3 Traits Ingrained in as Entrepreneurial DNA
The term “entrepreneur” has become quite the buzzword in recent years. What was once synonymous with starting and managing one’s own business, now has evolved to encompass traits of the trade such as risk-taking and business-savvy. One no longer needs to operate a brick and mortar business to be deemed “entrepreneurial”.
An entrepreneur identifies a need and quickly fulfills it. They are compelled to act without regard to habitual nay-sayers. They see a company or industry lacking in certain areas, and help them problem-solve the opportunities that business owners often times didn’t even know needed fixing.
While the traits necessary to be an entrepreneur can be cultured, the entrepreneurial spirit is more inherent. Classic entrepreneurs possess characteristics that set them apart from the Mark Cuban-wannabes. Here are three of those traits:
Ingenious Problem Solving
At the core, entrepreneurs are able to see a problem, or an area where a company is lacking, and creatively solve it. Creativity doesn’t always equate to iambic pentameter prose poetry. It’s a more of a process or mindset; How to cut off the crusts without using a knife. As much as we hate clichés, “Thinking outside the box” describes entrepreneurs perfectly.
Risks: Forget the Parachute
Risks may be calculable, but not to entrepreneurs. Though failure is not an option to entrepreneurs, it is a distinct possibility However, this doesn’t faze the true entrepreneur, even though the risks are not only monetary; sometimes the entrepreneur is risking reputation as well. Being your own boss means that you make tough decisions without benefit of a parachute.
Could Sell Ice to an Eskimo
Negotiating skills are essential for every business owner. Fear of rejection is not part of the entrepreneur’s genetics. They live by the mantra that “everything is negotiable” IE: leases, sales contracts and salaries, just to name a few. Effective and creative negotiation skills will help save money, and make money to keep businesses running at peak efficiency.
While all of these skills are essential to possess when starting a business venture, schooling helps young entrepreneurs hone in and learn to apply those skills in real life. Cogswell’s Master’s Degree in Entrepreneurship & Innovation teaches how to refine entrepreneurial skills needed to create, establish and grow their own ventures.