Success in entrepreneurship isn’t just about your idea or your money. Plenty of people have interesting ideas or a lot of cash to throw around — and they never quite manage to find success in their ventures.
If you want to be an entrepreneur, take a step back and evaluate whether or not you have the following characteristics. And remember: if you don’t have these traits now, you can develop them down the road to improve your chances of success.
What do these successful entrepreneurs, who have made significant contributions and indelible marks in history have in common?
There is a clear distinction between an inventor and an innovator (or an invention and an innovation) that is not often seen by many people, thinking that they are one and the same. Invention is the creation – or introduction for the first time – of something completely new and has not been seen anywhere in the world, ever. It could be something tangible like a product, tool, or equipment, or intangible such as a process or service. Meanwhile, innovation is the process of coming up with something new, but is primarily an improvement, enhancement or modification of an existing product or process, thereby increasing its value.
ISHAN GUPTA AND MAYANK GUPTA
For the serious student in all of us, EduKart will help academics right from the time they start their educational careers. Founded by Ishan Gupta, an alumnus of Stanford University and Mayank Gupta, an IIM graduate, EduKart is a huge platform with a plethora of online and distance learning courses available on it which are affiliated to reputed universities and institutions. Some of them are designed by the EduKart team as well. It’s main aim is to introduce more flexibility in the Indian education system, which it seems to be doing really well!
2. They are risk-takers.
They are not averse to entertaining what-if questions, but they do not let uncertainties dissuade them. They are cognizant of the fact that nothing is certain, and they will not know what will happen unless they try or do first. Taking risks comes natural to these creative entrepreneurs.
As an investor, Warren Buffett has never been afraid of taking risks and making mistakes along the way. It is his readiness to take huge risks that have contributed to his astounding success.
Warren Buffett understands that stocks and shares are a huge game of risks, but he knows the investment of risk taking experience over time minimises his investment risks for the future, and so nowadays he tries his luck investing in various different industries with a huge measure of success.
Right now Warren Buffett is extending outside of investments and branding companies with his Berkshire Hathaway name. Something he has never really done before.
3. They are passionate about their chosen causes.
When they get an idea, they are dogged about pursuing it. You will note that, even at an early age, these entrepreneurs already have certain interests that they focused on even later in life. Alexander Graham Bell had a great interest in sound and the human voice, and it went on to influence his later inventions, most notably the telephone.
Lavanya Venkatraman is a NIFT graduate and did her master’s degree from the London College of Fashion. She had a stint at EU SURVIVE and was also a manager in the marketing team for business alliances at Myntra. Post that, she teamed up with Vasudevan Thrikkazhippurath, and Ashish Singhal to form Urban Tailor, a professional tailoring service for women which comes at the click of a button. With the advent of on-demand marketplaces, almost any errands can be run at the swipe of a hand. However, the tailoring industry is still stuck in the dingy city lanes, where the master’s promises are big, but deliveries are always late and far from our expectations.
Sensing this need, Bangalore-based startup, Urban Tailor, wants to address this unmet need and further guarantee perfect fit and on-time delivery with convenient pick-up & delivery at your doorstep. The startup has raised recently raised its seed funding led by a group of angel investors (mostly ex-Myntra executives).
4. They used what they are good at.
It’s a perfect representation of “doing what you love” or what you are interested in. These entrepreneurs mostly grew up having deep interest in several things, and they carried these on in later years, cultivating that interest to go into business. Whether it is a passion for sound, solving problems, or anything electrical, they all had one thing in common: they want to create.
We all know who this wonderful man is! He has given us the best childhood memories. What did Disney spend his time doing while growing up? Well, working–but also drawing, from an early age. He was pretty young when he sold his first drawing (of a neighbor’s horse). Disney launched several unsuccessful animation companies before coming up with Mickey Mouse in 1928.
As you consider your characteristics, think about how to better develop them to help you become a better entrepreneur.