Entrepreneurship has both tangible and intangible characteristics. Simply owning a business does not necessarily create an entrepreneur. There is a special and unique spirit that entrepreneurs share. This internal drive is largely based on innate abilities and a motivation to succeed either personally or in business ventures. So what defines entrepreneurship?
Willing to Take Risks
New business propositions require a calculated risk. Some entrepreneurs prefer to invest in franchises, under the safety net of a corporate franchise agreement. Imaginative entrepreneurs prefer to bring their own ideas to life and want to personally build their own business from the ground up. Many angel investors also have the spirit of entrepreneurship, although they do not have a desire to own or operate a business. They would rather pour cash and other resources into an idea that was generated by another dreamer.
Steadfast Amid Adversity
Most business owners will face tough times throughout their career. An entrepreneurial spirit helps them stay strong in the face of adversity. When challenges arise, entrepreneurs do not feel sorry for themselves or focus on the negative. Instead, they rise to the occasion and look for viable solutions. Entrepreneurship requires a solutions oriented mindset to overcome common obstacles. In addition, the ability to continually focus on the positive helps entrepreneurs remain optimistic about their future endeavors. This is especially important since some risks may not pan out as expected. Instead of focusing on the opportunities that turned out to be unprofitable, true entrepreneurs learn from those incidents and avoid making the same mistake twice.
Playing the Long Game
Entrepreneurs definitely know all about the hard work and sacrifices that come with owning and operating a business. Entrepreneurship can be partially defined as the tenacity to stay the course. Big picture thinking is certainly a common characteristic associated with entrepreneurs. Setting a goal and then taking necessary steps to achieve that goal requires restraint and strategic planning. Entrepreneurs keep the end goal in mind and are both willing and able to sacrifice small things in the present for a larger payout in the future.