Entrepreneurial leaders are visionaries that possess a variety of characteristics and skills needed to be successful. Some of these talents include a deep passion to develop and articulate a vision, the ability to create a sound plan that include strategies to maintain and goals to achieve. In addition, an entrepreneur must have a comprehension of the organization’s culture, structure, and procedures to understand how to navigate productively in a rapidly growing entrepreneurial organization. For example, an effective entrepreneurial leader requires the ability to adapt and manage change efficiently to stay ahead of competitors with aspirations to dominate the market. Risk taking is another important element for an entrepreneur. Businessman Richard Branson (2011) has a simple philosophy, “Screw it, just do it” (Branson, 2011). This displays an unwavering tenacity to continue moving forward with goals regardless of the risks involved.
In addition, entrepreneurs must face and answer certain questions before embarking on an entrepreneurial venture to insure the best chances of success. For example, do they possess or have access to enough capital for their investment; is their family supportive; is there a need for this product or service? Furthermore, they must ask themselves is there a sense of urgency to embark on this venture. In other words, what is the intent or driving force behind the enterprise? It is also essential that an entrepreneur identify their strengths and weaknesses to ascertain where they require support in areas like marketing, accounting, sales and administration (Inc The Staff of Entrepreneur Media, 2010).
Branson shares four simple principles he follows that have been instrumental in overcoming failures and achieving extraordinary levels of success as an entrepreneur. They are: 1) live in the moment; 2) become a good steward by helping others; 3) have fun; and 4) never give up (What I learned about entrepreneurship from Richard Branson, 2011). Another important component is to not lose sight of the vision and keep focused on opportunities, or challenges that present new opportunities. Finally, a successful entrepreneur should have a keen eye on trends and fluctuations in the market to help give them a better edge on the competition and what changes are required to help keep them on track to achieve their goals.
What I learned about entrepreneurship from Richard Branson. (2011, November 22). Retrieved February 14, 2013, from ProQuest Central: http://search.proquest.com.proxy-library.ashford.edu/docview/1030937503?accountid=32521