Answer to Question #218404 in English for Rebbecca

Question

Name five core characteristics of an entrepreneur.

Answer 1

1. Passion. A startup entrepreneur is frequently motivated by the search for a greater purpose beyond the simple mechanics of running a company. My goal for my company, Yes Man Watches, is to encourage individuals to consider the most precious thing in their lives: time. I wake early every morning because I don’t want to squander my day. If you have enthusiasm for your business, this will push you to make your concept a reality. Without that missing spark, you'll lack the essential drive to put in all the early mornings and late evenings to get your company off the ground.

2. Perseverance. Entrepreneurs need to be able to cope with difficulties. A company does not be created overnight, and converting your concept into a reality will take time. You'll have to get used to people saying no to you. What makes entrepreneurs great is having the tenacity to develop regardless of how many times they are shut down. When establishing the supply chain for my company, we evaluated two dozen watch manufacturers. After going through about 10, I got very irritated at hearing that my company's patent-pending buckle couldn’t be produced. Without persistence, I would have given up.

3. Resourcefulness. A key skill for an entrepreneur is understanding how to make the most of what you have. Your assets as an entrepreneur will be limited, so utilize them to the utmost. Tapping into a network is important. When searching for a photographer, I went out to the photography department at my institution, and the faculty launched an email blast to students wanting to develop their portfolios. Within a week, I got professional-looking pictures.

4. Open-Mindedness. As an entrepreneur, you may believe you've honed down on a company strategy, but you'll need to learn to take in the views of others. Then if it seems that your strategy won’t work, modify it. As Mark Cuban famously remarked, “Follow the green, not the dream.” If your ideal company doesn’t earn you any money, you may need to alter your emphasis. When my buddy Morgan Schwanke founded OnMyBlock, he initially intended to concentrate exclusively on a social network for college students to locate off-campus housing. He now focuses his company on every element of renting an off-campus place; it offers tenant lists to landlords and simplifies the processing of monthly payments.

5. Spongelike nature. Being an entrepreneur requires a learning process. If you’re not ready to learn, consider quitting the startup industry. You need to be able to absorb up anything and everything you can, just like a sponge. The more you learn, the better. A phrase I'm fond of is “One who knows all the answers has not been asked all the questions.” When beginning Yes Man Watches, I honestly didn’t know anything about watchmaking. I searched up all I could and took in all the knowledge. Now I know quite a bit about watches, from the kinds of stainless steel used to build the watch case and the variety of batteries powering the watch movements.