By Evelyn Gan, PhD Candidate, Faculty of Business, Design and Arts

With the setup of a modern world, work-life balance and caring for oneself have emerged as the top goals of the present generation.



Many in the young generation are looking for self-employment or, as popularly said, to be an entrepreneur. The word “entrepreneurship” is derived from the French word “entreprendre,” which means “to undertake” or “to begin.”

The concept of entrepreneurship spans all sizes of businesses and includes small business incubation at one extreme and large-scale, high-growth start-ups and other innovative ventures. It is therefore considered a key driver of innovation, job creation, and economic prosperity in societies around the world. As the cliché goes, “Rome was not built in one day”; so is entrepreneurship, not an undertaking that one enters into out of the blue to become a successful entrepreneur. There are indeed several traits, and this article unpacks the 3 essential characteristics of an entrepreneur. 

Patience  

Beyond the ability to wait, patience is the ability to remain positive while enduring multiple delays or setbacks. Rarely is the path for an entrepreneur from conception to fruition of an idea easy. It could be waiting for a breakthrough, securing funding, or building a customer base.

With patience as a guideline, every failed attempt is known to be one step closer to success and experience that is valuable. Patient entrepreneurs are unmasked by transitory setbacks and remain resilient and firmly committed to achieving their vision. They work for long-term sustainable growth and, therefore, invest time, money, and effort rather than work for only short-term gain. These include developing robust business models, building customer relationships, and team culture. This will also make them, through patience practices, be objective in the decisions taken from the rationale, not driven by emotions. 

Perseverance 

Perseverance in a more simplified form is that one has not given up in pursuit of what one wants and stands at most difficult obstacles, of course, dealing with the entrepreneurship world, which deals with much uncertainty and guarantees both winners and losers. Successful entrepreneurs are likely to meet unexpected challenges, existing tough competition, and financial constraints, along with market fluctuations. To face up to the challenges on the way to the vision has been the true hallmark of the successful entrepreneur.

Every individual could be a dreamer, but all could not be an achiever. We can learn from and get inspired by some of the examples of entrepreneurs throughout history who took failures in stride before they went on to succeed monumentally. It was never easy, but a positive approach on their part had always become a key enabler for success. The light bulb inventor, Thomas Edison was persistent despite several failures before finally achieving success. In Edison’s own words, “I have not failed. I’ve just found 10,000 ways that won’t work.” He used every failed attempt as a ladder to success and modified his ideas and methods till he got a breakthrough. 

Practicality 

Entrepreneurial persons’ time is worth money. They need to look for the next pair of shoes when the shoe pinches. Entrepreneurs have to be practical by applying practical and achievable solutions to problems. Practicality, on the other hand, is making grounded decisions in weighing risks and rewards while making an informed choice with the available resources and market dynamics. Entrepreneurs should differentiate the existing real opportunities and trends and respond to that information with a change in their strategies. They realize that market research, financial planning, and risk management require their venture to move forward for steady growth.

Vision and ambition are important to entrepreneurship, but there has to be a balance between ideals and pragmatism. A very important characteristic of a successful entrepreneur is humbleness—ready to take feedback and make possible improvements. Being practical in business operations also includes personal interactivity skills and leadership qualities. Effective entrepreneurs develop relationships, build networks, and inspire teams towards greater achievement. 

In sum, the traits of patience, perseverance, and practicality are that which form the cornerstone of success for entrepreneurs. Cultivating these attributes can help aspiring entrepreneurs chart their way through the minefield of the business landscape with the required resilience, determination, and sound judgment. Whenever they tread on their entrepreneurial journey, they remember that the path is not always rosy but they may take heart; these challenges pave the way for long-term success. Positive people and surroundings most of all are crucial aspects for entrepreneurs to get or possess a good support network.