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Do You Have What It Takes To Become An Entrepreneur?

May 18, 2008
Listed below are few basic but essential attributes that every entrepreneur must have in order to be successful.


Irrespective of the size and nature of your business, self- confidence in your abilities and skills is the most crucial factor. While it is possible to lose your self-confidence, it can be difficult, but not impossible, to build it again. This is why you should embark on your business endeavor when you are riding high on self-esteem and confidence.

Only when you are confident in yourself and your abilities can you can convince others to have confidence in you. Along with confidence, it is also absolutely necessary that you have some knowledge about what you are doing. At the same time, you should also enjoy it.

Doing things out of sheer compulsion or merely for the sake of money will not be enough to sustain you in the business world in the long term.

Freedom with Discipline

Contrary to popular belief, freedom does not mean lack of accountability. Freedom means the liberty to set your own targets, design strategies to achieve them, and make effective decisions that are directed towards delivering results when possible However, with freedom comes great responsibility as well.

You are responsible not only for the employees working within your organization, but also for your customers - who you are working for. Freedom does not mean that you are not accountable, but it presents you with the opportunity to explore various options and the independence to choose the path most suitable for you. It is the journey of self-determination and free will during which business owners aim to develop their businesses with greater value without any interference from the outside world.

Although the process of generating creative ideas is loaded with risk, it can provide you with the freedom to do what you feel is right.


Although having your creative freedom does not require you to follow instructions or report your work or performance to anyone else, it does not mean that you will not be held accountable for your actions. From being answerable to your employees and customers, you are also responsible for all your actions when it comes to planning and strategy development.

In addition to being accountable to your employees to a certain extent, you are also answerable to the government and commercial laws in your area of expertise, the media, members of your industry associations, suppliers, buyers and everyone else who is directly or indirectly related to you or your business.

In other words, as an entrepreneur, you should be able to not only choose a suitable line of work, but more importantly, set objectives that meet the goals of your stakeholders as well. Simultaneously, you should also be able to make immediate and efficient decisions, devise business plans, revise them to make the desired changes and improvements, make optimum use of your available resources.

As an entrepreneur, you have to be able to not only enjoy the profits of your business, but also take responsibility for your failures as well.
About the Author
Tony Jacowski is a quality analyst for The MBA Journal. Aveta Solution's Six Sigma Online offers online six sigma training and certification classes for six sigma professionals including, lean six sigma, black belts, green belts, and yellow belts.
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