In times of crisis, people must stay connected. The business community has come together to serve its community like never before. Despite physical distancing measures, entrepreneurs are discovering solutions to the problems associated with the pandemic. And most of it happens right in front of our eyes.
Entrepreneurs are people who recognize opportunities to promote positive social change and act accordingly. Our current pandemic has opened up a new category of business and led to the creation of companies. Because of the pandemic, we have seen the birth of more life-changing organizations than ever before.
Matthew Wagstaff, the founder of Young Entrepreneur Marketplace in Rochester, New York, sees another aspect of this pandemic that has ignited a fire in children. He wonders if they will take it up and try to find their own solutions. I credit the pandemic with focusing and motivating it.
It is impossible to pinpoint how much growth can be attributed to children. The census does not track business applications by age, and platforms such as Kickstarter, GoFundMe and Instagram do not have the data or insights they can share. But experts say crises can boost entrepreneurship, and this particular crisis has a unique, child-friendly factor.
Adriel Lubarsky’s startup Riveter helps people apply for unemployment benefits, manage health insurance options, and offer educational resources and discounts on self-help, such as meditation apps and gym memberships. It also provides an intuitive approach for the unemployed, guiding people out of work to address their professional needs and their feel-good mentality. Companies were designed to help people survive the pandemic in various ways. Still, companies that help customers feel safe and happy in the new normal are especially relevant today.
According to a survey of Junior Achievement USA alumni in 2020, 53% of program participants have started or own their own business, reports Merkel. Of those who set up their own companies, 83% are employers, compared with 20% of small businesses in the US, according to the US Census Bureau.
Entrepreneurs are a class of people who exploit the environment they find themselves in, and the pandemic is no different. Today’s outstanding entrepreneurs are constantly adapting to the world as they develop. You have to rotate, adjust and adjust to reflect what works and what doesn’t.
What holds many entrepreneurs back is their indecisiveness and not the end state of their business. As Tim says, it’s far more convenient to change the playbook and focus on building a solid financial foundation. Being an entrepreneur, most of your story is about building your business.
Christy Wyskiel, Senior Advisor to the President of Johns Hopkins University for Innovation and Entrepreneurship; also Managing Director of Johns Hopkins Technology Ventures, joins Samuel Volkin to discuss the impact of the COVID-19 pandemic on innovation. Entrepreneurs face challenges in our new reality, including a global economic crisis. For Wyskaels, the essence of entrepreneurship is to identify unmet needs and move as quickly as possible to bring meaningful products to market.
Entrepreneurs should prepare for success by continuing to serve their existing customer base and focusing as quickly as possible on opportunities like those critical to the pandemic. It will be a bumpy road for a while. Still, entrepreneurs should not allow themselves to be paralyzed by unforeseen events. Only the strongest will survive in the long run, and it will be difficult for startups amid fundraising. Entrepreneurs should always have a goal in mind to be successful.
Skills that you need
If you are an entrepreneur, you are rare because you value humanity and are brave enough to define the future for the rest. Others dream about it, write about it, and many read about it. Businesses don’t go to work because of the brave creators initially, but because of them.
And not only that, there’s been several studies evidencing what skills and habilities entrepreneurs need and use in their everyday job.
To make a breakthrough and gain traction, if you want to become an entrepreneur, you need to be authentic in pursuing your idea. Through great storytelling, effectively convince people that they want to travel with you. Imagine being a milestone in the business and creating a significant financial product that needs to be made public to survive and prosper. The more innovative the resources you use to get the company going, the more you can build an efficient business over time.
Studies summarize the three fundamental points of intelligence, health, and attitude and explain that attitude as an X-factor, an innate trait of entrepreneurs, is paramount. In Anita Roddick’s 16 X-factors: The Inborn Characteristics of Entrepreneurs (Obsession), she explains that X-factors are not a dysfunction but rather the essence of entrepreneurship.
Successful entrepreneurs come in various forms, and there is no one-size-fits-all solution. However, the majority of entrepreneurs have some common characteristics. Researchers at Harvard Business School identified three key traits when looking at entrepreneurs: their personality traits, risk attitudes, and goals. Understanding these three characteristics is an excellent way to see if entrepreneurship is right for you.
Being part of something
Although there is no precise answer to what makes a successful entrepreneur, specific characteristics emerge in some of the most influential people. Individuals such as Sir Richard Branson, Mark Zuckerberg, Mark Zuckerburg, Jason Lemkin, Aaron Levie, Stuart Hearn, Sara Blakely and Arianna Huffington have similar traits.
Entrepreneurs must employ people who help them with critical decisions and put business and operational activities in the foreground. You have to be confident enough to realize how intelligent and experienced you are in a particular industry. Therefore, you need to hire someone as experienced as you are for this specific line.
As a result, they are more likely to seek help from outsiders when they encounter obstacles. Startups tend to find solutions by drawing ideas from people who know first-hand the nuances of the problems they face. This, in turn, encourages the feeling of being personally involved in the company and increases their passion for it. Suppose team members feel that they are the custodians of the crucial input on how to solve a problem. In that case, they are more likely to rise to the challenge of finding a solution.
Passion might get you there
Entrepreneurs set themselves goals and do everything they can to achieve them. They are determined to make their business a success and remove all obstacles that stand in their way. They tend to be very strategic in their game plan and have a clear idea of what they want to achieve and how they want to achieve it.
The last point on the list of characteristics of entrepreneurship is perseverance. Successful entrepreneurs never give up; they never give up. They understand that it is impossible to win every time. Still, they keep moving forward because that is the only way to ensure future victories. If they win, they carry on until they win again.
Entrepreneurs achieve success through sheer willpower. Failure helps broaden their knowledge and understanding of the business. Suppose a person can learn from situations of neglect. In that case, they have the necessary skills to become a successful entrepreneur. Successful entrepreneurs, by definition, build successful businesses, and skills like business strategy are the fifth most important skill an entrepreneur needs.
There is no magic formula for success, but successful entrepreneurs tend to master the following skills: excellent and effective communication, the ability to sell their ideas and products, a strong focus and eagerness to learn, and a flexible and solid business plan. In addition to improving one’s own abilities, personal qualities (also called soft skills) also play a significant role.
What is success?
Successful entrepreneurs think outside the box to solve problems. Some people are like MacGyver in the business world. They may not have the same tools to accomplish this task, but they use creativity to achieve the desired results.
Armed with a generalist approach, a futuristic mindset, excellent human skills, a preference for action over words, and working in highly varied industry. Entrepreneurs are born leaders. At the core of entrepreneurial leadership are problem-solving and decision-making. If there is a problem, entrepreneurs solve it. When decisions need to be made, entrepreneurs make them.
Passion is the most essential characteristic of a successful entrepreneur. They love what they do and are willing to invest the extra hours to grow their business. They get a sense of satisfaction when they work hard and go out and make money.
But hard work will help you build anything
Characterized by perseverance, resilience, and the ability and desire to overcome obstacles. Characterized by problem-solving and problem-finding skills. Entrepreneurs distinguish by their ability to isolate unsolved or unidentified problems and generate solutions. Passion is the lifeblood of an entrepreneur and drives them to run.
Entrepreneurs recognize that the people around them help them the most and build relationships that benefit the company for its survival and growth.
Every time you encounter obstacles or think that your idea will not work, you will fail to learn from the experience.
You don’t have to bet or stare in fear at everything you own to be a successful risk-taker. Successful entrepreneurs do not wait for the opportunity they are offered; they take it and make it happen. No one will set up your business for you, hand you the keys and watch the profits flow in.
Market trends change, financing falls through, business partners burst, and ideas fizzle out. Successful entrepreneurs are adaptable and agile, find creative solutions to their obstacles, embrace new ideas and industries, and start from scratch.