Understanding Key Qualities & Motives of Entrepreneurs

There are more and more television programmes and documentaries about various individuals who came up with innovative business ideas, took risks, worked incredibly hard and achieved incredible success as a result. Such individuals are what is meant by the term ‘entrepreneur’ and this word is derived from the French which translates as the verb ‘to undertake.’

Key Characteristics of Business Entrepreneurs

Brindley identified five main characteristics usually present in entrepreneurs which include the following: hard-working, high levels of motivation or drive, innovative and creative, able to take risks, resilient and confident in their own ability. Most entrepreneurs push themselves to work incredibly long and often antisocial hours with sheer determination and resilience to achieve their goals. In areas where others may have given up due to setbacks and misfortunes, it is the entrepreneur who is likely to keep persevering in order to overcome any difficulties.

There are many examples of present day entrepreneurs including the likes of Sir Richard Branson, Lord Alan Sugar, Simon Cowell, Duncan Bannatyne and possibly the most famous of all, Bill Gates.

What Motivates Business Entrepreneurs?

Clearly, a major source of motivation for entrepreneurs and indeed most if not all workers if that of gaining financial rewards or benefits as a result of their hard work. However, it is not profit alone that is the sole source of motivation as several other motives are also recognised to play a part. Additional motives include the chance to be self-employed and thus not have to take any orders from those in senior position to oneself or have to work as set number of hours within certain times during the week. Many entrepreneurs are highly motivated to succeed in a chosen area if it is something that they have always enjoyed such as a creative passions, for example in writing a book or designing clothing ranges.

The Role of the Entrepreneur in Business

According to Brindley, there are several important roles which entrepreneurs have within business including to fill in market gaps such as the creation of successful social networking sites like Bebo, Facebook and MySpace as well as in the development of new products such as the Blackberry, I-Pod and I-Phone. Entrepreneurs also have an important part to play in encouraging and motivating young people to work hard at school, college or university and believe in their dreams and ambitions.

The UK government has recognised that enterprise if something worthwhile in relation to the creation of jobs and opportunities for those that would otherwise possibly have become demotivated and ended up not realising their full potential. As such, there are now a whole range of incentives for entrepreneurs including grants, subsidies and tax allowance.

As highlighted above, key characteristics of entrepreneurs include self-motivation, creativity, hard-working, risk taking, self-confidence and resilience. Motivation sources for entrepreneurs involve profit, ethical issues, values and the opportunity to work for oneself.

This was written by Julia Smith  http://www.4bn.co.uk/u/JuliaSmith

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