It is a fact that entrepreneurs are the moral fiber of any sound economy. In the US, this sector of business employs millions of people representing approximately 70 percent of the work force. Statistics shows about 99.7 percent of all businesses in America are the types companies that are built and operated by entrepreneurs, which have less than 500 employees.
Entrepreneur is such a commonly used word; many still mistake them for small business owners. In an economy which is anchored on this sector, it is important to understand that there are key qualities for today’s business entrepreneur, that sets them apart from other people in business.
Shrewd but Clever Risk Takers
A Business Entrepreneur is someone who sets up a business organization and takes responsibility in taking and managing the risks that come with the process. Generally, they are acumen having powerful insights with regards of opportunities as well as threats that exist within the market and the changing business and financial climate. In other words, they have the ability to make quick decisions with accuracy. Thus, a good, potentially shrewd entrepreneur is a risk taker who calculates the risks with discernment and cleverness. One cannot hide all the time behind safety guarantees and sure wins; there are times when a businessman/woman must trust one’s gut feelings and tread on dangerous waters. They are the types who do not dilly dally when it comes to pledging their material assets for additional investments to finance an expansion or launch a new product that he/she believes can sweep the market by its feet.
Committed to Hard Work
Such is possible because entrepreneurs are generally confident and swift decision makers. They take sides if they know what’s at stake and the rewards are worth taking the risks. They are never fence sitters and they decide fast once they are done with their analysis and have decided that the successful outcome outweighs the risks. Business Entrepreneurs are believers of hard work than luck or destiny. They prefer planning and taking a course of action than leaving anything to chance in making an unconscious unacceptable decision. There is no substitute for hard work and no excuses for not getting the task at hand done. They follows a tedious work schedule to avoid pitfalls and stay on track. They never back out on a commitment and will jump with both feet into dreaded situations when needed. They are willing to risk anything and everything but not without using their acumen and gift of foresight.
Business Entrepreneurs complement hard work or perseverance, confidence and swift decision making with motivation and resolute determination. Such are important when building a business organization. One cannot be affected by the onslaught of many unforeseen or unpredictable changes in the business climate as well as challenges. They are willing to sacrifice a lot of things to succeed and time is first on the list. Thus, being a good time manager is a personal quality that good entrepreneurs either possess or should developed very quickly. As such, they hate bureaucracy that wastes time coming up with fast decisions and actions.
Entrepreneurs are innovative and creative people despite not having the best credentials and thus cringe at the mere thought of being measured according to certain standards and protocols. Degrees don’t make an entrepreneur a smart person. They must be business savvy- having the ability and skills to run a Successful Business. Becoming a business entrepreneur cannot be easily impressed upon by long resumes or a chain of school accomplishments, nor taken by material wealth (which they probably have already) or by accomplishments because they are confident and self reliant. Business Entrepreneurs believe in their inner value and do not get intimidated easily believing that these type qualities can make him/her stand out more in the business world.
Business entrepreneurs are also known to be sociable and have good interpersonal skills, which are important in succeeding in business. Relating and communicating is one thing that all entrepreneurs must do to connect with employees, clients, and suppliers.
Business Entrepreneurs of this generation are the unsung heroes of the modern day, playing critical role in uplifting the economies of nations around the world. They touch the lives of so many people in so many tangible ways. These heroes make a real contribution. They are never acknowledged or recognized for the meaningful and important contributions they have made.
Without Business Entrepreneurs, can the global economy thrive? In a booming economy, one can only credit entrepreneurs and their performances. They are often engaged in much less visible and less flashy businesses which is why they are not getting much attention yet substantially contributing to creating job opportunities, paying taxes and shaping the economy.