What ”powers” characterize great entrepreneurs? The Latin word for ”power” is ”virtus” or virtue. So, to rephrase the question, what virtues make an entrepreneur great?
On my recent talk with Michael Oguntimehin on ”The Big Resolution Show”, I shared my views on the following entrepreneurial powers:
1. Magnanimity: The power to aspire to great achievements. An example is the entrepreneur who dreams of making his product reach every household in his country.
2. Humility: The power to serve. An entrepreneur is really a glorified servant. His success depends on his ability to serve key stakeholders – investors, employees and his customers.
3. Prudence: The power to perceive reality objectively, make the right decisions and act accordingly. To succeed, an entrepreneur needs to be able to discern the true needs of his target market market and design goods that meet those needs.
4. Courage: The power to take risks and endure seemingly insurmountable obstacles. Grit and resilience are indispensable traits of successful entrepreneurs.
Do you agree that power is synonymous with virtue? What other powers might characterize successful entrepreneurs?