The word ‘Entrepreneur’ is derived from the French word ‘Entrependre’ which means ‘the one who undertakes’ i.e. the individuals who take the risk of starting a new enterprise/startup/business.
Bruce Bachenheimer, a clinical professor of management and executive director of the Entrepreneurship Lab at Pace University explains, — “Entrepreneurship is much broader than the creation of a new business venture. At its core, it is a mind-set — a way of thinking and acting. It is about imagining new ways to solve problems and create value.”
Traits of an Entrepreneur
Let us dig deep to find the common traits observed in entrepreneurs.
1) Vision: Entrepreneur has a clear idea of the product, the nature of the market, the socio-economic environment and the future of the venture.
2) Knowledge: Sound knowledge of all the aspects and technicalities involved in the business.
3) Goals: Sets goals which are realistic and practically possible.
4) Passion: Being passionate about each and every aspect of the action plan.
5) Optimism: Being optimistic in the sense of exploiting every opportunity.
6) Independence: Being able to independently make decisions and taking responsibility for those decisions.
7) Problem solving skills: Using creativity to solve problems.
8) Adaptability: Adaptable to the changes in the market and flexible to change things around.
9) Good Social skills: Being polite and able to maintain good public relations.
Types of Entrepreneur
Based on the characteristics an individual has, the entrepreneurs can be classified into the following categories.
The one with full of new ideas or making the old ones better. This out-of-the-box thinker values social networks, builds vibrant environments to push boundaries and increase the productivity. This dynamic leader is also capable of challenging the status-quo to achieve the desired results.
2) Serial Entrepreneur
The one who runs the business for some time to handover it to somebody in the pursuit of making another dream into a new business is called a Serial Entrepreneur. The changing trends gives this curious soul, a push to explore new opportunities. The serial entrepreneur can be described as the most flexible and customer-centric of all.
Most creative of the lot, the opportunist is always on the lookout for new possibilities. This resourceful one constantly calculates the outcome and strongly believe in the words – ‘the ends always justify the means’. Gifted with intuition, the opportunist doesn’t mind to bend some rules to seize the opportunity.
4) World changer
An entrepreneur with an objective of making a positive impact in the world comes into this category. This one is the perfect combination of an entrepreneurial mind and a compassionate heart, who strives to solve social issues with the help of a business venture. Also called a social entrepreneur, the world changer is cause-centric more than anything else.
Entrepreneurs are those passionate bunch of people who are not afraid of taking risks to achieve their goals. With their future in their own hands, they build an empire of their dreams.
Let us find out from the successful entrepreneurs, what it takes to become one!
In conversation with Sonal Agarwal, one of the entrepreneurs behind ArtistShoppie.com which is an online shopping portal of handmade and personalised accessories.
Q) What inspired you to become an Entrepreneur?
The burning desire to make my dream, that I saw as a kid, a reality!
Q) Tell us 5 principles you have always stuck to?
- Everything happens for a reason.
- Work hard but also work SMART!
- Every product has a taker, you just have to find the right person.
- If you believe in it, go get it.
- Love yourself. Be You!
Q) What are the problems/barriers you had to overcome?
The cliche thoughts of people that you can settle in your life only through a corporate job and Entrepreneurship is not worth the time and money.
Q) What is the best thing about being an entrepreneur?
The incredible people that you get to meet along the journey!
Q) Describe your entrepreneurial journey in a sentence or two?
TRULY AWESOME BLOSSOM!
Q) What will be your advice for budding entrepreneurs?
DREAM IT, BELIEVE IT, ACHIEVE IT!
In conversation with Sadhu Narasimha Rao, the person behind the social enterprise Matrix Agro Pvt. Ltd., Chincholi (Karnataka), a 6MW biomass based power plant (with the major stake held by Apollo Hospitals Group).
What are the 3 lessons entrepreneurship has taught you?
- Being passionate enough to tackle the problems.
- Laser sharp focus on the result.
- Smart thinking. You cannot afford to be dumb.
Tell us 5 principles you have always stuck to?
- Time management.
- Every problem has a solution.
- No procrastination.
- Never get stressed out. Meditation and music are the best therapies.
- Be a Roman while in Rome.
Q) What are the ways in which you keep the spark of enthusiasm alive?
It’s your baby. You cannot neglect it. You have to pamper it, nurture it, and at the end of the day, you should make sure that the baby prospers. If you have this funda in your head, the spark of enthusiasm will always be alive!
Describe your entrepreneurial journey in a sentence or two?
Bruce Wayne to BATMAN!
What will be your advice for budding entrepreneurs?
Think deep on what you love, go back to your earliest happy memories. You will surely find your passion. Build that into a business model. Create something that will be useful for the people around you. Stay focused. Do not get demotivated, no matter what. You will succeed, I promise.
“Twenty years from now, you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” – MARK TWAIN
Follow this space for more updates.