Entrepreneurship is like many other things – you tend to get better at it over time. It’s true of the saying, practice does make perfect. By identifying and emulating the qualities of other successful entrepreneurs who have more experience than you, you improve yourself.
Since these qualities are not peculiar to them alone, their transferability makes becoming a better entrepreneur much easier for you.
I recently came in contact with 10 of such winning qualities of successful entrepreneurs compiled by Williams D. Bygrave, Professor Emeritus at Babson College and founder of Global Entrepreneurship Monitor (GEM).
In his book, The Portable MBA in Entrepreneurship; he had this to say regarding entrepreneurial qualities; “as with most human behavior, entrepreneurial traits are shaped by personal attributes and environment”.
According to him, “it does appear that entrepreneurs have a higher locus of control than non-entrepreneurs, which means that they have a higher desire to be in control of their own fate”.
To capture these entrepreneurial qualities in a way that is easy to comprehend and also easy to apply, he used every day words that began with letter ‘D’. These he called the 10 Ds of entrepreneurship.
I would like to share them with you. And at the end of each entrepreneurial quality, I will include a link to an unusual article previously written on it for more insight.
Let’s dig in!
The 10 Ds of Entrepreneurship
Entrepreneurs have a vision of what the future could be like for them and their businesses. And, more important, they have the ability to implement their dreams.
They do not procrastinate. They make decisions swiftly. Their swiftness is a key factor in their success.
Once they decide on a course of action, they implement it as quickly as possible.
They implement their ventures with total commitment. They seldom give up, even when confronted by obstacles that seem insurmountable.
They are totally dedicated to their business, sometimes at considerable cost to their relationships with their friends and families. They work tirelessly. 12-hour days and seven-day work weeks are not uncommon when an entrepreneur is striving to get a business off the ground.
Entrepreneurs love what they do. It is that love that sustains them when the going gets tough. And it is love of their product or service that makes them so effective at selling it.
It is said that the devil resides in the details. That is never more true than when starting and growing a business. The entrepreneur must be on top of the critical details.
They want to be in charge of their own destiny rather than dependent on an employer.
Getting rich is not the prime motivator of entrepreneurs. Money is more a measure of their success. They assume that if they are successful they will be rewarded.
Entrepreneurs distribute the ownership of their businesses with key employees who are critical to the success of the business.
Over to you
Like all lists, these are not all the Ds there is to entrepreneurship. What other Ds can you add to the list? Drop your comments below.