The dictionary defines entrepreneurship as the process of managing an enterprise that involves considerable initiative and risk, and anyone who is familiar with this term knows that to be an entrepreneur, you must be willing to take risks and do business boldly and on a large scale. But that is not all that being an entrepreneur involves; true entrepreneurship is defined by individuals who are capable of:
Working in tandem with their instincts and their brains
Some people get lucky with random ideas while others put a lot of thought into their plans. But a true entrepreneur is one who ensures that the risks they take are calculated, which means they are not really risks but well-thought out decisions made after careful deliberation and taking into consideration all the factors and facts that are relevant to the situation. They know when to expand their business and when to hold back; they’re not pressured by outside influences and don’t take undue risks just because they want to go one up on the competition.
Rapidly adapting to any situation
The mark of a true entrepreneur lies in rising to the occasion. They never panic or lose control and are generally able to adapt rapidly to any situation; they can compete with the best in the business, raise their game depending on the level of their competitor, and have a never say die attitude even in the face of failure. But that does not mean they don’t know when it’s wise to withdraw or foolhardy to continue. In short, a true entrepreneur knows how to minimize their losses in the face of an impending disaster.
Admitting their drawbacks
The entrepreneur who is confident about himself is not afraid to admit when he/she is not familiar with something, neither are they afraid to learn new things and broaden their knowledge. They know their limitations and are not hesitant to listen to and take the advice of people who are experts in the fields where their own knowledge is lacking. They don’t think that they know everything and in the process risk making wrong decisions that could hurt their enterprise.
True entrepreneurs are chiselled as they gain experience in the business world; they’re not made in a day or even in a year. Rather, they grow from strength to strength based on the sum total of their experiences and interactions with the rest of the world.
About the Author:
This guest post is contributed by Brenda Harris, who writes on the topic of online executive mba programs.