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The ABCs of how to become an exceptional entrepreneur
Entrepreneurs do not entertain excuses for not making a decision once an opportunity arises. They rise to the occasion and follow their convictions. BD library
Posted Monday, January 18 2010 at 16:41
Responsibility
An entrepreneur must accept the outcome and take responsibility for their decisions. What you get in life is a direct result of what you do. The law of cause and effect states that there is a cause for everything.
Entrepreneurs do not blame the economy, politics, cartels or some other forces that influence are predominant in business. They take personal responsibility because they believe that they have the power to make decisions that can produce the desired results despite of those obstacles.
Willingness to take risk
An entrepreneur must be willing to face risks head on. Business is naturally a risk undertaking. Some risks can be avoided by wise planning and adequate research but others are inherent in business.
No matter how much research you do or how much meticulous planning you undertake, you can not predict fully how you will perform in the market. No business is immune to failure and no investment is 100 per cent secure. In most cases the higher the risk, the higher the returns.
Persistence
Most businesses take time to stabilize and bear fruits for the entrepreneur. This is where persistence is required. It has been observed that most people give up just when they were about to succeed. Entrepreneurs have tenacity to hold onto something they really believe in through thick and thin.
Innovation
Peter Drucker, the father of modern management said, “Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service. It is capable of being presented as a discipline, capable of being learned, capable of being practised.
Entrepreneurs need to search purposefully for the sources of innovation, the changes and their symptoms that indicate opportunities for successful innovation. And they need to know and to apply the principles of successful innovation.”
This statement underscores that entrepreneurs are born and that they are some people tailored for entrepreneurship. In my conviction, we only have fast learners and slow learners, but provided we learn what we are capable of learning based on our passion and talents, we are bound to succeed.
Kiunga is the author of The Art of Entrepreneurship. mkiunga@queenexpublishers.co.ke
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