The dictionary defines entrepreneurship as the process of managing an enterprise that involves considerable initiative and risk, and anyone who is familiar with this term knows that to be an entrepreneur, you must be willing to take risks and do business boldly and on a large scale. But that is not all that being an entrepreneur involves; true entrepreneurship is defined by individuals who are capable of:

* Working in tandem with their instincts and their brains: Some people get lucky with random ideas while others put a lot of thought into their plans. But a true entrepreneur is one who ensures that the risks they take are calculated, which means they are not really risks but well-thought out decisions made after careful deliberation and taking into consideration all the factors and facts that are relevant to the situation. They know when to expand their business and when to hold back; they’re not pressured by outside influences and don’t take undue risks just because they want to go one up on the competition.

* Rapidly adapting to any situation: The mark of a true entrepreneur lies in rising to the occasion. They never panic or lose control and are generally able to adapt rapidly to any situation; they can compete with the best in the business, raise their game depending on the level of their competitor, and have a never say die attitude even in the face of failure. But that does not mean they don’t know when it’s wise to withdraw or foolhardy to continue. In short, a true entrepreneur knows how to minimize their losses in the face of an impending disaster.

* Admitting their drawbacks: The entrepreneur who is confident about himself is not afraid to admit when he/she is not familiar with something, neither are they afraid to learn new things and broaden their knowledge. They know their limitations and are not hesitant to listen to and take the advice of people who are experts in the fields where their own knowledge is lacking. They don’t think that they know everything and in the process risk making wrong decisions that could hurt their enterprise.

True entrepreneurs are chiselled as they gain experience in the business world; they’re not made in a day or even in a year. Rather, they grow from strength to strength based on the sum total of their experiences and interactions with the rest of the world.

About the Author:

This guest post is contributed by Brenda Harris, who writes on the topic of . She can be reached at her email id: brenda.harris91@gmail.com.

• 0 Comments

  

Comments

 Add your own comments

Name:

Email Address:

URL:
Remember Me? YesNo

Comments: (you may use HTML tags for style)

What next?

 Digg it

 Save This Page

 Subscribe to GetEntrepreneurial.com

 Leave a comment

Next Article: Money and Marketing: How To Get Your Next 3 Clients »

Previous Article: Who Really Achieves Success in Sales? »

Steven Teo is a GE Network Expert. View Steven Teo's profile or read more articles from Steven Teo. Learn more about the GE Experts Network.

Have an expert opinion on issues entrepreneurs and small business owners face everyday? Join the GetEntrepreneurial.com Experts Network and share your expertise with the community!

The new GE Experts Network is inviting seasoned entrepreneurs and small business owners to come on board and contribute small business advice to our community of aspiring entrepreneurs. If you have an effective way of generating sales or you know how to use social networking to connect with your customers, join us in providing wider entrepreneurial content that would benefit small business owners worldwide.

Click Here to Learn More >>

Related Articles

 Ooh Local Activities » If you can find and do great, local stuff at home, why not do great local stuff that’s run by local people...

 Necktie Reuse » New Startups: Narwhal Company is the inspirational idea of an everyday person that was looking to move away from the 9-5 lifestyle...

 Dog’s Collar Comes with Tweets » "Puppy Tweets" dog’s collar allows dog owners to follow their dog on twitter. This plastic tag (introduced by Mattel), comes equipped with...

 Friend of Trends » Trend Friend is an online (and smartphone accessible) gift idea database that allows users to quickly find the trendiest gifts based on...

Need more brand new promising business ideas and innovations around the world you wish you'd thought of? Visit CoolBusinessIdeas.com now!

Ever wanted to be the CEO of your very own Starbucks or Amazon.com? Fire your boss and be your own boss? Now you can, with BIZNESS! - the free biweekly business newsletter about new business ideas, opportunities and innovations from around the world. More than just new business trends, BIZNESS! helps the aspiring entrepreneur (you!) with small business advice, business tips, and entrepreneur resources and opportunities.

   Subscribe for free now!    

---