Entrepreneurial leaders are made. The set of unique characteristic traits which they acquire through the environment, by work, study define the qualities of an entrepreneur
The Mindset of an Entrepreneur
Entrepreneurs see opportunity in crisis. At the time of peso crisis, Foreign and local investors in Mexico tried to get rid of their asset at a through away price. Slim did the opposite he bought mining companies, retail stores, cable factories, along the crisis he built the Grupo carso – which has sales of around US $ 8.5 billion a year.
Mexico grows at an annual rate of 3% with 107 million people out of those half of them are poor, and the country is not a breeding ground for billionaires yet with his intuitive skills he seized the opportunities. Carlos had always taken a cue from legendary investor Warren Buffet that in moments of crisis when assets are devaluating, it is time to go shopping. Carlos further adds that all moment are good for some one who knows how to work and has means to do it. This formula had often yielded rich dividends to him.
Researchers had always claimed that entrepreneurs are quite confident and optimistic in their idea, work and doing things. They always see opportunity at uncertain times. Post war Japan, Germany had grown at an alarming rate due to planning, hard and smart work which emerged as industrial giants in a decade.
Risk and failure
Entrepreneurs can become more successful only by taking risks. The level of risk exposure depends on individual’s character. Most people try to avoid taking risk, but ultimately growth of the company depends on its risk taking capability. Society and the culture influence a person in taking risk.
America, Israel, Taiwan has a vibrant entrepreneurial and venture capital culture. Failure and risk taking is much appreciated in these countries. As a result more number of startups are emerging at a higher rate in these countries. Europe has very less number of startups when compared to Israel, Taiwan, and United States. After the war Germany, Japan had a very rapid economic progress. Culture and Entrepreneurial climate gives a vital boost for the success of an entrepreneur.
Individuals like to have a firm grip on their life and job however research has shown that Entrepreneur’s leads the pack in holding things under their control. This individual mindset tends to give more Entrepreneurial leaders, which can be evinced, in countries like Korea, Taiwan, Japan, United States, and Israel.
Entrepreneurial start ups has come with stellar products to revolutionize the industry .The well known example is led by Google, Facebook, Microsoft, Apple in their days of Garage etc. Once the companies grow in sheer size and build up their cash reserves they prefer to go for a buyout as a result innovation will be halted to an extent. Entrepreneurial business will have strong ability to take more risks than established companies whose main concern about fear of failure, which halts them in taking risks. However majority of companies vie with each other in effective service of a product not with a revolutionized solution.
Key factors to succeed in business
Cash flow is the key to business, which keeps the system run. Inflation, growth, research, Entry to new markets always prompt companies to knock the door of banks. Small companies have very lesser rate of success in access to finance. Persistence, Positive Attitude, Delegation, Tie-ups, Know-how and look for complementary skills i.e. partnering with others based on need.