5 Characteristics of an Entrepreneur

Desire for Independence

The desire for independence is a key characteristic because it gives an entrepreneur a sense of motivation to use the abilities to the full extent. Due to the desire for independence, people working in large scale organizations are shifting their focus to start their own business. The first and foremost motivational factor to become an entrepreneur is desire for independence.

Aspirations of Wealth

There are two things that people always want in their life. They are work satisfaction and wealth. Entrepreneurship is one area which has no boundaries for wealth creation. Moreover, it gives immense job satisfaction to the people. Normally, people working in organizations would be dissatisfied because they feel that their capabilities are not rightly compensated. The feeling of dissatisfaction makes the people to aspire for bigger goals and wealth. Thus, the characteristic, aspiration for wealth makes an individual a great entrepreneur and create organizations that create huge value to shareholders.

Exploitation of Commercial Opportunities

Business is all about generating profits by effectively serving the customer needs or by filling the gaps in the market. These gaps are considered as opportunities. For instance, Amazon has filled the gap by taking products directly available at the doorsteps of the customers. Among these opportunities, some are highly commercial opportunities where the wealth generation would be very high. On the other hand, there are some opportunities which might not generate the desired income. The entrepreneur should have the capability to recognize the gaps that can generate maximum wealth and exploit them for success in the business.

Self-determination to Lifestyle

Self-determination is a process by which an individual like me tries to control life style. To become an entrepreneur, one should change the way of living and the way of looking at the things. Unless an individual is determined to follow a specific lifestyle that drives him to meet the short-term goals, it would be very difficult to become a successful entrepreneur and create organizations like Facebook and Amazon.

Vision

Vision describes the aspirational long-term goal of an individual. Vision plays a crucial role in driving the individual towards the long-term goal. Vision statements normally define the purpose of existence of an individual or an organization and also focus on goals and aspirations. Since the vision is timeless, the vision statements would not be changed even if the strategies followed by the individual are changed. An individual should have a clear vision on what she or she wants to achieve with the organization in order to become successful entrepreneur.