The four primary characteristics of a successful entrepreneur are as follows:
- Passion for the business: the first characteristic shared by successful entrepreneurs is the passion for their business; this can be in terms of a new firm or an existing business. This passion stems from the entrepreneur’s belief that the business will positively influence people’s lives. John Plaza is the founder of Seattle Biodiesel, a company that makes biodiesel, an environmentally friendly substitute for regular diesel fuel. Plaza, a former airline pilot, quit his job to pursue his interest in alternative fuels. Such is the passion for business an entrepreneur has. This can also be understood by the example that billionaire like Bill Gates of MICROSOFT, Michael Dell of Dell Inc., and Larry Page and Sergey Brin of Google still work even after they are financially secure. The entrepreneur should strongly believe that their product or service is making the world better place to live and is being positively influencing the public. Passions enable the commitment a business man has towards his venture herein he can work for long hours just to see that his product or service is making change in the people’s lives. It should note that one should not only be enthusiastic about a business idea, but it is also important to understand its potential flaws and risks.
- Product/ Customer Focus: one of the other defining characteristic of successful entrepreneurs is product or customer focus. Steve Jobs, the cofounder of APPLE Inc., wrote “the computer is the most remarkable tool we’ve ever built… but the most important thing is to get them in hands of as many people as possible.” Product and customer are the most important elements of the business. Management, marketing, finance and other such departments can do no good to the business if the firm does not have good product with the capability to comfort and satisfy customers. The product should be developed in such a way that it enhances the lives of people; this is an aspect of the entrepreneurial process. Joy Pierson (candle79.com/joy-pierson.html ), who is the owner of two restaurants in NYC, Candle Café and Candle 79. These restaurant served organic and vegan food, which provide options to people who not only prefer a certain diet but have strict dietary restrictions because of allergies or other health concerns. ( www.candle79.com/mission.html ) Pierson said her greatest success is: the opportunity to touch people’s lives in a profound way through feeding them. We offer menus for the people with Celiac disease, who cannot tolerate wheat. One day a child with celiac disease dined in our restaurant before. She was about nine years old and had never been to a restaurant before… she couldn’t risk the possibility of cross-contamination from wheat products. She and her family were thrilled that they were able to experience being in a restaurant together to celebrate a special occasion. Apple Macintosh, originated in the early 1980s when Steven Jobs and several other Apple employees took a tour of a Xerox research facility. They were astounded to see computers also allowed users to navigate desktops using a small, wheeled device called a mouse. Jobs decided to use these innovations to create the Macintosh, the first user-friendly computer. Throughout the 2.5 years the Macintosh team developed this new product, it maintained an intense product/customer focus, creating a high-quality computer that is easy to learn, is fun to use, and meets the needs of a wide audience of potential users.
- Tenacity despite Failure – usually the failure rate associated with an entrepreneurial venture is high because the concept is a new one and it can be said that it is somewhat similar to what the scientist experiences in the laboratory. It can be said that a new idea needs experimentation. And this is why setbacks and failures occur during the process. Tenacity shows the potential customer the degree of commitment the entrepreneur has for his/her new product or service. Learn about J.Darius Bikoff who founded Glacéau, the company that makes vitamin water by clicking on this link notablebiographies.com/newsmakers2/2007-A-Co/Bikoff-J-Darius.html Joe Doria who was a grocer that Darius talked to, for selling his product recalls and praises the trait of delivering the product himself and pushing it. He even says that he won’t sell any other brand vitamin water because Darius was the first one to do this. He has an entire section in his store for Glacéau.
- Execution Intelligence – execution intelligence as called by Rob Adams is the ability to fashion a solid idea into a viable business. This is also a very important characteristic of an entrepreneur. A said in the Chinese, “to open a business is very easy, to keep it open is very difficult” execution of the business idea requires great leadership and motivational skills. Jeff Bezos says that, “Ideas are easy. It’s execution that’s hard.”