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Characteristics of an Entrepreneur - Coggle Diagram
Characteristics of an Entrepreneur
Seeing and taking advantage of opportunity
An opportunity is something that a person can see as an avenue to success.
It is often identified when a person feels they can provide goods or services in a better or different way from that already in the market.
If you see an opportunity you have the courage to take it even if it is hard.
You have to be able to put the required amount of work in for the opportunity.
Always be on the lookout for an opportunity and be ready to strike at any moment.
Establishing a shared vision
An important quality for an entrepreneur is the ability to set objectives and have a vision for the business’s future.
Vision refers to the clear, shared sense of direction that allows people to achieve a common goal.
A vision involves creating a short statement that will guide the business over the next few years.
Successful entrepreneurs have a clear understanding or hope of what the business will be like in the future.
It should be capable of motivating everyone within the business to achieve a common goal.
Demonstrating initiative and resilience
Initiative refers to the ability to be resourceful and decide, in an independent way, what to do and when to do it.
When youshow initiative, you do things without being told; you and out what you need to know; you spot and takeadvantage of opportunities; and, you keep going when things get tough.
Resilience refers to the ability to cope with the ups and downs, adapt well to change and bounce back from challenges.
Innovation generally refers to the process of creating a new or significantly improved product, service or process (way of doing something).
. An invention refers to the development of something that is totally new, but innovation and invention both result in the creation of something unique.
Appreciating the role of failure in success
Failure happens to everyone
In fact, every successful entrepreneur has experienced failure.
Entrepreneurs do not fear failure; instead, they appreciate the role of failure in success and view it as an opportunity to learn.
Failure can teach us a lot. Everything leading up to failure is a lesson: the choices you made; the reasons behind your decision, and so on.
What distinguishes a successful entrepreneur from a mediocre one is whether they get discouraged and contemplate giving up when failure arises or whether they embrace failure, learn from it and grow.