Tuesday, October 11, 2011

What Makes Them Tick Entrepreneurs

What Makes Them Tick Entrepreneurs We call them entrepreneurs. They are the new breed of men and women who run their successful businesses in the most divergent, non-traditional ways that we know of from actual business enterprises and from schools. In practice, there had also been people like them in the past - business mavericks that succeeded beyond anybody's imagination. However, with the unprecedented growth of online businesses nowadays, the number of successful entrepreneurs also grew.

From what had been observed by experts (and amply demonstrated in the past) these enterprising men and women have always been unafraid of taking risks. They have an uncommon sense of creativity (financial and more). They also possess an uncanny eye in identifying the banal from the sublime when it comes to business.


Entrepreneurs are usually found to work on small niche markets in trying out their unconventional ideas. One other common characteristic they have is fondness for taking calculated risks in everything they do.

People like them are different because they actually love challenges, and they look at the risks of going into new ventures as perfect challenges. They do this because they do not have much to fear. Somehow, they must have felt or probably known most of the things in those areas they set out to conquer. Knowledge usually erases the fear factor.

Still, they can be instinctively creative in most everything they do. You can also see it in kids who run lemonade stands, sell candies to their friends or organize a garage sale. (Of course, not everyone who did businesses as kids will grow into top businessmen.)

Other characteristics

Most entrepreneurs begin their businesses solely based on their personal passion and vision. Most of them, however, (like the rest of us) sometimes stumble into new ideas by solving old problems in some innovative, unconventional ways. The difference between them and us is the speed with which they seize the opportunity.

They formulate their big business decisions on their own, sometimes founded on solid set of facts. However, a big chunk of this talented group does their decision-making mostly based on their hunches and gut feel. At other times, they do seek advice from experts and other experienced people, although these cases are rare.

More skills

These enterprising types of people have innate skills in making good plans. They seem to follow what somebody said before that "failure to plan is a plan to fail."

In the real world, many small businesses do not last long enough. The main cause is the lack of a concrete plan. Successful people look like they are unafraid to make risky decisions. It had been found that those decisions have been based on solid, sound business plans.

Negotiation skills

Entrepreneurs have been discovered to be gifted with innate negotiating skills - that of making both sides a winner. For ordinary people like us, negotiations have always been characterized as trying to get as much as we can from a deal.

These people have the talent and instincts to make everybody on the negotiating table going away satisfied. They have the knack of making everyone - colleagues, suppliers, even competitors - feel like winners.

People skills

More than the next regular guy, they also possess that special ability to delegate the right work to the right person. They can size up a person and his abilities the first time around.

This is a vital gift in the sense that in many new startup companies there is always the danger of the wrong person doing the wrong line of work. This usually happens in new setups where nobody had tested each person's capacity, aptitude and skills.

Networking /EQ

These people also know in their guts that entrepreneurship is not something you do on your own. In a society such as ours, inter-connectivity is a vital lifeline to anyone, without exception.

The idea and the methods might be your own, but working on it and making it possible still needs the support of everyone - family, friend, colleagues, and probably someone who shares his experiences.

Entrepreneurs also have that other special gift termed as emotional intelligence (EQ). In a nutshell, this is a set of skills that allows you to understand and influence the behavior of yourself and others. This is very important because as entrepreneurs you must have the varied skills of handling other people, the situation and yourself.

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