TAKING up a business takes up a lot of courage as business is a gamble considering that any business is expected to encounter risks during its lifespan.
Exposures to risks can be unavoidable, avoided or simply managed to reduce them. To address such issues, it takes one who has the right attributes of an entrepreneur.
This article highlights the personalities that most successful entrepreneurs have which existing and potential entrepreneurs must know.
There are claims that entrepreneurs are born, while others believe that entrepreneurs can be made, this controversy is interminable.
The motivation behind entrepreneurship is to achieve the rewards associated with business assuming that every business comes with risks and rewards.
However, only moderate risk appetite must be considered to avoid running down the business.
Successful entrepreneurs always have the capacity to assume risks and have a foresight to see the expected risks and opportunities before getting hooked in any business.
When they spot an opportunity, they take calculated risks and pounce on it before others spot it.
In addition to that, they often drive their energy where others think there is a roadblock, to them, it is an opportunity.
The courage drives them to grab the opportunities and act swiftly to achieve the set goals.
They are diverse and are willing to try anything provided it is profitable. In short, they are daring and are not afraid of engaging in business that they expect to be rewarding.
For an entrepreneur, working with people with diverse skills and pooling resources together to form strong alliances is key for their success.
For instance, groups such as clubs and cooperatives stem from such calibre of entrepreneurs with the same mindset.
Successful entrepreneurs are determined to work long hours, often going an extra mile, are aggressive and have good negotiating skills that attract win, win business deals.
To beat the competition around them, they tend to be innovators, seek more information to improve their businesses and make decisions to win business based on the information they get at the same time managing the risks well.
Notwithstanding, they are passionate about what they do as they strive to succeed. Setbacks do not deter them from continuing.
Entrepreneurs who are risk-averse, complacent frequently fall out of business easily.
However, it is inevitable to avoid risks at all costs, manage risks that cannot be avoided by planning effectively and risk transfer by insuring their business at all costs.
Insurance of business assets is critical; however, very few entrepreneurs appreciate that fact until it is too late.
On the other hand, those who are sluggish and enter business for the sake of it often fail within one year of starting a business.
One must be committed, consistent and resilient to beat all odds.
For Comments: email jeanmushala@gmail.com
Mobile: 0966751626
The Author is a seasoned banker, has a Bachelor of Arts, honours degree in Business management/a Master of Business Administration from University of Sunderland (UK) and has a Doctorate in Business Administration from the Atlantic International University, United States of America (USA).
