Strong motivation to succeed
Entrepreneurs tend to demonstrate a driving ambition to succeed. Many measure their success by the extent to which they satisfy their success by the extent to which they satisfy their inner sence of achievement. Three traits of individuals with a high need for achievement.
- A willingness to take personal responsibility for finding solutions to problems.
- A desire to set moderate achievement goals and take calculated risks.
- The need for concrete feedback regarding performance.
I think these three traits strongly connected with entrepreneurial success. The need for power as a possible source of the successful business leader ambition. However, entrepreneur with a great need for power perform less well when starting their own business than those with a moderate need. The latter group are able to adopt a more democratic style of management and delegate decision making as the business grows. Many people who start their own business do so to gain some control over their own working lives. This is more likely to reflect a desire for independence than for power over others.
The ability to innovate
The ability to develop new ideas for products or services, or think of new ways of satisfying customer needs, gives these individuals a head start in the market place when they set up their business. It is more important to be hard working than to be highly intelligent. Ambition to achieve and the desire for power and control are also key factors. Entrepreneur must be prepared to take the risks, and put in the time and effort, to make the business a winner.
Planning and control
Entrepreneur are also likely to contribute to the overall planning of company activities along with the owner and other managers. They also have a controlling role in the business. This may involve control of finance, equipment, time and people, for example.
Entrepreneur desirable qualities are:
Ability to work long hours
Commitment to personal development and training
Ability to get on with people
Ability to know where to get appropriate advise
