Certain attributes lay entrepreneurial foundation

There are several attributes that are necessary for entrepreneurial success.

• Taking risks. The ability to take risks is a key trait of an entrepreneur. An entrepreneur is willing to expose finances, health, family, self-esteem and professional career to the chance of loss by undertaking a venture that involves uncertainty and hazards. Difficulties will come, but successful entrepreneurs are bold enough to firmly brace themselves and face them. In spite of the risks, an entrepreneur is ready and eager to move ahead, and the physical, emotional and mental tensions, pressures and urgencies that will occur are seen as nonissues.

• Adapting to change. The ability to handle change is a must. Fluctuating internal situations and ever-changing external market conditions have to be effectively managed. An entrepreneur needs to easily adjust and adapt. Any aspect of the business must be altered as necessary. The thought of working in a stable and permanent environment is inconceivable for most entrepreneurs.

• Striving for goals. Entrepreneurs are competitive, goal-oriented and driven to outperform others. Specific, measurable, attainable objectives direct their efforts. Developing action plans with deadlines is routine. An entrepreneur steadfastly persists, tenaciously endures and continually progresses in spite of difficulties, obstacles and opposition.

Others strive to reach the pace set by the entrepreneur. Expected results, outcomes and accomplishments are produced. Procrastination is not a word in the entrepreneur’s vocabulary.

• Planning proactively. As a visionary, entrepreneurs plan ahead. Sound, predetermined, prepared methods and protocols are prepared in advance. Strategies, steps and policies are formulated before they’re needed. Entrepreneurs look forward, anticipating and forecasting. 

• Making decisions. An entrepreneur is a confident decision maker and problem solver. An entrepreneur also is self-assured and self-reliant in abilities and judgments. Decisions are reached by analyzing projects, people and resources. An entrepreneur thinks clearly and logically. The root cause of issues is found and authoritative conclusions formed in order to settle problems. He does not allow himself to alter his decisions without good reason. No one would describe his judgments as hasty, impetuous or rash.

• Handling conflict. Conflict is not an issue. Entrepreneurs are willing to face opposition or resistance. Instead of feeling agitated, entrepreneurs are composed and unruffled when pressed. Criticism by others does not hurt or easily offend this group. Problems are seen as opportunities to do something different and better. Difficulties and obstacles are overcome.

• Pursuing profit. An entrepreneur is economical while busily doing profitable tasks. The expenditure of resources and money is done cautiously and carefully. Waste and extravagance are avoided. Time, resources and people are productively and efficiently utilized to achieve and accomplish objectives.

• Working hard. Entrepreneurs are energetic, industrious and self-motivated. They have the capacity to vigorously work whatever hours it takes to get the job done. Entrepreneurs are constantly in motion, devoted to and actively engaged in work. An inner urge prompts them to initiate action and move with a sense of purpose.

The grueling demands of entrepreneurship are not for everyone. A specific set of character traits are necessary to make it in the long haul.

Before deciding if business ownership is a good fit, interested parties should take an honest look at themselves in order to avoid failure and to succeed.

Lynne Haggerman is president/owner of Haggerman & Associates, a firm specializing in management training, retained search, outplacement and human resource consulting. She can be reached at lynne@haggermanandassociates.com.