There is a difference between managing a business and being an entrepreneur. Truth be told, many entrepreneurs despise the minutiae of managing their business and prefer to focus on big ideas and innovation. While the characteristics of an entrepreneur come in a variety of combinations, the base qualities can be reduced to these 6 traits.
1 – Vision
While most workers clock out and let their minds wander (or blank out while binge watching Netflix), entrepreneurs are constantly drawing ideas from the bottomless well that is their mind. Whether it is finding solutions to old problems or coming up with new ideas to boost sales, they are always working. They are not intimidated by unrealistic ideas because their vision is clear. The vision of an entrepreneur can transform an entire industry, such as short fills changing the vape industry’s expansion into the EU.
2 – Self-Reliance
There is always someone at the top of the food chain and in this case, it is the entrepreneur. In a small company situation, the owner may be completely self-reliant, from filing for state licenses to packaging and shipping their product. In a large company, the entrepreneur is still at the top of management and must always be able to provide answers and guidance. Many times, they must rely on themselves to make the tough decisions and to know the right answer. The entrepreneur’s ability to rely on themselves also ties into having confidence in their vision.
3 – Energy
It’s go-time! 61% of small business owners report working six or more days per week and only 27% of them define a day off as not working at all. Your business runs 24/7, and that means as an entrepreneur, you must too. If you are an entrepreneur, then you know the feeling of an amazing idea that blooms at 2am on a weekday and the inability to set it aside for when you are back at work!
4 – Confidence
Confidence in your vision is a must, otherwise it would be very difficult to take the risk associated with launching your own company. This confidence can be infectious to others around the business owner and in a small business environment, can be used to empower employees. Beware though, the Small Business Administration Office of Advocacy says that entrepreneurs can typically be over-confident which can result in them plunging into new business opportunities without the right skills to succeed. Always know when to delegate so you can focus on what you do best.
5 – Tolerance of Uncertainty
To those who are not an entrepreneur, the idea of not knowing where your next paycheck will come from can leave them extremely anxious. Entrepreneurs can manipulate the uncertainty and use it as fuel for their ingenuity. In general, entrepreneurs tend to be more comfortable with risks, whether it be financial risks or professional risks. With everyone asking what will happen after HPHC testing and PMTA, entrepreneurs have a higher tolerance of the uncertainty and can focus on business as usual.
6 – Tolerance of Failure
Entrepreneurs may not even have the same definition as failure as the rest of the world. When failures come, entrepreneurs take it as a learning experience for their next venture. Sometimes failure can be the thing that launches them into new achievements. So the next time you fail, keep your eyes open for a new opportunity.