The concept of entrepreneurship is very simple, it is to start one’s own business. However, some economists think it is more than that. They think that a person who takes chances to create profit is an entrepreneur and possibly the simplest definition of entrepreneurship is a novice who wants to invent something new and wants to market their innovations for profit.
So, while everyone can become an entrepreneur -- it is not defined by race, age, gender, financial position, experience or education -- the most prominent entrepreneurs of past and present have had certain personal qualities.
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Willpower is key to success. it is a strong longing to achieve success. Despite many failures, the entrepreneur never loses their will to achieve.
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Management is the ability to make plans, devise targets, and then execute!
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Obsession - The entrepreneur who is obsessed with their goals and ultimate vision will make others believe in them too.
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Smarts - An entrepreneur must have old-fashioned common sense and be able to make good decisions and deal competently with others.
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Self-assurance - The entrepreneur is self-assured, confident in their abilities and knows how to look into the future and plan well. A self-assured person instills further confidence in themselves.
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Devotion - The entrepreneur is devoted to their goals, working long and hard, day and night to achieve them.
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Inspiration - Building a business requires an inspiration and the creativity which will lead to a better product and excellent results,. An entrepreneur thinks outside of the box.
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Flexibility - Creating a product that meets the needs of the market requires flexibility. This quality is very important. Stubborn, inflexible people will not make good entrepreneurs.
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Read more about the experiences of ESTEEM alumni and young entrepreneurs:
- Ashley Kalinauskas '13, CEO of Torigen Pharmaceuticals and recognized by Forbes 20 Under 30
- Marissa Kosielski '18, CEO of Enlighten Mobility and featured in a "What Would You Fight For?" video
- Dustin Mix '13, co-founder of INVANTI and the Initiator's Guild
- Ellen Joyce '20, building an edtech company
- Jack O'Meara '16, saving lives with genomic medicine
- Kevin O'Keeffe '15 writes about the lessons he's learning while building several businesses
Originally published by at esteem.nd.edu on December 15, 2022.