, with corporate downsizing being a fact of life, many entrepreneurs find themselves thrust into the role by default.
Here’s a list of character traits and work ethics common to successful entrepreneurs. Although it is not necessary that you possess all of them, you should possess most:
Passion – for the idea.
Curiosity – questioning everything.
Sponges – devouring information.
Optimism – seeing problems as opportunities.
Forward looking – never being satisfied with the status quo.
Careful about money – knowing what things cost and their value to the business.
Started earning at a young age – seeking out activities such as babysitting or lawn mowing as a teenager.
Competitive not letting the grass grow under their feet.
Time conscious – knowing its value and making the best use of it.
Risk takers – not being afraid of taking calculated risks.
Usually loners – preferring a solitary work environment as opposed to working in teams.
Professional – always being professional in their approach to work.
High energy – having a plan and a vision, and recognising that the fitter they are, the better their minds work.
Flexible being responsive to change.
Persistent – successful entrepreneurs never give up.
Learning from failures.