There are so many definitions of entrepreneurship and lot’s of misconceptions so understanding what entrepreneurship is not that easy. What is really important to understand however is that you can explore various ideas and definitions about entrepreneurship but don’t get hung up on this. If you are keen to start a business and you have been thinking about this for a long time, then maybe you are an entrepreneur!
There is a large body of research about entrepreneurship and its meaning from universities and research organizations. There have been many attempts to come up with a definitive list of rules that to explain entrepreneurship. There have also been many attempts to define a list of characteristics of entrepreneurs. But the reality is that there are no fixed rules and no set of fixed characteristics. For example, some people will say an entrepreneur has to be an extrovert yet you will find many successful entrepreneurs who are absolute introverts.
To some extent, you will need to innovate and create your own rules for entrepreneurship and deploy your own strong traits to make you succeed.
Nonetheless, in order to create a successful business, there are a few things that will almost inevitably be necessary:
a) Passion and dreams
Passion creates energy and enthusiasm for success and dreams provide direction and ambition.
Information and research
Entrepreneurs who start businesses without information or research are essentially gamblers. It is the research you do and the information and metrics you gather along the way that confirm if you are on the right track or not.
Customers
Most businesses go broke because of a lack of customers. If you don’t want to fail, everything you do in a business has to be about about acquiring and keeping customers.
Tenacity
This is probably that trait that almost all successful entrepreneurs with different profiles and different kinds of businesses will usually attribute to their success. You have to be read for setbacks and you have to be able to manage these out of the way and move on.