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There are various factors that determine whether an entrepreneur will be successful or not. These factors include the existing economic climate, the amount of capital you can raise as an entrepreneur, a reliable supply chain, the competitiveness of the market, and the timing of launching your business. Hard work, a great idea, and some luck could also combine to make your business successful. However, you as the entrepreneur also need to have certain personality traits for you to be successful. These are the traits that are common among great entrepreneurs.
Some of the best companies in the world came about due to the creativity of their founders. The cut-throat competition in the market today forces entrepreneurs to think up new ideas that set their companies apart from others. Creativity can also be in the form of exceptional business ideas or discovering a connection between two seemingly unrelated things to find a solution for a problem. Creative entrepreneurs believe that the existing solution is inadequate and challenge themselves to find a better solution.
Strong Work Ethic and hardworking
Great entrepreneurs display a good work ethic. They tend to think about work all the time even when they are supposed to be resting. They strive to arrive at work very early and they are usually the last ones to leave. Basically, they put in long hours and push themselves to the limit. If they have unfinished work, they will not mind working on weekends or holidays until the work is done.
Connecting with people and spotting opportunities for collaboration is a great skill to possess as an entrepreneur. Meeting new acquaintances gives you access to knowledge and resources needed in your industry. It also gives you a chance to learn from the successes and failures of others, promote your business and meet potential clients. To improve your networking skills, endeavor to form genuine relationships. If you help people connect with someone in your network of associates, they might return the favor afterward which will be a great thing for your business.
Most entrepreneurs are passionate about their idea and business. You will feel their passion in the way they talk about their products or services. Passion is what helps them stay motivated to be disciplined and show up to work every day. It is also the passion that enables entrepreneurs to create prototypes after prototypes without giving up as they try to perfect their product and make it into what they are envisioning it to be.
We are always surprised to hear the number of times an innovator had to make their product before they found the right formula that made them rich and famous. Without passion, they would have given up along the way and the product would not have seen the light of day.
Therefore, it is safe to say that passion is one of the greatest qualities of a successful entrepreneur. James Dyson is a perfect example of someone who was passionate about his idea. He made 5127 prototypes of his famous dual cyclone bagless vacuum cleaner.
Besides passion, resilience is another attribute that will help you move from one failure to another without losing your enthusiasm as an entrepreneur. Entrepreneurs use their failures as learning opportunities. They do not give up when they face failure or challenges. When they fail, they get up and soldier on.
Passion and flexibility go hand in hand. The journey of an entrepreneur is such that you might be forced to redo a whole project from square one or change your plans. Great entrepreneurs have the ability to do that without getting stuck or procrastinating. Actually, a good number of entrepreneurs will attest to the fact that their businesses ended up becoming something different from what they had envisaged.
Being flexible entails having the willingness to receive criticism and adapting to change. It also means going with the flow and grabbing new opportunities as they appear. A great entrepreneur can take make lemonades out of lemons. Agreeing to collaborate and pivoting are also ways to demonstrate flexibility.
Great entrepreneurs know that it is essential to take risks. Taking risks in business is what usually results in success. Nevertheless, not all risks are worth taking. As an entrepreneur, you need to know which calculated risks have the greatest possibility of giving you high returns. You should be good at distinguishing stupid and unnecessary risks from calculated risks.
A self-driven person is not satisfied with an exhausting morning to evening job. Such a person also does not lose hope when challenges appear and they also take the initiative to do things. They do not wait to be persuaded or pushed to do anything. They acknowledge that when things become difficult, it is a challenge that needs to be overcome for them to become better and improve the business. An entrepreneur must be self-driven to enable their business to grow quickly in the modern competitive business world.
This is one of the most important qualities for a successful life and business. You are likely to succeed when you discipline yourself to carry out tasks that you have to do even when you do not feel like doing them. To become self-disciplined, you need to have a strong character that is characterized by self-control, self-responsibility, self-mastery, and self-direction.
Successful entrepreneurs are aware that for them to become successful and achieve their goals, they must make certain sacrifices. Fortunately, nowadays there are applications such as IFTTT, Google Tasks, and Clockify that can help a budding entrepreneur set schedule tasks for crucial tasks that you need to accomplish.
The ability to sell is another important attribute of an amazing entrepreneur. An entrepreneur is expected to sell their idea or product to different groups of people including customers, employees, suppliers, potential partners, and investors. Being good at selling can mean the difference between your business failing and succeeding. Fortunately, you can read sales and marketing materials and learn from mentors how to go about selling your business to others.
Good with managing money
To succeed at being an entrepreneur, you must be good with numbers. When you are growing a business from scratch, you will incur certain expenses. You will also be required to do bookkeeping, read bank statements, fill in tax forms and understand credit among other things. You will have to create a budget and monitor the hour each dollar is being spent. This skill will help your business increase its chances of surviving in the market.
Willingness to acquire knowledge
Nobody knows everything. When you are starting a new business as an entrepreneur, you need to acquire as much knowledge that appertains to running a business as possible. This includes things such as marketing and accounting because you will now have enough money, in the beginning, to hire people to do it for you. This is what makes many entrepreneurs quite knowledgeable and people with a wide range of skills. In the long run, it helps them make sound management decisions as the business grows.
Prosperous entrepreneurs have a positive view of situations. The current problems do not faze them. Rather, they are hopeful that the future has good things in store for them and are convinced that things will turn out fine as time passes.
There you have it; these are the most common characteristics of successful entrepreneurs. The good news is that you do not have to be born with these traits, which means that anyone can learn them and become successful entrepreneurs if they put their mind to it.