The question is often asked and there are many different, but acceptable, answers. To add my perception, I think there are certain personal character traits mixed with particular skills, knowledge and experience that add up to the "essence of entrepreneurship" that leads to success.
Here is my list of what I think adds up to be the Essence of Entrepreneurship:
- Burning desire to turn an idea into a successful business.
- Determination and persistence to achieve results.
- Treating every obstacle as just another challenge to be met.
- Recognizing the challenge to provide both strategic leadership and operational management.
- Consistently communicating vision, mission, values.
- Willingness to change the plan but not the goals or ideals.
- Strong social awareness and empathy for people.
- Motivated by more than the money.
- Good marketing and sales instincts - knowing what appeals to the target market.
- Understanding the industry measures of performance for the business.
- Continuously aware of business results relative to planned performance.
- Does not waste time - the most precious non-renewable resource.
- Knows to decide when it's time to decide, not waiting for all the information to be sure it's right.
- Mix of strong industry knowledge or technical/professional skills with good instincts
- Acceptance that success is a very imprecise objective and that never being satisfied is the way to continue being better and doing better.
Let's keep working on it.
