Entrepreneur’s motivation and innovation are what drives a fair chunk of economies throughout each country. As there are many good and well known entrepreneurs, there are many entrepreneurs that are not successful.
What makes a successful entrepreneur?
- High adversity quotient – Challenges are part of an everyday business. No matter how severe the challenge will affect the company, an entrepreneur must be able to identify and solve it. Adversity quotient is a measure of how well an individual can face challenges. People with a high adversity quotient are those who are able to take these challenges and flip them over to create opportunities for the company.They are able to identify challenges ahead of time, rather than waiting for one to occur. Why should every entrepreneur possess this quality? Because challenges are an integral part of every business and should not be avoided, but be broken down to finding its benefits and eventually moving a company forward.
- Internal locus of control – Entrepreneurs should be responsible. A person with an external locus of control believes that everything that surrounds them creates and pushes their life forward. These individuals believe they have no control in how their life moves. They are standing on the rotating planet Earth, waiting for whatever hits them. A person with an internal locus of control believes that their life is pushed forward by their actions, motives, interests, whether good or bad. They are the ones rotating the planet. Why should entrepreneurs have an internal locus of control? Because they absolutely ensure that they take responsibility for every action that happens in the company. If a problem with their product or service occurs, they do not blame others within the company and take ownership of the problem.
- Survivorship Bias – A common mistake made by many people is that someone can simply claim themselves to be entrepreneurs. This is not true. A person can be called an entrepreneur when they have had at least one successful venture. This ensures that people can identify who that person is. A person who has failed in several entrepreneurial ventures is not an entrepreneur because they do not match the qualities of one. This is not to say that they will never be one but, they can possess a leadership quality by not giving up after several opportunities. They should continue to be motivated to being successful.
About The Guest Author: Troy Adams is a Content Facilitator, specializing in Entrepreneurship and Business Start-ups. For more innovative business ideas, look to PROFITguide.com.
Entrepreneur Photo via Shutterstock
Love the successful entrepreneur idea – priceless insights that every entrepreneur should know about. Thanks for the great points in this post; it makes a huge difference when trying to explain something to be able to show it in action!