The Sunday Mail
Big Business Ideas
Stephene Chikozho
THE question of whether entrepreneurs are born or made has been a topic of debate for a long time. While some people may have certain inherent qualities that make them naturally more inclined towards entrepreneurship, it is generally agreed that entrepreneurship is a combination of both nature and nurture.
Nature versus nurture
Some individuals may possess certain innate characteristics such as creativity, resilience, risk-taking propensity and a strong desire for independence, which can contribute to their entrepreneurial mindset.
These traits can provide a foundation for pursuing entrepreneurial ventures and finding success in this field. However, possessing these qualities does not guarantee entrepreneurial success on its own.
On the other hand, entrepreneurship is greatly influenced by environmental factors and experiences. Acquiring knowledge and skills related to business management, finance, marketing and networking, for example, can be learned through formal education or practical experiences.
Entrepreneurs often acquire these skills and knowledge through exposure to various events, mentors, educational programmes and the practical challenges they face as they start and grow their businesses.
Furthermore, the mindset of an entrepreneur can also be developed through experience and personal growth. Over time, individuals can learn and refine their strategic thinking, problem-solving abilities and adaptability through trial and error, feedback and continuous learning.
As such, while some individuals may have certain innate characteristics that contribute to successful entrepreneurship, it is widely believed entrepreneurship is a skill that can be developed and nurtured through education, experience and personal growth.
What makes great entrepreneurs?
Great entrepreneurs possess a combination of various qualities and traits that contribute to their success. Here are some key characteristics that make great entrepreneurs.
Visionary thinking
Great entrepreneurs have a clear and compelling vision of what they want to achieve. They can see possibilities and opportunities that others may overlook, and they have the ability to envision a better future. This visionary thinking allows them to set ambitious goals and motivate others to join them on their journey.
One inspiring example is that of Lebo Gunguluza, the executive chairperson of Gem Group of Companies and a South African self-made millionaire, who rose from abject poverty. Gunguluza had US$3,70 in his pocket when he landed in Durban in 1990.
At the age of 26, he started his first business, Gunguluza Entertainment, from scratch and has grown it to a multi-million-dollar company to date.
Passion and drive
Successful entrepreneurs are passionate about their ideas and ventures. They have an unwavering belief in what they are doing and are driven by an inner desire to make a positive impact or solve a problem. This passion and drive keep them motivated in the face of challenges and setbacks.
In his ventures, Gunguluza, was not the type to give up on a goal despite getting broke in 1999. He recalls: “I made up my mind that whatever I went into next, it would be in a space that pays well and has structure.”
Risk-taking propensity
Entrepreneurs are willing to take calculated risks and step outside their comfort zones. They understand that great rewards often come with inherent risks, and they are not deterred by failure. They embrace uncertainty and view it as an opportunity for growth and innovation. Despite the challenges and setbacks he faced, Gunguluza’s appetite for taking risks did not end. He just got wiser.
“I would also continuously reinvest in the business, watch my cash flow and do business only with scrupulous clients who paid on time,” he says.
Adaptability and resilience
Entrepreneurship is filled with ups and downs, and the ability to adapt to changing circumstances and bounce back from failures is crucial. Great entrepreneurs are resilient in the face of challenges, setbacks and even failures. They learn from their experiences, make necessary adjustments and keep moving forward.
Working at the forefront of his entertainment company gave Gunguluza the perseverance, resilience and adaptability to alter his narrative. He not only embraced change but also created it.
Strong leadership skills
Entrepreneurs need to lead and inspire their teams towards a shared vision. They have the ability to articulate their goals, delegate tasks effectively and empower their team members to achieve their best. They possess strong communication, decision-making and problem-solving skills, and they lead by example.
Some of the most successful entrepreneurs in Africa are those who came from nothing, like Gunguluza, but had strong leadership, decision-making and problem-solving skills.
Continuous learning and improvement
Successful entrepreneurs never stop learning. They have a thirst for knowledge and are constantly seeking new information, insights and skills. They actively seek out mentors, attend workshops and seminars, read books and stay up-to-date with industry trends. This commitment to continuous learning enables them to adapt to a rapidly changing business landscape.
This is another space that Gunguluza has excelled and inspired many in as a turnaround strategist, a motivational speaker, mentor and a dragon on South Africa’s Dragon’s Den.
Networking and relationship-building
Building a strong network and maintaining relationships are essential for entrepreneurs. Great entrepreneurs understand the power of connections and actively seek opportunities to network with peers, industry experts, potential partners and mentors.
They leverage on these relationships for support, advice, partnerships and business opportunities. Over the years, Gunguluza’s ability to pitch game-changing initiatives is testimony of his networking prowess.
Customer-centric mindset
Successful entrepreneurs prioritise their customers’ needs and strive to provide value and solutions. They actively listen to feedback, engage with their customers and continuously improve their products or services to meet customer expectations.
This customer-centric mindset allows them to build a loyal customer base and differentiate themselves in the market.
“I’ve always been a creative thinker. I have applied problem-solving skills throughout my life and that is what has connected me with customers,” Gunguluza attests.
Conclusion
Great entrepreneurs possess a unique blend of vision, passion, resilience, leadership, adaptability and a continuous learning mind-set.
These qualities, combined with the ability to take risks and build strong relationships, contribute to their entrepreneurial success.
While innate qualities may play a role, these characteristics can also be developed and nurtured through experience and self-improvement.
Stephene Chikozho is the managing director of Urbane Create Agency — a strategy, marketing and advertising agency.
