The road to entrepreneurship is a long and difficult one, filled with detours, road blocks, unexpected turns and embarking on such a journey requires motivation and the drive to create something new.

To be successful in a competitive entrepreneurial world, the basic of what entrepreneurship is and what drives its success needs to be understood.

What is Entrepreneurship?        

The most basic definition of entrepreneurship is the simple act of creating a business while bearing its risks in order to generate profit. Entrepreneurship requires a new way of thinking, a new mindset. It requires an imagination that can think of new ways to solve problems and create value. Entrepreneurship gives people the opportunity to take their career in their own hands and build their own success story.

Who is a successful entrepreneur?

Being a successful entrepreneur doesn’t only mean being able to start new ventures every now and then. It means to be able to create something out of nothing. A successful entrepreneur is someone who can take just an idea, a product, a service, and creates something out of it in the market. It is the ability to bring an idea to life, no matter how unrealistic or how impossible that idea might be.

Entrepreneurs are tenacious characters who are driven by the thought of success. With a strong inner drive and the confidence and self-motivation, entrepreneurs step away from traditional norms and indulge in new ways of thinking and techniques. This is what drives an entrepreneur to be successful.

Entrepreneurial key success factors

1. Willingness to take action

The most important factor for a successful entrepreneur is the ability to be able to take action. The first step to starting your entrepreneurial journey starts with taking a real action. Taking a step towards building and creating something new, action is what can lead you to success.

2. Entrepreneurial knowledge and skills

With great entrepreneurship comes great knowledge and skills. Knowledge about different business issues and techniques. Knowledge of what makes a business successful and what doesn’t. The skills to be able to implement your knowledge to take an action.

3. Creativity

Creativity and entrepreneurship go hand in hand. Without a creative mind to think out of the box and create something new, an entrepreneur will just get stuck in the loop of generic business.

4. Patience

As an entrepreneur, you must be patient when it comes to starting a new business. Entrepreneurship comes with having to deal with a number of obstacles form the begging of your journey to the end of it. It requires the patience to be able to deal with failures before any kind of success comes your way

5. Persistence

Persistence and motivation is what drives an entrepreneur to success. Consistent motivation and being persistent on what you want from your initiative is a sign of a good entrepreneur.

6. Risk taking

The most difficult factor when it comes to entrepreneurship is the ability to be able to take risks with your business. When starting a new venture, no one can predict how successful it is going to be. That is the risk you take with your idea and your money. Putting all you have into something that is just your idea.

With its Executive Education on Entrepreneurship, Magna Carta College gives you the opportunity to learn more about entrepreneurship and what it takes to be a successful entrepreneur. It gives you to opportunity to be at a better position as an entrepreneur then you were before. Magna Carta College offers several executive courses that will help you learn and acquire skills for a successful career.