ENTREPRENEURSHIP LEADER - Part 1

Entrepreneurial Traits 

1. Networked

What is the most crucial elemen that entrepreneur have to take note of when they are creating a new business? Personality, innovation or creativity? Yes. Those are part of it, but all those natural talents are not strong enough to lead us to success path. Entrepreneur will never get success alone. Strong interpersonal skill is a key factor for entrepreneurial achievements. Although value-based relationship won’t guarantee each person to achieve goals and success, but it will help. In entrepreneurship, networked is known as interaction with other people to develop contact and exchange information in order to fulfill each other’s needs. It will help to open up business opportunity and increase the effectiveness of business activities by sharing and exchanging idea and theories among each other. Networking is more than just meet up with people, entrepreneurs should know how to network effectively. Networking can be done formally and informally. For example, attending networking event, meet up with customers, and establish web of relationship with family and friends. Entrepreneurs have to maintain long-term relationships that are mutually beneficial by networking with people that have the potential to help them go even further.  

The successful entrepreneur that applied the traits of networked is Vera Wang. Vera Wang (Vera Ellen Wang) is a fashion designer, owner and CEO of her own brand, Vera Wang. She is arguably the most prominent designer of bridal wear in America. In an interview with Vera Wang in New York Times, she shared her story and secret to be success. In 1917, Wang was hired to be a senior fashion editor at Vogue magazine and held that title for 15 years. After she left Vogue, she join Ralph Lauren as a design director. She left Ralph Lauren soon and plan to open her own bridal boutique. Because of her past occupation and working experience, Wang managed to get network with famed designer like Guy Laroche, Arnold Scaasi, Caroline Herrera, and Christian Dior. She is able to open her own bridal boutique and launched her own signature collection. Wang has many followers, particularly in Hollywood. Her  fashions are frequently worn by many high-profile actresses, public figures and celebrities such as Goldie Hawn, Alicia Keys and even Michelle Obama. Wang also managed to design costumes for figure skaters and Philadelphia Eagles Cheerleaders. Vera Wang had the opportunity to get to know and network with well-known designer and celebrities when she worked for Vogue and Ralph Rauren before. All these factors help Vera Wang’s brands and products gain popularity worldwide and her business growth rapidly. Soon, Vera Wang became high profile designer in fashion world and honored with a number of awards for her achievement.

Vera Wang

2. Open risk taker

Conventional thinkers categorize “risk behavior” as negative. But this trait is essential to entrepreneurs. Yes, there will always be the chance the business will fail, but the desire for gain and the unwillingness to accept defeat is what should drive them forward. Risk taking should be smart and calculated. Study all impacts to business from all angles, then find the courage to take the risk and leaping into the unknown that can allow a person to overcome cultural and physical impediments and help them get to next level. As entrepreneurs make decisions, they must be willing to take intelligent risks and, although fully prepared to be held accountable, not fear persecution if they fail. (Steven D. Strauss, 2014) 

For an instance, Walt Disney can be considered as an open risk taker. Walt Disney was an American motion-picture and television producer and showman, famous as a pioneer of cartoon films and as the creator of Disneyland and Walt Disney World. He and his brother Roy co-founded Walt Disney Productions in 1923, which became one of the best-known motion-picture production companies in the world. His most famous creation, Mickey Mouse, is a universally recognized cultural icon. Walt Disney renowned quotes “We keep moving forward, opening new doors, and doing new things, because we’re curious and curiosity keeps leading us down new paths” showed that he loved to observe new things and never afraid of anything. For Disney, the road of success is tough, he faced many obstacles and took a lot of risks to solve the problems. In 1955, Disneyland was the biggest gamble in the history of American business. Disney came out with the idea that there should be an amusement park built for families to enjoy together. Thus, he started thinking about the possibilities and made a plan to create an amusement park based on his characters. Disney faced financial issue for the project, his family and business partner Roy Disney, begged him to give up. Yet, he never thought of giving up and made a serious decision that could caused bankruptcy of the company. To fund for Disneyland project, he mortgaged his life insurance, stock holdings, house and furniture to purchase an orange grove near Anaheim, California, and finance the construction of a 185-acre amusement park. In July 1955, Disneyland theme park that costs US$17 million finally opened. In a very short time, the park increased its investment tenfold and hosts more than 14 million visitors a year, who spend close to $3 billion. Disneyland branched out globally with parks in Paris, Tokyo, Hongkong and Shanghai. Today, Disneyland become entertaining tourists from around the world and world class theme park. The success road of Walt Disney is tough but his determination and risk behavior help him overcome all the obstacles. (Michael Barrier, 2007)

Walt Disney 

Mickey Mouse created by Walt Disney