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5 Characteristics of Entrepreneurship

5 Characteristics of Stand-Out Entrepreneurship

Black entrepreneurship has exploded in the last few years, with the sizable growth of business development and personal independence. But what does it take to be a stand-out black entrepreneur? 

While it’s commonly believed that anyone can run their own business—with enough grit and determination—there are actually specific characteristics of black entrepreneurship that take a mediocre business and make it thrive.

Here are 5 characteristics of stand-out black entrepreneurship:

Passion

With enough determination, most people can make it to the next level of just about anything they set out to do. However, it’s passion that keeps people going—even when the going gets tough.

Through the ups and downs of business, people with passion are able to see past their current challenges and have the persistence to succeed. So, what does it take to be passionate in black entrepreneurship?

  • It takes remembering your “why.”

Your “why” is what fuels your business. Without it, you’ll lose focus and be more likely to give up. Entrepreneurs who know exactly why they do what they do, keep the big picture in mind, which propels them forward even when things get tough.

  • It takes heart over profit.

While making money is at the top of the list for business development, without heart or passion, money will eventually lose its pull. A full bank account cannot take the place of a fullfilled life. Eventually, money will no longer be a motivator, and black entrepreneurs will struggle to find satisfaction in their business. Passion in black entrepreneurship takes heart over profit.

  • It takes prioritizing your life and your business.

Entrepreneurs are well-known for their willingness to work endless hours to make their businesses flourish. While hard work is to be commended, it can only go so far before something has to give. One characteristic of being a great black entrepreneur is being able to prioritize self-care, family, and business, so that everything works in tandem and not in opposition to each other.

Purpose

The ups and downs of business can cause even the most driven black entrepreneurs to falter—if they don’t have a solid purpose in place. It’s important to realize your overall purpose for black entrepreneurship and write it out for reference.

According to this article, 5 Steps for Crafting an Inspiring Purpose Statement, the author states, “A purpose statement should give rise to an inexhaustible series of new goals, and always push you and your team forward.”

Ultimately, moving forward with purpose is a top characteristic of stand-out black entrepreneurship. Both you and your team should be crystal-clear on the purpose of your business goals.

Planning

Just as the best novels start with a detailed outline, so the best businesses start out with detailed planning. Too often, the creative part of a black entrepreneur runs ahead in pursuit of their dreams, not taking into account the best course of action.

The good thing is, business plans can change as you go. It’s important, not only to map out your goals and action steps, but to be flexible enough to recalculate them when needed.

When in doubt, consider hiring a business planner to help. According to this resource, “The best plans prevent disruption from taking place by identifying important people, processes and equipment that keep a business running.”

Truly, being a diligent planner is a crucial characteristic of black entrepreneurship. Without it, you’ll be running your business aimlessly, hoping to reach desired goals and outcomes.

Pace

“Once you’ve committed yourself to something, pace yourself to the finish line.” ~Meb Keflezighi, Olympic Medalist

There’s a rhythm to black entrepreneurship that not everyone falls into. It’s a pace that sets the ebb and flow of a business to keep going, even over rough terrain. Not only does running full speed ahead risk faulty decisions and poor-quality work, lagging behind can stifle business growth as well.

Finding your pace, and moving within its limits, is a strong characteristic of black entrepreneurship. And the sooner you find your business groove the better.

Position

Many wonder what kind of lifestyle black entrepreneurs lead. It may even be assumed they work in their pajamas all day and don’t have to answer to anyone. However, the concept of black entrepreneurship isn’t solely based on independency. It’s also based on position.

One of the best characteristics of a successful black entrepreneur is their ability to position their business at the front of the pack. This means they have the professionalism and experience to prove themselves experts in their field. They put themselves out there and value networking with the right people at the right time.

Check out this article, 4 Ways to Position Your Company Among Well Entrenched Competitors.

Those who develop solid characteristics of black entrepreneurship are most likely to gain traction in business and maintain it. Through passion, purpose, planning, and pace, black entrepreneurs are better able to catch the black entrepreneurial spirit and create stand-out businesses.

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