Tag: Entrepreneurship

The journey of being an entrepreneur is surely a rocky one. As Nine out of ten people aspire to be entrepreneurs, out of which seven people set out to become one. Five survive in that hyper-competitive arena, and two succeed to become successful startup founders.

What is a success?

This question may hold different meanings for different individuals. However, read on to find out all traits of a successful person. Entrepreneurs take all the risks associated with running their companies, which can be pretty stressful despite being gratifying.

But they are more likely to succeed if they have the necessary entrepreneurial qualities. If you’re considering starting your own business, you may be unsure of your entrepreneurial potential. In this post, we go over the characteristics that successful entrepreneurs should have.

1. Leadership Qualities
2. Great Communication Skills
3. Clear Ambition, Vision and Fearlessness
4. Ability to Learn, Unlearn and Relearn
5. Originality
6. Risk Taking and Decision Making
7. Ability to Manage Resources
8. Be Confident and Not Afraid to Voice Out Your Thoughts
9. Optimism
10. Patience
11. List Your Goal
12. Courage
13. Hard Work
14. Avoid Negativity
15. Have a Good Grasp on Your Words
16. Create Your Own Opportunity

1. Leadership Qualities

Entrepreneurs are leaders, not bosses. Most successful startup founders have been able to lead their core team, employees, and investors in the right fashion, well supported with a driving passion to try out something new and having a risk-taking ability. These leaders led their companies out of tough and critical situations, like driving the company through a financial crunch, product failure, business model failure, or unsuccessful scaling.

They have led their team from the front, by taking all the blame during a failure and simultaneously giving the whole team credit after the successful implementation of an idea. Leaders always maintain a bidirectional and smooth flow of ideas and innovation. These are the ones who make its team’s both strengths and powers useful, for the sake of the success of the company.

Another aspect is, taking a risk by keeping in mind its implication in the future. Taking the right risk at the right time has resulted in big startups, so every entrepreneur must calculate the probability of the risk being taken, observing and noting down its effect from each corner of the business.

These risks require faster implementations and sometimes high capital, at the same time these big risks might result in huge losses, so one must be mature and stable enough to handle these types of situations.

2. Great Communication Skills

Founders of some great startups are often applauded for their great communication skills. They know what to speak and where. Handling employees and investors, such that both of them do not lose their confidence in the startup is very important. Constantly motivating employees for thinking the big picture, scolding them for their slow work, and keeping in mind not to offend them.

Knowing the strengths, weaknesses, and abilities of employees; and knowing what exactly an investor aspires for, is only possible through communication. While negotiating new deals or acquisitions and while raising new funds, a clear idea well supported with good communication skills is necessary.

By good communication, I mean clarity of thought flow and presenting that idea in a clear and interesting manner. Great writing skills prove to be an additional advantage. Also, the skills of listening with patience make an entrepreneur a successful one.

3. Clear Ambition, Vision and Fearlessness

Successful entrepreneurs or leaders have a clear ambition for themselves and their company well supported with both long-term and short-term plans and vision. Most of them aspire to disrupt the world in a positive way, i.e. solving a specific issue with innovation and new ideas with a concept of giving back to society and concurrently earning profits through it. A startup often faces roadblocks, but entrepreneurs have their vision clear and solid in their minds.

They take quick and sensible decisions to break existing barriers and move ahead. They also inculcate the quality of fearlessness. An entrepreneur must not fear or worry about each and every decision; as mentioned above, he/she must learn the quality of risk-taking. There might be initial failures but in the long run, with experience, this quality decides the winner.

At the same time, he must not lose his composure and take harsh and unrequited decisions which might prove costly for the startup. Striking the balance between these two is a hard nut to crack, but is possible with exposure and experience.

4. Ability to Learn, Unlearn and Relearn

Most entrepreneurs have always emphasized this point. Most of them have mastered the skill to learn, unlearn and relearn skills at a faster pace. Some skills might prove to be important during the initial stage, but after scaling the startup, the prevalent skills have to be modified or changed completely.

So unlearning old skill sets and acquiring new skill sets at a faster pace is necessary and important. In the future relearning old skill sets might be required, so following this process in a right and efficient manner might prove fruitful. One must keep on updating himself and must keep himself flexible to changes.

Time is changing fast, what is in fashion today might be out of fashion tomorrow, so acquirement of this specific skill has helped many in the past and will help many in the future. Adaptation is the key here.

5. Originality

Most entrepreneurs succeed in carving their name as disruptors or innovators because of originality in ideas and their execution. Taking inspiration by reading case studies is fine, but copying or same way implementation might lead to a huge failure. These successful leaders have built on their idea in an organic way, learning from mistakes and not committing them again.

Improving products & strategies and relaunching them, has proved to be successful many times. In this growing startup culture, originality might lead to a big success or a big failure, but both of them would teach you many valuable lessons which might not be learned by mere copying.

6. Risk-Taking and Decision Making

Running a business is not an easy task and requires risks to be taken. Taking risks is the quality of a successful entrepreneur as many obstacles need to be overcome to have a good business plan. Stress is the primary factor for entrepreneurs and business owners to cope with their heavy work.

Entrepreneurs have it in their nature to think quickly and make on-the-spot decisions about their business; hence, intelligent decision-making is required. Hesitation and inability to make good decisions may lead to losses. A good entrepreneur knows about the skills of good decision-making.

Both the factors are dependent on each other as risk-taking involves making decisions on the spot and the biggest risk amongst them is to take the right decision within the perfect time.

To master this trait one needs to go through several materials for learning more about it. There are many directions to using criteria to deal with risk factors. Some of the well-known books that one can prefer to read for improving their risk-making decisions more appropriate are The Entrepreneur’s Guide to Risk and Decisions by Thomas G. Pittz and Eric W. Liguori.

7. Ability to Manage Resources

Managing resources is another critical role an entrepreneur must be aware of. Resources can have a number of things included in them like money factor or staff of the firm. All these resources require special attention to save and use properly.

A precise monthly income and expenditure knowledge is needed to handle a successful business. If entrepreneurs can manage Money, then they can run a good company. To get investment, entrepreneurs need to have a grip on their financial database.

The staff can also be managed in a precise manner. When someone new joins the company, they should be given training on how to go about the business. It will help keep the industry moving in the right direction and also help to increase the company’s commitment to its employees.

Entrepreneurs should learn the skills of motivating Staff. A successful entrepreneur keeps all these things in mind and strives to take his business to great extents. These are the Qualities of Successful entrepreneurs.

8. Be Confident and Not Afraid to Voice Out Your Thoughts

The simplest way to be successful is to have trust in one’s self. Having confidence in inner instincts and decisions brings the person a step closer to success, and this confidence can be built by oneself alone. Self-confidence is essential in all aspects of life, and people who lack it have trouble moving forward in their line of work. Confident people admire confidence in others as well.

Communication is the identity of a successful person. It’s essential in everyone’s life. Successful people have a strong will, and they get to know what is right. So they are not afraid to disclose their opinions to the public. This is highly appreciated.

The best way to improve confidence is by taking risks and excelling at them. This can be achieved if one is void of overthinking and has already mastered the art of taking risks. Other factors that can help in improving self-confidence include being optimistic, knowing their own talents and shortcoming, working on improving their shortcomings, and many other methods.

9. Optimism

Positive thinking induces high personal ability in individuals and ensures a successful future. Optimistic people have limited negative thoughts, allowing time for productive thinking to take place and get good results.

Bright people take every situation in its stride with positive reviews, thus always staying a step closer to success. This is one of the essential traits of a Successful Person.

Entrepreneurs are required to work on this quality in order to have their mental state balanced. They are required to work under ample stress and risks. Hence, being optimistic can make their work life a little bit easier. The best method of becoming an optimistic person is to get in the company of an optimistic person who can provide some influence on your thoughts.

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10. Patience

People who have patience can reach out to the stars. Patience is a standard key to acquiring a positive attitude even in challenging life situations. Stress and frustration hinder success, but patience helps in keeping these two elements at bay and allows individuals to focus on their goals to achieve success.‌

Success does not come overnight. It requires a lot of hard work and time to grow. Hence, thinking of getting results in less time is a big mistake that many entrepreneurs fail to avoid.

There is no shortcut to success and one needs to be patient to hold it. The best way to practice patience is by establishing realistic expectations. One can also prefer to modify their habits in order to change their expectations.  

11. List Your Goal

Entrepreneurs are required to focus on many things and can forget a few points in between. In order to avoid that mistake, it is very essential to note down the goals. Having them in a written format can be a good reminder to yourself about what you want to do in your life and also helps in deciding what should be your next step.

Always keep a pocket notebook for jotting down innovative ideas and new information. If there isn’t anything to write down, leave the notebook blank. A blank notebook can become a tool for suggestions. Also, please write down the aims, dreams, and goals that would lead to the path of success and then decide how to achieve them.

12. Courage

Successful people are courageous as they overcome their fears by facing everything that comes their way. The ability to confront fear is the perfect qualification of a successful person. Confronting the fear that holds one back is the right path to becoming a successful entrepreneur.

13. Hard Work

The traits of a Successful Person are always responsible and hardworking. Meanwhile, they also do brilliant work. Successful Entrepreneurs have a specific focus and keep their aims and goals before them.

‌‌Having these Traits of a Successful Person shall go a long way in making an individual successful in their career. Hardworking will always yield beautiful results and this thing should never be forgotten. Every entrepreneur is required to be hardworking in their own field then only they can establish an empire.

14. Avoid Negativity

If you want to be highly successful, you must avoid negative thinking. You should see the world, the people, and the situation positively. A promising outlook, strong power, and confidence will set you perfect path to success and let make others follow. It also helps overcome real-life problems and gives the confidence to handle a challenging situation better.

Being jealous of other successors will only frustrate you and often lead to self-doubt and low complexity, making you divert from the successful path. Successful people are usually happy with other successful people; they get a suggestion from others to enhance their career growth and learn something new. This encourages them to avoid jealousy. Being glad for someone else achievements will boost your mind to the go-getter side.

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15. Have a Good Grasp on Your Words

Gossiping has always been regarded as a bad habit, and those looking for success shouldn’t gossip or talk about others. It will make you less successful, leading to lying and missing the truth. Even more, successful people will praise the work of others and won’t gossip at any time. And successful people give a good impression of other characters.

Every entrepreneur should be aware of the power of their words. Wasting it in unnecessary talks can lead to decreasing its value on its own. One should learn the skill of using words only when required while working. This skill is very essential in saving one from unnecessary attention and mistakes.

16. Create Your Own Opportunity

One of the worst things that avoid your path to be successful is waiting for an opportunity to open the door. Successful people know what they want and how to set the goal to get it. When you have a plan in your mind, you have to work hard and get it. Don’t sit around and wait. Just set your path and get it!

Get your goal listed, and create a path for it in your mind. Look for resources and start with the work. Sitting around and waiting for the right time is never an ideal solution for entrepreneurs to follow. A good entrepreneur should know how and when to create an opportunity for the self irrespective of the situation.

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Conclusion

Becoming an entrepreneur is a responsible task. The effect of decisions one makes after becoming a successful entrepreneur does not only affect one person but involves the whole empire made by the entrepreneur.

For a similar reason, becoming an entrepreneur takes a lot of skills to be learned and applied. The above article contains a list of some basic skills that are required for a person to learn and practice in order to become a successful entrepreneur.  

FAQs

What are the 5 critical success factors for entrepreneurs?

The five critical success factors for the entrepreneur can vary for different people. The most common factors are sacrifice, experience, leadership, organization, and optimism.

How do entrepreneurs develop skills?

The best way through which an entrepreneur can develop skills is by learning. Learning can create great changes in the personality of a person and it also teaches many new things to its readers.

Why are entrepreneur skills important?

Entrepreneurs are a great way for improving the economy of any nation. Having successful entrepreneurship means being able to successfully handle the empire created by own. The whole process of becoming an entrepreneur has many hurdles in it. The entrepreneur skills then help the person to overcome hurdles and become a successful entrepreneur.

What are the three most important habits of a successful entrepreneur?

The best three habits that are cultivated by successful entrepreneurs are reading a lot, building powerful networks, and having their goals set clearly and big.