Entrepreneurs come from all walks of life but typically have many common characteristics. What does it take to be a true entrepreneur? hotels in LeedsEffective Small Business Management says, "An entrepreneur is one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them." So what are the common threads that hold these entrepreneurs together?High on the list of common entrepreneurial characteristics is self-confidence. The National Federation of Independent Businesses (NFIB) found that one-third of entrepreneurs stated that they believed that they had 100% chance of succeeding in their business venture. Now, that's confidence! Entrepreneurs not only have confidence in themselves but also in their products and services, as well as in the people around them.
Jeff Arnold, founder of WebMD, an Internet-based healthcare company that virtually links doctors, pharmacies, patients, hospitals, and labs, believed from the day he dropped out of the University of Georgia to start a heart-monitoring service at age 24 that he would be not only successful, but very successful. Two years later he sold the business for $25 million so he could focus on building the WebMD empire. Some critics argue that Mr. Arnold and his management team are growing the business too quickly, but he remains confident. He is known for thinking almost idealistically at times, someone whom the July 24, 2000 issue of Business Week refers to as "the Internet's version of Doogie Howser."
Most successful entrepreneurs pursue opportunities with a tremendous amount of discipline. They are typically well organized and pay attention to the details. Rita McGrath and Ian MacMillan in The Entrepreneurial Mindset say that entrepreneurs consider many opportunities but seriously pursue a few. "Most maintain some form of inventory, or register, of unexploited opportunities. They make sure that they revisit their inventory of ideas often and they take action on those opportunities that are ripe."
Along with self-confidence and discipline, most entrepreneurs have plain, old-fashioned "guts." Business author Collette Paul describes it this way: "Guts means you must have an entrepreneurial instinct, which is an overwhelming desire to have your own business. You must have guts and dedication to be completely devoted to your goal." The mention of "goals" leads to the next characteristic.Successful entrepreneurs set clear and specific short-term objectives and have well defined long-term goals. Some people write their goals down, while others keep lists of goals in their heads. In other words, goal setting is a key element to entrepreneurial success.
S. Truett Cathy, founder of Chick-Fil-A, is the epitome of a successful entrepreneur. He possesses most, if not all, of the common characteristics of entrepreneurs. When talking about his early days as a young entrepreneur "wannabe," he says, "I had goals and I knew how to make money. I didn't know what it would be—a service station or some kind of store—but I didn't want to go back to a nine-to-five job with all that wasted time between five o'clock and bedtime. I was ready to commit myself to something." That "something" is now one of America's favorite fast-food restaurants with over 500 stores in thirty-one states and revenues expected to top $1 billion in sales in 2001.
Mr. Cathy may agree that a pot full of confidence, persistence, guts, and discipline peppered with a little bit of individuality make for a pretty successful entrepreneur recipe.
