This blog is developed as a partial fulfilment for the Entrepreneurial Behaviour and Skill (BPME 2013) course. It contains articles and comments on three entrepreneurs namely Kuok Hock Nien, Tan Sri Dato' Sri Dr. Tony Fernandes, Tan Sri Dato' Seri Dr. Jeffrey Cheah and Tan Sri Lim Goh Tong as well as other entrepreneurship related articles.

Thursday 12 March 2015

Common Characteristics of Successful Entrepreneurs

1. Entrepreneurs are highly self motivated and they believe in themselves. If you are a type of person who wants someone to tell you what to do, then entrepreneurship is not for you. Entrepreneurs know that if a task needs to be done, they should start doing it themselves. Moreover, they decide how they are going to work on that task and if they are not sure how to proceed, they try different alternatives. However, they still stay positive and believe in themselves that they can finish what they started.
2. Entrepreneurs are risk takers. They can make decisions without solid data. Nevertheless, this doesn’t mean that they don’t calculate the risks they take. For example, jumping from the top of a hill is very risky. As a result, you can lose your life or become disabled. However, jumping from the top of the same hill with a parachute involves a smaller risk. Although, it is still a risk, you have more chances of surviving. Entrepreneurs are similar to these people who jump with a parachute. They plan everything and try to mitigate their risks as best as they can.
3. Entrepreneurs are disciplined. Since they manage their own time, they should prioritize their tasks and stick to their plans. Also, they should be able to revise their plans when conditions change. They should overcome any obstacles along the way that prevents them from reaching their goals as well as be willing to work longer hours in order to keep their business going.
4. Entrepreneurs are not scared to fail. According to studies, one of the biggest fears which prevent people to start a new business is the fear of failure. An entrepreneur understands that even though he makes the best decision under given circumstances, sometimes things don’t go according to the plan and fail. Nonetheless, failing is part of the process that eventually leads entrepreneurs to success.

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