First characteristic of successful entrepreneur is passion in his/her work. The entrepreneur will view the business as labor of love instead of just another "work". In addition to that, a successful entrepreneur has self determination. Thus, the passion and self determination will drive the entrepreneur to be persistence in building his/her company.
The second characteristic is a clear vision on where he wants to take the company. The vision will be use as a goal to be achieved, not just for the entrepreneur, but also by the whole company. This vision must be adjusted continuously as the company mature and new opportunities arise. All of this required the entrepreneur to have a creative imagination in order to recognize opportunity and envision alternative scenarios when things become worst.
The next characteristic of successful entrepreneur is competency in human relations. This means that the entrepreneur able to motivate his employees to move in the same direction, while nurturing creative spirit among them. According to a research done by Michigan University, successful entrepreneur always encourage teamwork in his company and foster entrepreneurial spirit among his top executives.
In addition to that, an entrepreneur has to be self-aware in order to maintain his success. This self-awareness will help the entrepreneur to understand his personality traits and how these traits will affect his decision making or other people. This will be useful when the company’s growth forced the entrepreneur to change his management style from hands-on management to professionally run company. It is important for the entrepreneur to understand when it is no longer feasible for them to continue to do everything by themselves. Many entrepreneurs admitted that this is the most challenging change they had to undergo in order to sustain their companies’ growth.
A success entrepreneur also must have technical knowledge on physical process of producing good or services. In addition to that, the entrepreneur must have a deep knowledge about the market and the industry in which his company operates.
Finally, a success entrepreneur always try to be one step ahead of his competitors through superior customer service. The research done by Michigan University reveal that successful entrepreneurs make customer satisfaction as the company’s central focus without limitation on the imagination on how or how much to satisfy the customers.
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By Aishwarya M. Kusuma