Key Takeaways:
- Entrepreneurial spirit encompasses a variety of key characteristics that work together to help drive success.
- There are 13 unique characteristics that make up an entrepreneurial spirit. And while not everyone may possess these characteristics, it is possible and advantageous to develop them.
- There are several ways to build on the qualities that make up entrepreneurial spirit, including staying curious and coming up with business ideas.
Entrepreneurs possess a unique spirit that helps drive success for themselves and their businesses. Entrepreneurs express this spirit through characteristics, such as passion, innovation and resiliency.
Below, we explore the definition of entrepreneurial spirit and ideal characteristics that make up the spirit. Lastly, this article will explore specific ways to cultivate an entrepreneurial spirit.
What Is Entrepreneurial Spirit?
Entrepreneurial spirit can be part of someone’s inherent personality or a set of skills they have developed over time. People who possess an entrepreneurial spirit are self-motivated and strive to fulfill their potential. They always seek opportunities to improve themselves or gain traction within their disciplines.
The drive to improve performance informs how entrepreneurs view every aspect of their work. Individuals with an entrepreneurial spirit may find new ways to innovate their businesses or enhance efficiency across the board.
13 Characteristics of an Entrepreneurial Spirit
There are several qualities someone with an entrepreneurial spirit may exhibit. The following are some examples of these entrepreneurial spirit qualities or characteristics that aspiring entrepreneurs should hone.
1. Visionary
People with an entrepreneurial spirit are visionaries who approach the world with a goal of improving their own work and creating a better future. They can see potential and opportunities others may not see and will work hard to pursue them to create a better business.
2. Innovative
Innovation is a crucial part of successful entrepreneurship. Those with an entrepreneurial spirit often have new ideas about improving their businesses or creating new ones. People with an entrepreneurial spirit are not deterred by failure and are ready to dream up their next big idea, even if their last one did not deliver the expected results. Being innovative often means taking risks to continue growing.
3. Risk-Taker
While taking risks may be daunting, those who take risks tend to be more successful than those who do not. Entrepreneurs often go through several rounds of trial and error before they reach success. This aspect of business success requires entrepreneurs to remain undeterred in the face of disappointment.
4. Resilient
A companion quality associated with entrepreneurial spirit is resilience The four components of resiliency are connection, wellness, positive thinking and meaning. When these components work together, individuals are also more willing to be risk-takers. Once entrepreneurs take a risk and possibly fail, it is crucial that they leave it behind and either move on to a new idea or improve upon the one that failed. Resiliency allows entrepreneurs to continue past their failures and still have a positive mindset.
5. Self-Motivated
As an entrepreneur, you might not always have people close by to offer advice or help with the practical matters in your business. This requires a level of self-motivation to keep pushing your business forward. The drive to see their idea or business come to fruition must originate from within, enabling them to push past obstacles until they succeed.
6. Persistent
Persistence is a quality that successful entrepreneurs must possess to achieve their goals. Persistent entrepreneurs continue to attack obstacles in new ways until they overcome or adapt to them. People with an entrepreneurial spirit view challenges as opportunities for growth, not as barriers.
7. Adaptable
Being persistent in an entrepreneurial context also requires a degree of adaptability. An entrepreneur must remain flexible to navigate the challenges of bringing one’s own ideas to life. By adapting to new challenges, the amount of stress from new problems can decrease.
8. Resourceful
Starting a new business or bringing an idea to life often occurs outside the context and resources of established companies. In that case, entrepreneurs seek resources outside their businesses. As a result, entrepreneurs must get creative in obtaining the materials they need to get their businesses running. For example, being resourceful could allow an entrepreneur to find ways to repurpose materials they may already have or trade materials or services with another provider. It can also include creative financing or partnering with other entrepreneurs in joint ventures.
9. Action-Oriented
Having an entrepreneurial spirit means that a person must be action-oriented. The leader of a company must drive themselves and their team through concrete tasks to accomplish their goals. An entrepreneurial leader assesses the priorities and develops an execution plan to tackle those tasks.
10. Passionate
Entrepreneurs often desire to bring a new idea or organization to life to facilitate making a difference in the world. Being passionate about that idea can often bring them success, as investors and customers may want to support a concept that an entrepreneur fully believes in. However, their passion for their idea can sometimes lead to overwork and sometimes burnout. Entrepreneurs must be careful as they balance their work and personal lives to make sure they guard against working excessively. Balance will help them maintain the energy and drive they need to sustain their passion for their project long-term.
11. Curious
An entrepreneurial spirit requires curiosity about our world and new technological advancements. New businesses try to add something to the world that will improve people’s lived experience. To figure out what ideas could help the world, an entrepreneur begins by observing the world around them and asking how it could be better.
12. Customer-Centric
Entrepreneurs must always put their customers first. They are the ultimate judge and recipient of the entrepreneur’s idea. Customers hold great power and can spread the word about a new idea or business, bringing in consistent profits or opportunities for growth. Listening to and engaging with customers during service or product development helps ensure top results. Staying engaged with customers and responding to their concerns and questions with realistic solutions will help entrepreneurs solidify their success.
13. Ambitious
Taking risks and going all-in as an entrepreneur is central to fostering an entrepreneurial spirit. Whether an individual leaves a job to start a new business or sets high goals for a new company, entrepreneurs must be ambitious to reach success. Without ambition, an entrepreneur may not take the steps and risks necessary to succeed.
Six Ways You Can Develop an Entrepreneurial Spirit
Having an entrepreneurial spirit is not always innate. Entrepreneurs must hone their skills and work to possess the characteristics explored above. Six different steps a prospective entrepreneur can take to develop the entrepreneurial spirit are outlined below.
1. Come Up With Business Ideas
The core of the entrepreneurial spirit is generating business ideas by focusing on product or service offerings based on consumer needs. Look around at the world, and be present in daily life to see what problems you see that can become opportunities for a new business. This is a great way to capitalize on an area of interest or a perceived consumer need to kick-start a business idea.
2. Stay Curious
A crucial aspect of creating new business ideas is staying curious and open to new ideas and perspectives. If you see a concern that appears consistently in the marketplace, ask about people’s needs and wants regarding that concern. Then, brainstorm, research and ask even more questions to figure out a solution that would help improve their lives. Being curious is an integral part of learning about your audience when creating a new business.
3. Come to Terms With the Possibility of Failure
Many entrepreneurs will face some failures. Whether an entire business fails or experiences setbacks in the creation process, failure is always possible. However, turning failure into a positive experience can make the setbacks sting less. Entrepreneurs need to see failure as a conclusion that differs from expectations and not a personal failing. Accepting and learning from failure helps entrepreneurs avoid repeating mistakes that lead to disappointment.
4. Seek Self-Improvement Opportunities
Seeking out self-improvement opportunities is a key way to hone the characteristics of the entrepreneurial spirit. It is important to always seek to improve yourself and your business at all times. To cultivate this skill, treat setbacks as opportunities to learn. Also, ask those around you for feedback and ways to improve.
5. Find a Mentor
To help cultivate a vision for a company, finding a trusted mentor or someone admirable to model a career after can help provide you with the guidance you need. Look for people who have made smart business decisions, and ask them if they can provide guidance. Mentors can give wisdom to help an entrepreneur succeed and push a company in the right direction.
6. Create a Network
It is vital that entrepreneurs create a network of people with similar interests and goals. This network can help create new ideas for your business and reinforce the possibility of expanding your company. Being an entrepreneur can sometimes be lonely. Becoming part of a professional network can provide support and opportunity.
To learn more about how to cultivate an entrepreneurial spirit and other important and related topics, follow philanthropist and thought leader Robert F. Smith on LinkedIn.
