What does it take to be an entrepreneur in today’s market?

What does it take to be an entrepreneur? The textbook definition of “entrepreneur” is simply someone who starts and runs a business.¹ But in today’s world, the concept of entrepreneurship has evolved. In modern views, being an entrepreneur often speaks more to a mindset—a dynamic attitude that values innovation, enjoys problem-solving, and seeks lasting success.²

The characteristics of an entrepreneur are also shaped differently by the challenges and opportunities of life in the 21st century. For example, today’s business owners and entrepreneurs need a level of digital literacy and technological understanding that wasn’t necessary even a generation ago.

This post will consider the traits and skills required for successful entrepreneurship and examine some of the challenges and strategies for success that a modern entrepreneur is likely to encounter.

Core traits of successful entrepreneurs

In some ways, the key characteristics of entrepreneurs are timeless. The essential elements of quality leadership, for example, are as critical today as they have been throughout the history of commerce. Other core traits include the following:

• Resilience and adaptability: “You have to be very nimble and very open minded. Your success is going to be very dependent on how you adapt.” ³ –Jeremy Stoppelman, Founder and CEO, Yelp
• Creativity and innovation: “It may well be that creativity is the last unfair advantage we’re legally allowed to take over our competitors.” ⁴ –Bill Bernbach, Founder, DDB advertising agency
• Risk tolerance and decision-making: “I didn’t think I’d regret trying and failing. And I suspected I would always be haunted by a decision to not try at all.” ⁵ –Jeff Bezos, Amazon founder
• Leadership and vision: “A true leader has the confidence to stand alone, the courage to make tough decisions, and the compassion to listen to the needs of others.” ⁶ –General Douglas MacArthur

Essential skills for today’s entrepreneurs

In addition to key traits like those described above, the path to becoming an entrepreneur in the 21st century also involves developing the skills necessary to thrive in today’s business world.

The modern entrepreneur needs to be financially literate and skilled at acquiring and managing the resources necessary to start and sustain a business.⁷ Additionally, you must have a high level of technological competence and be comfortable in the digital world.⁸ This includes understanding the value of digital resources as networking tools since relationship-building is an essential skill for any entrepreneur.⁹

Finally, the contemporary entrepreneur needs to have greater marketing and branding savvy than was necessary in the past due to the intensity of modern competition. In order to start and grow a business today, it is essential to develop a deep understanding of who you are selling to and how best to connect with them.¹⁰

Challenges entrepreneurs face in today’s market

Is being an entrepreneur hard? You’ll certainly confront some challenges.¹¹ From getting access to funding, to hiring and developing staff, to dealing with competition and shifting customer behavior and expectations, entrepreneurs face a constant stream of issues to be resolved and obstacles to be navigated.

Depending on the industry you’re working in, you may also have to consider factors such as government regulation. And all business owners must find ways to cope with challenges arising from periods of economic uncertainty or political volatility (which can be a major contributor to economic instability).

Strategies for success

To mitigate challenges and drive success, entrepreneurs deploy a variety of strategies. These often start with building a strong business model based on analysis and understanding of market conditions and predicted consumer behavior. Solid business growth strategies use technology, leveraging digital platforms to generate analytics that help to power data-driven decision-making.

Successful entrepreneurs are also often defined by a growth mindset, possessing the conviction that their talents, skills, and habits develop through perseverance and that positive outcomes are achieved with the application of effort.¹²

Lastly, many of today’s entrepreneurs invest in themselves through commitment to continuous learning and professional development, ensuring their skills and networks are constantly refreshed by exposure to new ideas, tech, and people.

The future of entrepreneurship

Entrepreneurs are such an integral part of the economies of the developed world that the future of entrepreneurship is, in many ways, the future of work. A rapidly digitizing world is getting smaller, opening up global opportunities for businesses that might previously have considered themselves too small to pursue international markets. But a smaller, more digitized world is also one in which customers are more aware of their options, forcing businesses to raise their game as demands evolve and best practices rapidly become expected norms.¹³

Today’s business owners are grappling with all the big issues that loom over the changing world, including questions about how to improve sustainability across many industries, how to accommodate remote and hybrid work options, and how to leverage AI to help businesses grow without sacrificing authenticity or quality.¹⁴

Take the next step toward entrepreneurship with the KU online MBA

What does it take to be a successful entrepreneur? In short, entrepreneurship requires a healthy serving of resilience, creativity, and leadership, seasoned with financial and digital literacy, marketing savvy, and a strong business model and growth strategy. Perhaps most importantly, entrepreneurs need to understand that the world around us is constantly changing and that their best-laid plans may need to be adjusted quickly as new technologies and market needs emerge.

Entrepreneurship is one of the most challenging, but potentially rewarding, business career paths. It’s not without risk, but for those who enjoy the challenges inherent in setting up and running a business, it’s less about the possibility of failure and more about the joy of charting your own course. As management theorist Peter Drucker famously put it, "The best way to predict the future is to create it."¹⁵

Take the next step toward creating your future by acquiring the skills and experience necessary for entrepreneurship through the online MBA from the University of Kansas School of Business. Our courses on accounting, marketing, and managing people are designed to prepare candidates for leadership roles across industries. Explore our curriculum and admissions requirements online. If you’re ready to discuss advancing your career with an online MBA, schedule a call with one of our admissions outreach advisors to discuss what KU can do for you.