Common Characteristics of Successful Entrepreneurs & Innovation Leaders

Introduction: Entrepreneurs are like the innovative leaders who basically contribute to establish new business ventures in the economy and play the role from front to reduce the unemployment. So, this is not an easy job to develop a new business venture. For that, there must have some unique personality traits as well as qualities to be a successful entrepreneurs. Common Characteristics of Successful Entrepreneurs & Innovation Leaders include passion, motivation, optimism, creativity and risk taker.

Discussion on Characteristics of Successful Entrepreneurs

The most common characteristics of successful entrepreneurs & innovation leaders are as follows:

1. Passion

Entrepreneurs must have to put so many time and effort which require extensive passion behind the success story. They have to put effort for longer hours and there are so many extra works, research, analysis they have to carry on for being a successful entrepreneurs (Deeds, 2015).

For example: Consider the passion of Ma Yun (Jack Ma) who is renowned as the founder of Alibaba. This has not been established within night, rather he has to hard work and he was not afraid of it because Ma Yun (Jack Ma) was passionate to his dream. Now, E-Commerce business has got a new era, but he hold that passion of establishing a new business ventures in this world and that becomes successful after facing all relevant challenge in this business establishment. He was very stick to his passion still there had failure on two of his initial ventures. So, this is the unique as well as exceptionally passionate characteristics of Ma Yun (Jack Ma) as Entrepreneur who has developed a new form of business of E-Commerce and made revolutionary changes in Internet in China as well as across the world.

2. Motivation

Entrepreneurs must hold the dedication to their work because they are self-motivated for making a positive change in this business world. They aren’t pushed by others for achieving toward the goals rather they motivate their surroundings for making that positive changes. Entrepreneurs have the quality to communicate their dreams and they are very much able to inspire other to be the part of his journey as he has motivation for positive changes (McCLELLAND, 2007).

For example: Consider the Motivation of Ma Huateng who is the co-founder of Tencent Holdings Ltd and also CEO of this world’s largest Internet Companies in China. Ma Huateng was motivated while he was studied in computer science and started some research based application like instant messaging services for communication purpose and later on it became one of China’s most-popular instant-messaging platforms. Now, instant messaging, social networking, online buy and online sale, and online payment is very common things but the fact behind all these services worked that is motivation of Ma Huateng helped in establishing a new business ventures after facing all relevant challenge in this business establishment.

3. Optimism

Entrepreneurs are optimistic about making positive changes globally for the future and they are intended look forward with their visionary goals and objectives. Vision of the entrepreneur is the art of observing thing invisible and they are intended to share that vision with others. This is very unique characteristic of being optimistic about the goal. So, the aspect of goal-oriented is very much important for an entrepreneur but this is not like that they fixed their role only those goals rather they have some flexible plan that would work with charges of surrounding issues (Mădălina-Adriana and Mirela, 2012).

For example: Consider the optimism of Steve Jobs who is co-founder of Apple. This has not been established very easily as he has been kicked out of that company once but never lost his optimism, rather he came back in Apple that made a revolutionary changes for Apple as the market share of Apple was decreasing, S, the characteristics of Steve Jobs was very optimistic and positive by which he was able to create iMac, Apple’s first hit PC and it made a positive changes scenario for Apple, and it was very similar to the another success of his iPod creation before rejoining in Apple. So, the optimism of Steve Jobs made Apple to role the world in smartphone market with iPhone, including Apple Store.

4. Creativity

Entrepreneurs thinks very different at different angle and they observe the world very differently and it is totally outside the box. Entrepreneurs have the brain of big ideas and it takes the aspect of creativity. So, creativity cannot be set up if one is not looking for something new for changing the world (Pokrajcic, 2004).

For example: Consider the creativity of Bill Gates who is the founder of Microsoft. He was from a leading lawyer and prominent banking family. So, he had no problem of short of money and that driven him to the joy of creativity as he was fascinated in programming as well as computer programming.

5. Risk-Takers

Risk taking is attitude of the entrepreneurs help a lot to achieve the goals. So, fear does not take place to the approach of entrepreneurs as the afraid never get proceed to go anywhere. Staying complacent is not a solution rather accept the situation and face that uncertainty works well to overcome the challenges and risks (Holland and Glauser, 2016).

For example: Consider the risk taking ability of Warren Buffet who is the founder of Buffet. He invested his capital in investing business and it is very known that there have high risk is investment business but he took that risk and became successful. So, the risk taking characteristics of warren Buffet taken him to another aspect fro getting success though there are some failure experience of him but he never left that attitude of risk taking.

6. Determination

Entrepreneurs should not be threatened to defeats rather take it as an opportunity for success because they should be determined to all endeavors succeed, and try again until get the success.

For example: Consider the determination of Lei Jun who is the founder of Xiaomi Corp. He was determined that he will take place in this electronics market as there were so many competitors and there was high threat of competitors but he made it successful in this mobile and electronics market as a revolutionary changes by proving all these services in cheap price with good quality (Zafar, 2017).

Conclusion

So, the entrepreneurial success, of Ma Yun (Jack Ma), Ma Huateng and Lei Jun are mostly successful in creating business ventures in China and also Steve Jobs, Bill Gates and Warren Buffett are mostly successful in creating business ventures globally.

References

Deeds, D., 2015. Successful Entrepreneurs Take Action. Entrepreneur and Innovation Exchange, 12(4), pp.158-166.

Holland, D. and Glauser, M., 2016. The Leadership Traits Shared by Successful Entrepreneurs. Entrepreneur and Innovation Exchange, 4(2), pp.69-78.

Mădălina-Adriana, C. and Mirela, B., 2012. THE MAIN QUALITIES AND COMPETENCIES OF ROMANIAN SUCCESSFUL ENTREPRENEURS. ANNALS OF THE ORADEA UNIVERSITY. Fascicle of Management and Technological Engineering., XXI (XI), 2012/1(1).

McCLELLAND, D., 2007. Characteristics of Successful Entrepreneurs*. The Journal of Creative Behavior, 21(3), pp.219-233.

Pokrajcic, D., 2004. The characteristics of successful entrepreneurs. Ekonomski anali, 49(162), pp.25-43.

Zafar, F., 2017. E-Marketing Model for successful entrepreneurs. Advances in Social Sciences Research Journal, 4(13).

Written by

Md. Shadequr Rahaman

Email: [email protected]