1.6 CHARACTHERISTIC OF SUCCESSFUL ENTREPRENEURS

Successful entrepreneurs are said to have characteristics and self-profile that are unique, extraordinary and have the entrepreneurship skills in the aspect of having the ability and skills of performing such effective functions. The experience and knowledge owned by entrepreneurs, enable them to view, analyze and take advantage of business opportunities that are not seen by other (Norasmah and Mohd Hasril 2014). Characteristics of successful entrepreneurs listed by McClelland (1985) are as follows:

a)       Self-initiative

b)      Able to see and seize opportunities

c)       Perseverance

d)      Able to find information

e)       Priorities a high-quality work

f)       Have high commitment

g)      Have a systematic plan

h)      Able to solve problems creatively

i)        Self confidence

j)        Firm

k)      Able to convince others

l)        Able to influence by using strategies

Kuratko (2009) has listed eleven key features that should be acquired by entrepreneurs:

a)       Able to demonstrate commitment, determination and perseverance

b)      Driven to succeed and thrive

c)       Orientation to opportunities and goals

d)      Have the initiative and personal responsibility

e)       Able to solve problem continuously

f)       Realistic

g)      Able to find and make use of feedback

h)      Have internal locus of control

i)        Dare to take risks

j)        Driven toward power and status

k)      Have integrity and reliable

Norashidah et al. (2009) through the study of six entrepreneurs from small and medium industry, has identified a set of characteristics that can bring success to entrepreneurs. The identified characteristics are:

a)       Aiming for self-excellence

b)      Have the basic knowledge and skills in business

c)       Able to make an advance plan about marketing strategy

d)      Always try to increase knowledge on entrepreneurship that is involved

e)       Dare to risks, able to control self, have spiritual strength and self-esteem, creative and innovative

f)       Possess communication skills and ability to maintain good relationships with stakeholders such as banks, suppliers, customers, partners and shareholders.

Based on the above lists, it can be deduced that entrepreneurs often share many common characteristics that really can separate them from non-entrepreneurs. Figure 1.3 shows 10 common characteristics of entrepreneurs. It describes what individuals need to do be a successful entrepreneur.

Self-awareness	Know your personal brand
Risk orientation	Take on challenges
Creative thinking	Think through possibilities and practicalities
Advocacy	Promote the business
Profit orientation	Focus on Business Outcomes
Learner	Be a perpetual learner of your business
Self-efficiency	Be self-reliant
Activator	Be a self-starter
Delegator	Multiply yourself through delegation
Relationship	Build relationships

Figure 1.2: Common characteristics of entrepreneurs.

Self-Awareness

Entrepreneurs know their personal brand. They know themselves well and so they have their own belief to perceive others accurately. They are able to encourage confidence and support from others because of their authenticity and are able to align employee activities to their strengths.

Risk Orientation

Successful entrepreneurs are willing to take on challenges. They are optimistic, comfortable with ambiguities, resist constraints and pull the business forward through their decisions. Their business often stands to benefit from the opportunities they grasped. Entrepreneurs are daring individuals that are willing to take calculated risks when necessary. People who are confident, positive thinkers, and always believe in themselves are usually great entrepreneurs. Entrepreneurs must believe and do everything possible in order to succeed. For some reason many people are extremely scared of failure. Entrepreneurs on the other hand understand that everyone fails and it is part of the process.

Creative Thinking

Entrepreneurs are extremely creative. The best entrepreneurs are the ones who are driven by passion. They could think through possibilities and practicalities. Their minds are often firing with ideas. They can imagine what could be and so create a space that can be filled with commercialized ideas. Entrepreneurs love what they do and are extremely passionate about seeing their ideas succeed on a grand scale. The best thing about entrepreneurs is that they are self-starters. They are free-spirits who embrace the freedom to do whatever they want. Through their freedom and creative spirit, they can create amazing things.

Advocacy

Entrepreneurs always promote their business. They are the spokesperson for their company, persuasive and clear communications. They are able to persuade others to accept their point of view and gain commitments that enable the business to flourish.

Profit Orientation

Entrepreneurs always focus on their business outcomes. They are oriented toward quantifiable goals, measurable progress and performance. They will make sure that their businesses are efficient and profitable. Whether they are trying to change the world, achieve financial freedom, or simply do what they love, entrepreneurs have a deeper motivation to succeed. If you are determined to succeed and achieve your goals, you eventually will! The best entrepreneurs are the ones who want to accomplish something more than anything else.

Learner

Entrepreneurs are hungry for a better life. They always try to be a perpetual learner of their business. They constantly seek knowledge that is relevant to their businesses. They will ensure business growth through smart improvements.

Self-Efficacy

Entrepreneurs are self-reliant. They are resilient, willing to fill multiple roles to meet their needs. They will ensure the survival of their start-ups. Successful entrepreneurs have a burning desire to succeed and achieve their purpose. If you strive to be the greatest in something, you are definitely thinking like an entrepreneur. As an entrepreneur, the difference between success and failure is how you react to a ‘No’ answer. Most people take the ‘No’ answers and live it, while others refuse to accept it. Successful entrepreneurs never live with a ‘No’ answer. They will do whatever it takes to get what they need.

Activator

Successful entrepreneurs are self-starters. Entrepreneurs are hard-working individuals. Many of them can be found working long hours through the night because they are truly passionate about what they are doing. People who are willing to put in a 110% into everything they do make the best entrepreneurs. In other words, they are workaholic and always try to push things to make it happen. They are opportunity and start-up oriented.

Delegator

Entrepreneurs often multiply themselves through delegation. They can easily delegate authority and become a good team manager. They stress in the importance of relationship to easily gain access to capital and other resources for their business.

Relationship

Successful entrepreneurs always try to build relationship. They can form and maintain deep social ties and networks. They stress on the importance of relationship to easily gain access to capital and other resources for their business.