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15 Characteristics Every Entrepreneur Should Have
What is an entrepreneur?
Just a couple of decades ago, the business landscape was filled with many job seekers and very few entrepreneurs. The rise of successful startups like Facebook, Amazon, and Airbnb has birthed a new generation of entrepreneurs and romanticized the rags to riches story.
But we all know that the journey is far from easy, and there are more failed
entrepreneurs and startups than successful ones. So how do you ensure your success as an entrepreneur?
Well, for starters, there are specific skills you need to master. While it's true that certain characteristics come naturally to others, you can learn and develop these qualities through consistent practice.
Entrepreneurship is a beautiful and often lucrative path, especially if you cultivate the right skills. So let's go through some of the characteristics you'll need to survive and thrive in this cutthroat world.
What is an entrepreneur?
The word entrepreneur has been coined repeatedly all over the internet and the media, but what does it mean? And who can be classified as an entrepreneur?
Simply put, an entrepreneur is anyone who creates and manages their own business. Everyday examples of an entrepreneur include:
Inventors: Create products, services, formulas, or machinery that are different from anything currently available. They turn these new ideas into viable businesses. These types of entrepreneurs are incredibly passionate about their vision, and their motivation comes from the uniqueness of their business.
Online business owners: Create a new business that is sorely run online. This includes bloggers and e-commerce businesses.
Small business owners: Run and manage small businesses with no intention of making large-scale profits. Usually, they make enough to support their family and a modest lifestyle. Examples of this type of business are your local grocery shops, beauty salons, and plumbers.
Large-scale/Startup: These entrepreneurs are in the business of making money and lots of it. They often create new services and products based on consumer preferences to meet market demand. Examples include Disney, Nike, Ikea, and Google.
Each category of entrepreneurs starts a business out of a new idea and works hard through all challenges. As we’ve mentioned before, the success of these businesses is based on harnessing there natural and learned skills.
Entrepreneur characteristics you should master
Below are 15 characteristics you can work on to become a successful entrepreneur:
Networking
No business can survive without a strong network. As an entrepreneur, one of the most critical skills you need to develop is networking and negotiating. Creating long-lasting relationships is an invaluable skill.
Access to new business opportunities and resources is heavily dependent on who you know. Networking with the right people can make or break your business. It allows you to learn from others in the industry. You can also promote your business through your network.
The key to
successful networking is to treat it like you're building a new personal relationship. It should be genuine, and you should approach people to have a friend in the business. The relationship should benefit them as much as it benefits you.
Risk-taking
Being averse to risk as an entrepreneur is a recipe for disaster. While we aren't encouraging you to walk blindly and take every risk, you should also not run away from it. It's a balancing exercise that you'll need to master with practice.
Understanding that taking risks can have either effect is crucial. You'll need to become
comfortable with some failures. It's just a part of the journey. When you do make a mistake, it's essential to keep your goal in mind and try again.
Risk-taking is a powerful tool that can set you apart from your competitors. You'll just need to practice how to manage it to your benefit. Learn to become comfortable with challenging yourself.
Creativity
Without creativity, there is no innovation. To become an entrepreneur, you have to start with an idea. Entrepreneurs can see opportunities where no one else does.
If you struggle with
creativity, the best way to harness this superpower is to develop habits that support your creative side. Try to figure out things that get your creative juices going. Take a hike, go on holiday, meet new people or read a book. You’ll be amazed at the number of places you can find inspiration. Once you get an idea, ensure that you write it down so you won't forget.
Money Management
One of the biggest reasons why entrepreneurs fail is terrible money management. Running out of cash before the product is launched, making losses during operations, negative cash flows, and a lousy business model is very common.
After all, you are running a business, so you have to understand the financial situation of your business. Even if you hire professionals to help you manage your finances, it's still imperative that you know what is going on. After all, the ultimate decision lies with you. Blindly following advice is usually not a good idea.
If you need to, take financial management lessons or invest in training programs. It is an investment you will not regret.
Adaptability
Adapt or die. It's that simple. Today's business climate is harsh, competitive, and ever-changing. Policy changes have a ripple effect worldwide, and given the current pandemic, nothing is certain. We are in a new era, and
entrepreneurs have to master adaptability.
Keep up with new trends in your target market, try new operating methods, and always keep an open mind. One thing that has made Amazon as successful as it is today is the principle that it's always day 1 at Amazon. This is a brilliant mindset to have because it allows you to be flexible.
Passion
You obviously love what you do, and harnessing that passion for investing time and energy in your business is an important skill. The world of business has so many ups and downs, and at times, passion is all you have.
It is one of your biggest assets and gives you the push you need to keep going when everything seems to be falling apart. Having a passion for your business means you can keep working on your product without getting bored. Passion also gives you the desire to improve every aspect of your business continuously and keeps you focused on your goal.
Vision
Successful entrepreneurs are capable of keeping an eye on the big picture. Vision is all about strategic planning. Can you see beyond the current state of affairs in the industry? Can you objectively identify the challenges you’re facing in your business? Are you capable of handling your daily tasks without losing focus on your long-term goals?
All these pertinent questions are essential to ask because they help you keep your mind centered on your vision. Your vision sets your business apart. It's what identifies who you are as a business.
Product or Service Research and Knowledge
How well do you know your product or service? As an entrepreneur, you need to know what you are selling at all times. Ensure that you define clearly what your business is offering, and the best way to figure that out is to define your value proposition.
What value is your business to your target market? What makes you different from your competitors? This knowledge comes through researching and knowing your product or service inside-out. You also need to understand the market that you are operating in. This means knowing what challenges you are likely to encounter.
An excellent way to master this skill is to have client feedback. Regardless of how positive or negative it is, try to look at it objectively to improve your business.
Motivation
Adopting a mindset hell-bent on succeeding regardless of the odds is extremely important. We often talk about motivation when discussing challenges. Still, your inspiration will take you places and keep you going even when things are going well. Motivation stops you from becoming complacent.
When things start to feel lethargic, you can increase your motivation by setting small attainable goals. Celebrate these minor achievements even as you're working towards the bigger goals. To succeed as an entrepreneur, you'll need to be motivated at all times.
Optimism
There are so many seminars, books, and articles about the power of a positive mind. For some people, this comes easy, but for others, optimism is hard to achieve. If you're a glass-half-empty person, you might need to work extra hard at keeping a positive mind.
Optimism boosts creativity and helps you to find new ideas for your business. Try not to dwell on past mistakes and keep your goal in mind.
Goal mindset
We've spoken about this before, but it's essential to reiterate how a goal-oriented mindset is crucial to success as an entrepreneur. Being determined is vital for your survival as an entrepreneur. Set your goals, work towards them, and refuse to give up.
Self-confidence
No one can believe in your dream more than you. In fact, you are likely to face resistance and, at times, ridicule. Still, the most successful entrepreneurs can move past this because they have a healthy amount of self-confidence in their idea.
The presence of self-confidence is not the absence of doubt. It's pretty common to have second thoughts often. Still, entrepreneurs exhibit the ability to persevere because they are incredibly confident in solving the problem.
Self-confidence makes you feel better about your decision-making, allowing you to take calculated risks and contribute to the overall success of your business. If you're struggling with self-confidence, try to practice words of affirmation every day and celebrate your wins. These small techniques will do wonders for you.
Decision-making
How decisive are you under pressure? When you're an entrepreneur, you have very little room to procrastinate. Some decisions need you to be quick and on your feet. To improve your decision-making skills, try to get as much information as you can about your market. Assess the impact of your decision and give yourself time to decide.
Invest in some lessons, speak to experts who can help you figure out your decision-making process.
Persuasiveness
The skill of
persuasiveness is crucial for an entrepreneur. It enables you to have the power to talk and convince other people that your business is worth their time and money.
Learn to be a good listener so you can objectively accept the feedback you'll receive from your customers. This information will help you adapt your persuasive skills to meet your customer's needs. This creates brand loyalty because people will feel heard.
Tenacity
The last characteristic of a successful entrepreneur is tenacity. There is no doubt you will face significant challenges in your business. What sets you apart is your tenacity. How willing you are to keep going despite the obstacles in your way.
Giving up is never an option, and successful business owners all over the world have this characteristic.
A stagnant business is a dying business, and entrepreneurship is not without risks. However, rather than stunting the growth of bright ideas, it is up to you to harness and nurture the skills we have discussed today if you want to be successful.
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