Traits/Qualities of Entrepreneurs
- Full of determination
To be a successful entrepreneur it is important to set clear goals along the way. Growing business, increasing sales and hiring new employees require several micro-goals within them to be executed successfully. This type of workload and challenge is enough to stop many people from pursuing the entrepreneurial career path. One has to be determined from the beginning to be successful. If one isn’t fully determined there is a good chance to crumble under the pressure.
- Risk Taking
Some of the most successful entrepreneurs took major risks, and they paid off in a big way. Entrepreneurs are risk takers ready to dive deep into a future of uncertainty. But not all risk takers are successful entrepreneurs. Successful entrepreneurs have will to risk time and money on unknowns, but they also keep resources, plans and bandwidth for dealing with “unknown” in reserve. When evaluating risk, a successful entrepreneur always thinks that is this risk worth the cost of career, time and money? And, what will he do if this venture doesn’t pay off?
- High level of confidence
Entrepreneurs that have a high level of confidence are able to get the job done even under the most stressful conditions. They understand that big challenges breed big rewards. This is the same mentality that allows successful entrepreneurs to spot an opportunity when most just see a possible challenge. When most focus on the challenge, a successful entrepreneur focuses on the finish line and the end reward.
- Craves learning
Industries constantly change and evolve. Only those that are also growing through constant learning will stay ahead. There will always be competitors trying to surpass. There will always be someone claiming to be the next greatest thing. A successful entrepreneur always stays sharp, through constant learning about the competitors and the industry.
- Understands failure is part of the game
Failure is one of the secrets to success, since some of the best ideas arise from the ashes of a shuttered business. A successful entrepreneur knows that failure is part of success. He will take those failures and use them as learning experiences. Real world experience, even failing, will teach more than what one would ever learn in a classroom.
Passion fuels the drive and determination required to be successful. If one isn’t fully passionate about what he/she is doing the added stress and obstacles will build up on shoulders and eventually be responsible for collapse.
7. Adaptability and Flexibility
If entrepreneurs had the ability to see what was hiding around each turn it would make it much easier, but unfortunately that is not the case. There can be surprises around every corner, even with a well thought out plan and strategy.A successful entrepreneur is extremely adaptable and has ability to respond quickly in any situation. It’s good to be passionate or even stubborn about what you do. But being inflexible about client or market needs will lead to failure. Market needs are dynamic: changes are a recurring phenomenon. Successful entrepreneurs welcome all suggestions for optimization or customization that enhances their offering and satisfies client and market-needs.
Successful Entrepreneur must have excellent money management skills. Poor financial decisions, such as overspending or allocating funds to less important tasks can quickly ruin a business. It takes time to get to profitability for any entrepreneurial venture. Till then, capital is limited and needs to be utilized wisely. Successful entrepreneurs realize this mandatory money management requirement and plan for present and future financial obligations (with some additional buffer). Even after securing funding or going fully operational, a successful businessman keeps a complete handle on cash flows, as it is the most important aspect of any business.
- Networking Abilities
A large collection of business cards and a huge contact list doesn’t make an expert at networking. Building value-based relationships that are truly meaningful is what networking is all about — these are the relationships that lead to business opportunities and long-term relationships that are mutually beneficial. Constantly networking with people that can not only help my business currently, but also have the potential to help you in the future as well.
- Ability to sell and promote
Knowing how to sell is an absolutely essential part of being a successful business owner.If you can’t express what it is that makes your product or service a solution to a problem, you will be in for a rough ride.
- Planning (But not Over-planning)
Entrepreneurship is about building a business from scratch while managing limited resources (including time, money and personal relationships). It is a long-term commitment, and attempting to plan as much as possible at the beginning is a noble impulse. In reality, however, planning for everything and having a ready solution for all possible risks may prevent you from even taking the first step. Successful entrepreneurs have a mindset and temperament to capable of dealing with unforeseen possibilities.
12.Creativity and Persuasiveness
Successful entrepreneurs have the creative capacity to recognize and pursue opportunities. They possess strong selling skills and are both persuasive and persistent. Are you willing to promote your business tirelessly and look for new ways to get the word out about your product or service?
- Interpersonal Skills
Entrepreneurs are always comfortable while dealing with people at all levels. During the course of their action, they come across a cross section of individuals with whom they have to deal. They interact with raw material suppliers, customers, bankers etc. for different activities. As successful entrepreneurs, they should be persons who like working with others possessing the much needed quality of interpersonal skill to deal with people.
- Time orientation
Entrepreneurs anticipate future trends basing upon their past experience and exposure.They stick to the time pragmatically while doing their jobs.
Entrepreneurs should posses the quality of leadership. Leadership is the ability to exert interpersonal influence by means of communication towards the achievement of goals. Entrepreneurs as the leaders should provide the necessary spark to motivation by guiding, inspiring, assisting and directing the members of the group for achievement of unity of action, efforts and purpose.
- Internal Locus of Control
Successful entrepreneurs believe in themselves. They do not believe that the success or failure or their venture will be governed by fate, luck or similar forces. They believe that their accomplishments and setbacks are within their own control and influence and that they can affect the outcome of their actions.
- Tolerance for Ambiguity
Star up entrepreneurs face uncertainty compounded by constant changes that introduce ambiguity and stress into every aspect of the enterprise. Setbacks and surprises are inevitable.A tolerance for ambiguity exists when the entrepreneur can deal with the various setbacks and changes that constantly confront him or her.
- Integrity and Reliability
Integrity and reliability are the glue and fiber that bind successful personal and business relationships and make them strong. Integrity and reliability help build and sustain trust and confidence among investors, partners, customers and creditors. Small business entrepreneurs in particular find these two characteristics crucial to success.
- Tolerance for Failure
Successful Entrepreneurs use failure as a learning experience.In adverse and difficult times they look for opportunity.