Every person is different from others. We share some emotional, cognitive, and behavioral traits among each other. But all of us have stark differences too. Therefore, some people build multibillion-dollar empires from scratch, while some crush them to pieces. Some take the initiative and lead others by example, while some are always the followers.
Similarly, in the world of business, people have different behavioral orientations. Some prefer sticking with the tried and tested business pedagogies and are hesitant to play with innovation. Whereas some entirely feed on innovation and introduce creativity in the market. The latter ones are the kind of individuals we call ‘entrepreneurs.’
Entrepreneurs are the reason that we can book cabs from our smartphones. We can shop while lying on our bed. We can pay without even using a single physical note of any currency. We can even rent out our air beds. If it were not for these innovative thinkers, our lives today would be a lot different. They have introduced innumerable creative products in the market.
It is not just luck or a coincidence that they can do these wonders. Instead, they have certain personality traits that distinguish them from traditional business people. This article mentions three of such personality traits.
They are open to new experiences than resistant to change
An essential personality trait for entrepreneurs is their ability to absorb a new experience. They can process and then analyze new business environments in a better way. They accept any change in the usual business process more readily than a traditional businessman. Therefore, we observed that entrepreneurs took up master of science in management information systems (MIS) to grasp the evolving IT trends and remain up to date. A potential reason is that entrepreneurs are willing to accept modern advances like MIS. But other business people are resistant to change.
Since entrepreneurs are more open to new experiences, they have better storytelling for their business. They produce more vital inspirations for their business, resolve existing problems, provide better solutions, and think outside the box. This approach enables them to understand and react to change accordingly. Therefore, entrepreneurs produce the most advanced products and services for modern-day markets. Whereas a traditional businessman is so captivated by the tried and tested business method, he/she doesn’t even think of trying something new.
They are visionary than myopic
The ability to think beyond the established boundaries makes entrepreneurs visionary. It engraves a broader view of the surroundings, giving them the sight to see what others cannot. They challenge the status quo through their expansive vision of the realities of life. Their strong vision of approaching a problem enables them to come up with unique ways of resolving it. Therefore, they can exercise creativity better than a traditional businessman.
They carry a larger vision in their personality and replicate it in their business as well. For entrepreneurs, the purpose of entering into a business is not merely money-making. They have a vision behind it. Their company strives for a greater mission. They look forward to changing the world through their products and ideas. For example, four entrepreneurs from Harvard created a soccer ball, Soccket, which charges while being kicked. It then generates kinetic energy that can power a light. Just imagine how much difference such a product can make in someone’s life who struggles to get basic illumination at night. Only a person with a strong vision could think of such innovations.
They are proactive than reactive
The most helpful tool for entrepreneurs is their proactive mind. They do not wait for things to go wrong and then correct them. Instead, they take a proactive approach and forecast the challenges in advance. They do not rely on fate; they believe in creating it themselves. They plan well and have an inventory of contingency strategies in case their forecast goes wrong. They control their environment and maneuver things as per their strength. At the same time, they also have enough preparation to withstand difficulties if something goes wrong.
A proactive approach helps entrepreneurs to innovate new ideas. It provides them the first-mover advantage in many situations. You can easily understand this difference from the recent launch of Apple products. Apple recently launched their lost item tracking device, Airtags. Now the tech might seem intriguing, but it is not new. An American company, Tile, already had such a product. It was a proper entrepreneurial startup. It has grown with time and now has become a renowned company. No matter how large Apple might be, Tile still enjoys a vast market share of this segment of products. It is all because they had a proactive approach and could foresee a possible market need. In comparison, Apple turns out to have a reactive approach here.
The differentiating factor for entrepreneurs is that they follow the effectuation business model. In this approach, they have means and then create an effect in the market through those means. In contrast, traditional business people follow causation. In this approach, they already know the impact of specific business concepts and develop means to replicate that effect. So entrepreneurs exercise more creativity and innovation since they search for a befitting idea for the market. They produce this effect primarily through devising solutions for unaddressed problems of customers. All these personality traits collectively create the right blend of mindset to build a successful entrepreneur.