Entrepreneurs are more than just business owners, they are problem solvers that contribute positively to society while generating profit for themselves; this is evident in their impressive contributions to the economic development of Nigeria. Entrepreneurs are all about generating solutions through their ability to find, act upon opportunities and translate inventions or technologies into products and services. However, entrepreneur experience a number of issues in the smooth running of their business ranging from unfavorable government policy, lack of (enough) capital, marketing strategy challenge and the poor state of infrastructure amongst others.
Entrepreneurs aren't characterized by the size of their business; they could be running a large company, small business, scalable startup or social enterprise. There is no hard-and-fast standard as to what sort of business describes an entrepreneur; however, the following are common characteristics of an entrepreneur.
Skills: A business is defined by the value it offers; every business has its peculiar skills which helps in creating value. Entrepreneurs have a thirst for knowledge and skills in their business. They learn continuously and keep their professions updated; which helps keep their business relevant in the market-place.
Passion: Like the fuel that gets a car moving, passion is what drives entrepreneurs. As important as skills, capital, and equipment are to a business, they don’t do enough in taking the business far, when there is no passion. Entrepreneurs love what they do or do what they enjoy; capitalizing on this keeps their business flourishing.
Networking: As long as a business cannot grow in isolation, relationships matter. Entrepreneurs build their chain to be as long as it can be, they leverage on the fact that their connections would help grow their business. In addition to networking for the purpose of increasing customer base, entrepreneurs learn from the success of others in the same or similar business through business networking, and specifically, mentorship.
Creativity: Entrepreneurs do not stay comfortable in only safe places. They go all out to create values by bringing into life what has never existed. They are creative thinkers that conceptualize ideas; they perceive their environments in a new way to innovatively create changes that will, in turn, scale up their businesses.
Determination: Anyone can start a business but only real entrepreneurs remain in business. They believe in the future they cannot see through their visualized picture, and this gives them the confidence to walk through obstacles and push past them until they succeed. As failure in business is not avoidable, their determination for success prevents failure from taking over their business.
Risk Taker: Risk dances around every business regardless of type and size. Starting a business is like deciding to travel to a world of uncertainties. Entrepreneurs do not only accept risks as part of the business, but they also prepare for it and manage it whenever it comes.
Resource Management: The principle of ‘spending less and earning more’ is a paramount principle for entrepreneurs, and this makes them great resource managers. They efficiently ensure nothing goes out without effective use. This is usually done in a bid to minimize inputs and maximize outputs and increase profit.
Kindly share this article
Monday, 2nd of September 2019
Subscribe to our Blog
Want updates? Sign up for news, exclusive events updates, official statements and all noteworthy information in the banking industry.