It often takes years of hard labour,
dedication, and no recognition to have a truly successful business.
This partly explains why plenty of entrepreneurs give up and return to
employment.
Statistics show that 40 per cent of startups failures is due
to a poor fit, followed closely at 38 per cent by lack of time and
involvement.
It takes a rare kind of tenacity to make it as an entrepreneur. If you
are considering quitting your regular 9am to 5pm for entrepreneurship,
you might be wondering if you have what it takes. Here is a list of some
of the most important traits for entrepreneurship:
You’re a visionary
Entrepreneurs are people who think on a big scale. They are experts at
dreaming big. They think of ways they can change the world for better by
providing a needed service or product. Where a normal mind sees
limitation, an entrepreneur sees opportunities.
Entrepreneurs are often seen as a little crazy because of their big,
“impossible” dreams.
The most successful entrepreneurs are those who
bring entirely new products or improve old ones and bring them to the
market. Most people might dismiss your dreams as impossible daydreams,
but being a real entrepreneur means having the conviction that you can
turn your dream into reality. Vision is the energy that drives an
entrepreneur.
It is what makes them dare to explore, challenge, insist,
keep pushing, and have the determination to succeed.
You also need to have a vision with which you can share with your
immediate team, including business partners and employees. An
entrepreneur with a clear vision is able to instil the same enthusiasm,
drive, and perseverance in his team. Without a vision, any business
venture is likely to fail.
You’re a people person
To succeed in the business world, you need to be very good with
interpersonal relationships. While being an introverted loner does not
rule you out as a potential entrepreneur, lacking people skills could
greatly hinder your success.
The most successful entrepreneurs are those who have charisma. Charisma
is what makes an entrepreneur a persuasive and convincing salesperson,
an inspiring leader, and a good business partner. An entrepreneur spends
a significant part of their life negotiating, either with investors,
venture capitalists, bank managers, clients, and customers.
Do not be worried if you are not fully confident with your people skills
right from the beginning. Like any other skill, interpersonal skills
can be developed over time. A good place to start is by learning to
truly listen to people and care for them. By simply listening, people
perceive you to be more charismatic and engaging.
You take action
You might have a great idea, but unless you are willing and able to work
on it, it is worth absolutely nothing. There are literally millions of
people who have great business ideas, even if nothing ever comes of
these potentially revolutionary ideas. You probably know a few such
people.
A natural entrepreneur is not someone who sits on their ideas.
Entrepreneurs are self-starters who take action. If you are the kind of
person who needs a supervisor to be productive, entrepreneurship might
not be the right path for you. As an entrepreneur, you will not have
anyone standing over your shoulder and telling you to get things done.
There is no one to tell you when to start working and when to clock out.
You will have to be very disciplined to avoid tempting distractions.
You’re persistent
A successful entrepreneur is someone with a “never say die” attitude.
Even if you have a great business idea, other people might not see its
value. You will hear “no” and meet discouragements that make you wish
you had never started.
At those moments, you will need to draw on your inner strength and
perseverance. If you are the kind of person who gives up easily, your
business will join the statistics of failed startups. As an
entrepreneur, you have to be ready for things to not go as planned.
Certain people and government regulations can become roadblocks on your
way to success. Instead of giving up, you need the resolve to push
through, no matter how frustrated you feel.
You’re a risk taker
Are you the kind of person who has to carefully weigh all pros and cons
before making a decision? As an entrepreneur, you need to be more of a
risk taker. Entrepreneurs have to take calculated risks every day, while
employees just have to implement those decisions.
But although every decision needs to be calculated, entrepreneurs cannot
afford to spend a long time analysing every decision. Stalling can lead
to something known as analysis paralysis – where you are so terrified
of making the wrong decision that you put off making any decision at
all. Analysis paralysis can eventually kill a business.
A good entrepreneur considers the factors that matter most to make
decisions rapidly. The key to be a successful entrepreneur is not just
to make the right calls, but to also take enough action that your wins
outweigh your losses.
You’re creative
Creativity is not just for artists and writers. Successful
entrepreneurs are also very creative thinkers. One study found that
while 47 per cent of the general population is creative, the percentage
jumps to more than three quarters in entrepreneurs.
Entrepreneurs have to think outside the box to find solutions to
ordinary problems. They have to create new products, improve old ones,
find creative ways of marketing and are not afraid to experiment and
learn from experience. A good entrepreneur only adheres to rules and
principles when they add value to their business or personal lives.
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