Entrepreneurship as defined by the oxford dictionary is the activity of setting up a business or businesses, taking on financial risks in the hope of profit.

Entrepreneurs typically identify needs or problems and develop solutions by either creating a product or delivering a service. There is a school of thought that says we are all entrepreneurs. This thought is based on the narrative that entrepreneurship is a mindset and not a business model.

So, is entrepreneurship for you?

Successful entrepreneurs have common attributes and skills. One of the ways to ascertain if entrepreneurship is for you is to be aware of these attributes and skills and ask yourself

Do I have them?

Do I want to develop them?

Can I develop them?

Here are some of these attributes and skills

Not scared of taking risk and trying out new things

You want to own a business and be the boss? Be ready to make big decisions. Every business is built on big decisions. As an entrepreneur, your first big decision is the decision to start. In a competitive and dynamic business environment, entrepreneurs are typically known for making tough decisions to keep their business running.

Although risks analysis provides entrepreneurs with information around risks that are associated with a venture, and possible ways to mitigate, eliminate or transfer these risk, entrepreneurs are often faced with uncertainties and inherent risks. Those who face them are the ones with the chance of succeeding.

Successful entrepreneurs are also known for their innovative nature, having an eye for change. They are constantly adjusting their products and services to meet demands and satisfy customers.

If you usually like things done the same way and are scared of taking risks, then, entrepreneurship isn’t for you.

Know how to sell or create

Selling and creating is what every business does. Regardless of the size of the business and what it does, entrepreneurs are either creating products or offering services. Entrepreneurs usually have one or both of these attributes (selling and creating).

Without good sales skills, the finest product or service will remain on the shelf. Beyond selling products or services to customers, business owners need to persuade partners and customers to trust and invest in them. The act of selling is pivotal in the success of every business.

Are you good at persuading and influencing people’s decisions? If yes, you may want to develop the skill and work your way into entrepreneurship.


Negotiation skills

Business owners are involved in different negotiations as part of running their day-to-day business activities. They are either negotiating the price of goods or how much to pay for a service. If you don’t like getting into negotiations, this may be a sign that entrepreneurship isn’t for you.

To conclude, can anyone become an entrepreneur? I will say a big yes if you can develop the attributes of successful entrepreneurs.

We hope you enjoyed reading this article.

Toritseju Omagbemi

Digital Content Coordinator