Each week I've been sharing a new blog post based primarily on the behaviour of entrepreneurs, as I perceive them. As well as commenting on the characteristics that are required, I've also been highlighting the key traits in their behaviour, identifying what makes them successful. In my book 'Drive like a real entrepreneur' I summarise the 5 traits that are required to achieve this success, alongside a number of useful management tools that I believe will benefit those looking to start out in business.
Entrepreneurs are generally known as being risk takers. In fact this is not always the case, they have tremendous self-belief, and it might just be this one particular trait that sets them apart.
100% of the entrepreneurs who completed my survey (which you can find a copy of in my book) answered that they possessed self-belief. This means that they measure and assess the risk that is before them and they act accordingly rather than acting and then repenting at leisure.
An entrepreneur is responsible for his/her own livelihood and of course that of others who work with and for them. The food chain, as it were being the need to satisfy the customer and also the supplier are vital ingredients to the well-being of the entrepreneur’s success. The entrepreneur has to deal with everything thrown at him/her. This would be from the most minor of office administrative tasks to establishing the finance of the entire organisation.
However, critical decisions may surround were the business to;
• Fund a new activity • Produce a new product • Buy new assets • Hire new personnel
So, the entrepreneur differs to the ‘intrapreneur’, who is a senior manager in a large organisation. The intrapreneur may well have a large division of a business to manage and develop, but do they face all of the same questions to forge the business forward? Probably not as they do not have to make clear autonomous decisions on the total well-being of the business.
There will be a central resource available for the intrapreneur to use. This could well cover areas such as premises, finance, HR and procurement.
The entrepreneur has to meet and face all those decisions themselves. Being an entrepreneur, is a lonely role and one where I do believe the use of a non-executive chairman is worth its weight in gold! Please see my chapters in my book on the use of that particular resource.