Do you have the right values and personality traits to succeed as an entrepreneur? An employee can take comfort in assuming that there will be a paycheck waiting for them at the end of a pay period. They entrust management to make smart decisions that will provide them with a steady paycheck.
Do you have what it takes to research and analyze information that determines not just the dollar amount of those paychecks, but also whether the organization will be able to cover the recurring cost of payroll for any pay period? This is a responsibility for an entrepreneur.
This would require tough decisions that focus on innovation and risk-taking behaviors. You place significant importance on the assignment of roles and tasks along with the defined boundaries that determine accountability. This motivational factor is called sole responsibility. Your credo addresses the value of sole responsibility – own all of your decisions in the workplace.
Innovation and Brand Loyalty
So, where does innovation become an important piece of the puzzle? Innovation has been there from day one. This value drives entrepreneurs to develop business growth and to increase consumer loyalty to their brand. This trait motivates entrepreneurs to conceive, deliver, and develop new ideas for the workplace and the marketplace.
Every day, we make decisions and solve dilemmas. Should we run this yellow light? Should you have fish or chicken for lunch? These are not very important decisions. These decisions do not have wide-sweeping ramifications – these decisions do not require innovation that can involve significant research in order to identify strengths, weaknesses, opportunities, and threats.
How Can Innovation Solve My Dilemmas?
Here is what innovation does for you: it clarifies the dilemma you want to solve; it generates solutions to the problem through research and collaboration; it creates prototypes that need testing to validate their effectiveness; it leads to product launch and the maintenance of the product.
The monitoring and maintenance of the product require consistent attention from the person who oversees the functionality of the product. Innovative employees will give your company a competitive edge in the marketplace. This means that you will employ creative people with the capacity to solve problems.
When troubleshooting, you might find a way to make your product meet the changing needs of consumers. The marketplace is dynamic and this requires constant attention to competitors. Duracell recently repositioned its battery. They compared their product to other batteries and Duracell demonstrated that their battery has more longevity than the competition.
Managing the Market Mix with a New Spokesman
Duracell has changed the way that consumers perceive their products. They attained this goal by modifying the product itself; that is to say, they changed the marketing mix to reach consumers. The campaign is on target to increase brand awareness, improve customer loyalty, and augment market share.
Duracell markets its batteries as the strongest in the marketplace. They position their product by carving out a niche that demonstrates the strength and longevity of their batteries. Duracell approaches its superiority by focusing on the technological differences between its product and the products of its competitors.
The commercial spokesperson is a scientist who has spent some time lifting the heaviest of weights. This imagery brands the unique selling proposition of the product. The commercial explains how Duracell is the strongest battery in the marketplace, and if consumers buy their product, they will experience fewer battery replacements. This leads to more money in the banking accounts of the consumer.
Linking Innovation to Risk-Taking Behaviors
While innovation leads to positive outcomes, some business owners play it safe and they avoid innovation for fear of risk-taking. Significant risks can lead to significant rewards and significant losses. According to one survey, 85% of executives acknowledge that fear hinders innovation.
If you break down risk-taking strategies into manageable components, you will avoid the pitfalls associated with innovation – take strategically measured risks. If you decide that a risk is worth the reward, you have started the process of breaking down your fears of failure. What are you putting at risk?
These significant behaviors can cause monetary loss, embarrassment, criticism, and damage to your reputation. When evaluating risk, keep in mind that every breakthrough in any given field has to overcome barriers. These entrepreneurs understood what it means to live a fulfilled life.
Core Personality Traits of Entrepreneurs
Here are some personality traits of innovative people. If these profiles resonate with you, then you could become an innovative risk-taker. You have an affinity for reflection and patience. You can reflect and wait before acting on your ideas. You can persist with actions that fail to provide you with immediate results.
Goal orientation is a key characteristic. You are highly motivated to create goals and targets and to maintain focus on your priorities over a stretch of time. In a business setting, goal orientation impacts how your organization determines how it will generate revenues while planning for future endeavors.
How do you get started on your path to entrepreneurship? The trait of initiation looms largely. You want to get started quickly to fill the void between ideas and tangible outcomes. You are motivated to turn your ideas into action and you are eager to get projects, conversations and tasks started. The combination of innovation and risk-taking will lead to success for the person who wants to become the best entrepreneur possible.
