Do you think like an entrepreneur?
There is no question about it - entrepreneurs think differently. So what qualities do you need to have in order to make it as an entrepreneur? At Merchant Capital, not only are we entrepreneurs ourselves, but we work with them every day. So to help you identify if you innately hold these qualities, we have lined up the key characteristics of an entrepreneur. Answer the questions below and let’s see if you also have what it takes to also be a best-in-class entrepreneur.
Do you think wide?
Entrepreneurs look at more than what lies immediately ahead of them, like meeting the monthly quota. Entrepreneurs constantly have an eye on the competition, understand world events and how this may affect their businesses while retaining a firm understanding of their customer base. Essentially they need to think wider and longer than a typical salesperson would.
Do you think differently?
Entrepreneurs need to be able to solve complex scenarios in half the time. A sharp entrepreneur is always laser-focussed on finding improved ways of doing old things. By having a novel approach they can then solve old problems in a unique way, by finding the underlying problems underneath it all.
Are you curious?
Entrepreneurs think deeper and broader when it comes to understanding the customer. By doing this, they can then make accurate projections about customer behaviour and anticipate where the market it headed. It also means they are highly sensitive to subtle changes in the market. This all happens because entrepreneurial thinkers always strive for a deeper analysis of the issue at hand.
Are you an expert in your field?
To own a business you need to be an absolute expert in your product or service. You need to be able to answer all questions about your offering in a confident and well-versed way. Even if you haven’t created that product from scratch, you need to speak as if you had. Entrepreneurs handle all business with authority and leave no room for doubt in their customer’s mind.
Are you engaging in all regions?
Entrepreneurs (particularly of brick-and-mortar stores) are often heavily involved in local communities. This gives them a competitive advantage over other businesses looking to come into their territory. This may come to down to staying on top of community news, commercial developments in the area and speaking to regional customers to help fulfil their needs.
Are you looking for gaps?
Entrepreneurs are always looking for gaps in the market. This is not always about reinventing the wheel or coming up with new projects, but can also come down to identifying the under-served needs of the customer and then doing whatever possible to close that gap.
Do you have a plan?
Business owners think long term and map their route to success. A strategic plan will make all the difference when it comes to identifying what is needed to be accomplished in the next quarter and beyond. This also makes these business owners accountable which is never a bad thing when it comes to good business.
Are you creative?
Entrepreneurs are creative problem-solvers who can think creatively in the moment, and handle whatever is thrown at them, by using lateral thinking. This is great for big ideas like product creation. But can be just as effective when it comes to re-thinking other issues like operational procedures and retail requirements.
The bottom line
If you answered ‘yes’ to most of these questions, then you are a natural entrepreneur. So whether you already own a business or are considering taking the plunge, if you’re armed with the qualities listed here, you absolutely have what it takes to be a best-in-class entrepreneur.