A few decades ago, the entrepreneurs were perceived as some kind of heroes or pioneers that made the first steps towards an unknown. Nowadays, they are also a bit mythologized. At least, it refers to their flexible lifestyle and schedule, destiny, and the ability to dictate new trends in the business world. The public considers entrepreneurs always enthusiastic and full of energy fountaining business ideas on the regular basis. However, what stands beyond this simple assumption is still a question. Naturally, not all of the entrepreneurs are the same. They have their business success secrets and not always acceptable habits. However, the only thing that unites them all is the entrepreneurial spirit. This paper addresses this critical issue and determines what the main characteristics of the entrepreneurial spirit are.
There are some features of character that could not be simply learned or taught. It is the exact characteristic of the entrepreneurial spirit. It arises in the person who is willing and passionate about creating some kind of venture on his own literally out of nothing. These individuals push themselves on the edge in order to achieve their goals.
However, a simple desire to establish a new business is not sufficient. The true entrepreneur usually possesses a passion for something, either cars, electronics or anything else. They are aware of all aspects of the production they sell not just because it is the prerequisite of high sales rates, but because they are interested in it from the times they cannot recall. The high level of expertise of entrepreneurs, however, does not emerge overnight. These individuals spend their spare time or eat a hamburger while reading news relating to their passion. The object of such passion could be uninteresting to others. However, the strong and confident voice of the entrepreneur in conjunction with the deep knowledge of subjects, both coming from the ‘passion’, is truly captivating. One could not simply stand the authentic enthusiasm illuminating by the true entrepreneurs. Whereas others fail to face new problems, entrepreneurs accept them as a new challenge, which needs a quick response. They do not delay its solution to Friday’s evening or Thanksgiving day: they respond to it as soon as possible.
Further, entrepreneurs are impatient about ongoing changes. The average individuals do not frequently reflect on how to improve their state of finances, relations, etc.. On the contrary, the entrepreneurs become sleep-deprived persons due to their aspirations to perform the activities even better than before. Their focus of attention points to the details of the operations and the entire system at once. Their mind is tireless in inventing new ways of optimization of costs, work of personnel or improvement of the quality of services offered. They are not afraid of changes. Once they have noted that certain part of the operating cycle is inefficient or problem causing, they replace or cut it out without a hint of pity. In the middle of the day or at late night they are capable of generating ideas regarding further improvements.
As Henry Ford once said, “Whether you think you can, or you think you can’t – you’re right”. It totally applies to entrepreneurs. They do not give up easily. Instead, they are optimistic about any challenge. Optimism is intrinsic to all individuals with the true entrepreneurial spirit. They do not usually spend days while considering the opportunities closed to them. Instead, they are asking themselves what they can do in the given circumstances. In other words, they are dreaming about ‘white prince to come into their lives and change everything for the better’. On the contrary, they are extremely proactive and initiative. In the heat of their passion, they motivate others for further improvements. They fully realize that when the venture is established the odds are not in favor of it. The newly opened business has to find its place in the market share, create customers’ loyalty, and find the new technologies for cutting expenses rates. However, despite it all the entrepreneur remains optimistic about his business creature and believes in his success.
High tolerance for calculated risks is also a feature of the entrepreneurial spirit. However, at this point it should be clearly stated that entrepreneurs do not jump from one opportunity to another without previous proper calculation of possible profits and losses. Performing calculations, the entrepreneurs also bear in mind that there is no simple guarantee of success for any venture. At the same time, they realize that the success depends on their tireless efforts and sleepless nights. The entrepreneurs are also decisive and capable of working autonomously. They weigh all the pros and cons and pass decisions without further regretting about it.
Finally, entrepreneurs do not have their heads in the clouds. Instead of sitting in the chair and reflecting on the idea or dream, they act. They might fail or win, but they indeed execute. The entrepreneurs are aware of the fact that non-realized ideas are meaningless. Despite all the circumstances, downshifts of the economy, or currency fluctuations, they are definite about establishing their own venture.
In conclusion, one might infer that the entrepreneurial spirit is something inborn in the individual. It might take various forms and result in different ventures; however, it always includes five key characteristics. They include the passion about a specific field of expertise, the everlasting optimism and strong belief in a business’s success, the ability to anticipate and take calculated risks, ongoing willingness to further improving of their business project, and the ability to take action and realize their ideas regardless of any circumstances and obstacles.
About the Author: Emily Morgan is a student at the University of Florida. Writer at BestCustomPapers.