Menu

An entrepreneur is often an individual who creates a new business.  Entrepreneurs are commonly seen as innovators who can be creative and develop new ideas, goods, services and businesses.

Entrepreneurs can play a key role in the economy, using their skills and initiative to anticipate needs and bring new ideas to market. An entrepreneur can have a large business or several large global businesses or they can be a small with no employees. Some entrepreneurs have studied at college and university and some entrepreneurs don’t have qualifications.

Entrepreneurial skills are valued by many employers; being inventive and putting forward new ideas are welcomed in the workplace.

There are lots of groups and forums you can contact for support and some areas provide grant support to help your child get their business off the ground.

Eight common traits of successful entrepreneurs:

Vision

Successful entrepreneurs have a clear vision of what their business will be and can concisely articulate its purpose, goals and market position.

They have identified (and can succinctly describe) the who, what, where, when and why of their business.

Passion

A successful entrepreneur is passionate about their business. It is hard work, and putting in long hours will be tough if you don’t love what you are doing.

People with passion know what it is that drives them to keep working to achieve their vision.

Willingness to work hard

Being an entrepreneur is harder than being an employee. To be successful, the entrepreneur must be willing to put in the time and effort required, often for little or no pay at the beginning.

Successful entrepreneurs recognise the risk and necessary work that achieving their goals will entail.

Confidence

Successful entrepreneurs have confidence in themselves and in their business. They must believe in their ability and in their idea.

Every entrepreneur will face rejection along the way and successful entrepreneurs are those with the confidence to keep going and bounce back after a setback.

Can sell

An entrepreneur must be comfortable selling.

Even with a sales team, the leader must be an expert at networking and be able to promote themselves and their business to bankers, customers, suppliers and staff.

 

Prudent with money

Successful entrepreneurs are good money managers.

They prudently invest in overheads and always keep track of the money and manage their cash flow.

Willing to ask for and accept help

An entrepreneur needs to be a jack of all trades but the most successful entrepreneurs know their limitations, realise they can’t do everything and are willing to delegate to others.

They are willing to ask for help. They seek out and pay for expert advice when needed.

Resilience

No matter how successful your business is, there will be bumps along the road. A successful entrepreneur is resilient and can bounce back from a setback.

They use setbacks as an opportunity to learn and grow. They understand that failure is part of the game.