With the final of The Apprentice upon us we ask: what does it take to be an entrepreneur? We at PersonaBubble took on the challenge and found our own ‘Entrepreneurial Top Five’…
1. Vision
2011 winner, Tom Pellereau, may have only won 3 tasks out of 10 but he definitely has this first feature. Vision is seeing business opportunities where others see none and thinking creatively to come up with solutions. Taking a broader view and looking beyond what’s in front of you enables someone to make the leap from thinking about starting a business to actually doing it.
2. Risk-taking
It’s not that entrepreneurs are adrenalin-driven risk-taking action figures but rather that they see what some call risky business scenarios as opportunities. They are more insightful in business. Take 2013 finalist, Leah Totton, who seems to be risking a stable medical career for an area in which she is totally inexperienced. Yet she’s in the final. Maybe it’s our lack of vision that makes us brand entrepreneurs as ‘risk-takers’. See if you’re a risk taker with PersonaBubble’s mini-test here.
3. Self-belief
If you make someone believe they’re really good at decision-making, they’ll take more risks. Since they think they’re more likely to succeed, they don’t see the risks as threatening. Having higher self-belief means you’ll take on more tasks confidently, increasing your experience and resulting in success. However, if it’s too far out of line with reality, you’re in danger of becoming a Neil McClough, this year’s semi-finalist and King of Self-Belief. Lord Sugar dubbed him as “the right man with the wrong plan” due to his abysmal business idea.
4. Funding
The change made in the 8th series of The Apprentice from a job with Lord Sugar to a £250K investment transformed the show from looking for a top businessperson to an entrepreneur. Only 17% of self-employed people get their start-up funding from bank loans. A successful entrepreneur will find the money but it often won’t be from a bank, perhaps due to their outside-the-box ‘vision’. On the upside, Richard Branson says, “It can be better to start with very little money, since the skills you’ll develop as you overcome the challenge of growing your business will be invaluable”.
5. Need for achievement
Every year we hear how everyone in The Apprentice ‘wants it’ more than everyone else. An entrepreneur doesn’t just want to succeed; they have a compulsion for success. When 2013 finalist, Luisa Zissman, was asked in the interviews why she wanted this when she’s already so successful, her answer was, “because I always want more”. The studies show it: ‘achievement motivation’ stands out as the most important personality factor for entrepreneurial success.
Are you cut out to be an entrepreneur? Click here to take our mini-test.
Who’s got more of the Top Five?
| Leah | Luisa | ||
| Vision |
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| Perception of risk |
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| Self-belief |
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| Funding |
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| Need for achievement |
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Looks like Luisa doesn’t need Lord Sugar! Find out the decision in tonight’s final.
