Articles - Entrepreneurship, Innovation & Social Business

What makes an entrepreneur?

There are so many facets to a successful business – market performance, product strength, quality forecasting – that it can be easy to forget the driving force behind it all: the entrepreneur. Being the one who’s ultimately responsible for your business’s success calls for a very special, sometimes conflicting, personality type. Let’s have a look at what makes a successful entrepreneur.

 

Tenacity

You need to be able to not just come up with a good idea, but also to stick with it through the tricky early stages. For most entrepreneurs, this comes from a strong sense of self-belief. It’s important to have faith in your ability to read the market and come up with a product or service that is needed – and also to have confidence that you’re making the right decisions at the right time.

 

Humility

However, you must also be humble. Successful entrepreneurs know that they don’t hold all the answers; they have the ability to take on feedback and use it to transform failures into successes. According to HEC Paris’ Gérard de Maupeou, if you fall into the ‘overconfidence trap’ based on a string of previous career achievements, setting up your own business will involve ‘changing your mindset and looking at your project with a very humble attitude’.

 

Teamwork

So the best entrepreneurs are contradictory – they’re both tenacious and humble. But that’s only half the story; the majority of companies are not run by a single founder, but by two or three partners. So what happens when you throw several different people into the mix?

Of course, building this team is possibly one of the most important decisions you’ll make. That’s why it’s so important to be able to choose the right personalities who will add value to your work. You might think that means people as similar to you as possible – but this isn’t always the case. Read our whitepaper ‘Learning from the Experts: How to start your own business’ to discover how you can take advantage of clashing personalities to create a team that’ll deliver the best possible results.