The dictionary definition of an entrepreneur is one who organizes, manages and assumes the risks of a business or enterprise.
A successful enterprise has eight arms and the entrepreneur behind the enterprise has three core characteristics. Before getting into the eight arms to a successful enterprise (EASE), let us look at the three core characteristics of the entrepreneur that is bound to create a successful enterprise.
The three characteristics of the successful entrepreneur are Motivation, Courage and Good Habits.
Motivation is the reason why.
The key questions to ask are,
1. Where do I want to go?
2. How far do I want to go?
3. Why should I go?
4. Why am I the right person to go?
5. Why is it necessary for me to go?
Courage is the ability to take action in spite of fear.
Courage that leads to success is built on the foundation of knowledge of all risks involved and the practicable and necessary measures available to mitigate the risk. It is based on knowledge of what the right things to do are, acquired through learning at the feet of those that have done what one wants to do. Underpinning true courage must be a good education and due diligence.
3. Good Habits
Successful entrepreneurs have three good habits.
1. The Habit of continuous learning- Successful entrepreneurs learn all the time. They do not depend on jut figuring things out.
2. The Habit to break down tasks into doable blocks- Continuous learning without application of the lessons learned is a waste of resources. Successful entrepreneurs follow effective learning methods.
They learn what is pertinent to their enterprise, translate the knowledge into doable tasks and they immediately apply the lessons.
3. The Habit to work hard and smart-Working hard entails doing what needs to be done and exactly when it needs to be done without unnecessary delay. Working smart entails knowing exactly what needs to be done through getting the right kind of education. In other words, the third habit is underpinned by the first and second.
Recommended Reading and Other Resources
The E-Myth Revisited by Michael Gerber