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What Does It Take to Be an Entrepreneur?

The field of entrepreneurship was described in 1983 as “an intellectual onion” by a senior faculty member at Harvard Business “You peel it back layer by layer and when you get to the center, there is nothing there, but you are crying.”  To avoid this scenario you need to examine yourself if you are prepared to go through what you need to be an entrepreneur.

We can use a study by the late Professor Jeffry A. Timmons and his colleagues who identified some important entrepreneurial characteristics of successful enterprise owners which still feature in many entrepreneurship studies. I have tried to apply some of these to my personal experience which I am going to share with you.

Entrepreneurs have very high levels of drive and abundance of energy. Entrepreneurs are always on the go looking for opportunities. Entrepreneurs have tremendous self-belief. If you do not believe in yourself, who else will believe in you. Entrepreneurs are looking for long term involvement and use money as a measure only. Entrepreneurs do not stop because of problems. Entrepreneurs love solving problems and if there is no problem there is no opportunity. Entrepreneurs are not risk takers. Contrary to belief they take calculated risks. Who does not take risk? We all do but we think through like crossing the road. Entrepreneurs set goals and because of this they are able to deal with failure and love feedback to improve. They are highly initiative and responsible. They do not need to be told as to what they should do. They are always doing things. They are able to manage and use resources well plus they compete against themselves. Entrepreneurs have good internal control and can tolerate ambiguity unlike most people.

I will share with you the MBS aka MUST, BE and SHOULD of an entrepreneur now. I believe it is a must to have a vision and Review it regularly. You are going to be successful only if you have fun and relax. There must be urgency and excitement in your venture. It is important to have time for family, prayers and time for Exercise

Entrepreneurs have to be open, be willing to learn and be oneself. Do not worry about others as no one will be worried about you. Entrepreneurs need to be able to Change, be Patient, be helpful and respect others. Entrepreneurs have to be serious and result oriented and thankful. Most people are not. For instance they think that their parents are duty bound to do things for them so they do not have to say thank you. Try saying thank you to your parents and you will be amazed by the response.

Entrepreneurs should know where one is heading  and know how to handle success. Everything should be earned and don’t’ feel sorry for yourself. Entrepreneurs should keep writing Positive Statements and plan for the next day at the end of each day

Again based on a study by the late Professor Jeffry A. Timmons and his colleagues they identified some important demands. I am again applying this to my personal experience. We need to give all to the venture and have complete commitment along with creativity and innovation. As pointed out earlier knowledge of the subject is crucial. We must be able to build teams who can deliver. Success leads to economic values but it must be accompanied by ethics, integrity and reliability.


Key Factors that can influence Entrepreneurship There are four factors which play a major role. They are policies, education, economics and culture aka PEEC will serve as the catalyst.

Favouring policies by policy makers like Government, Schools and others can help entrepreneurial development. As I have already said earlier, education will help influence entrepreneurial development.

In the USA many entrepreneurial make 100 times the amount of money they invest on their project if the environment allows this. More people will get into the Entrepreneurs world as it has economic values.

Last but not least some cultures encourage entrepreneurs. Others look at it like taboo and make fun of those who fail and many of our parents want us to join the government or Multi National Companies so that we are secure.

PEEC can create an environment for the breeding ground for entrepreneurs.

Published in  The Hindu as The never-say-die spirit on 29/6/2009

Published in  The Delhi Compass as The never-say-die spirit on 6/7/2009

Published in  The Delhi Compass as The never-say-die spirit on 6/7/2009

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