|I remember in grade school; our teachers would ask us what we want to become when we grow up. In most cases, classmates would respond with a lawyer, teacher, doctor or other medical/public service professions. As children, our ambitions typically stem from those who surround us. I cannot recall an instance where a classmate stated they wanted to become an entrepreneur. Personally, I believe that the entrepreneurial experience should be engraved in our minds at a young age just as any other career. Why? Because according to ThinkImpact, 55% of adults in the U.S. have been entrepreneurs at some point in their lives. Over half of the population will aim to be their own boss and many will be successful. |
What defines an entrepreneur? Simply put, an entrepreneur is someone “eager to create your own path, leave your mark and create a lasting impression (Jabbour, 2018).” Entrepreneurs run businesses with creative & imaginative mindsets, clear goals, & problem-solving abilities. Entrepreneurs accept and take risks while making the most out of the opportunities and setbacks. Successful entrepreneurs have positive attitudes and intrinsic motivation. They are winners; they jump hurdles and accomplish goals. Each of these characteristics cultivate an entrepreneurial mindset. Ultimately, they go hand in hand, and you should not have one without the other.
My top 3 critical traits when developing the Entrepreneurial Spirit include:
· Establishing & Implementing Goals
· Accepting Risks
Being creative allows for implementation of new ideas and concepts. Industries change constantly and you must always have a plethora of new ideas, concepts, and solutions. Entrepreneurs should be goal-oriented and eager to learn & develop new skills. Creativity paired with new goals allow you to shape yourself and your business into exactly what the consumer needs. Understanding that there is no perfect plan and that there are setbacks contribute to entrepreneurs being willing to put everything on the line behind what they believe in. They are passionate and passion delivers success. All these traits develop a more confident entrepreneur who is not afraid to venture out and accept new opportunities.
An entrepreneur excels at business planning. They set goals, identify consumer needs, analyze the market, build financial projections and can provide documents to support their plan. Successful entrepreneurs have a clear vision and genuinely love what they do. They are disciplined and have the drive to be successful and turn their vision into life. “Risk-taking, creative problem-solving, social involvement, and role-playing should all be part of entrepreneurial learning (Ghani & Mohammad, 2021).” The entrepreneurial experience is a process; once you understand and familiarize yourself with consumer needs, build what they desire and validate your business venture, you have completed the key steps in becoming a successful entrepreneur.
View my Business Plan Development blog for more insight.
Entrepreneur statistics. ThinkImpact.com. (2022, July 20). Retrieved October 31, 2022, from
Ghani, M. G. A., & Mohammad, N. (2021). The Integration of Logic Model in Business Plan
Simulation Approach for Effective Entrepreneurial Learning. Jurnal Pengurusan, 62, 1
Jabbour, R. (2018, February 1). Five characteristics that make an entrepreneur. Entrepreneur. Retrieved October 31, 2022, from https://www.entrepreneur.com/en-ae/starting-a-business/five-characteristics-that-make-an-entrepreneur/308259