An entrepreneur is a brave individual who runs a business and accepts all the risk and reward of a business venture. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.
What makes an entrepreneur successful? Why everyone out there can’t be an entrepreneur? There is no doubt that a successful entrepreneur possesses set of qualities, skills & characteristics which are different from others.
If you are an entrepreneur, how do you match up to these?
Are you totally passionate about your business idea? Do you thoroughly believe in your offering? Have you got an in-depth knowledge of your product, your competition and the marketplace? And, once you’ve got your business up and running – do you have the passion and the energy to keep going when others falter and want to give up?
While not necessarily ‘inventors’, entrepreneurs are highly innovative and creative individuals with the vision and insight to spot opportunities and act upon them. They have the ability to carve out a new niche in a market where others might not have seen it – and turn ideas into a solid business strategy.
Have you got the commitment and determination to make your business a success? Planning, setting up and running a business requires endless hard work and 100% of your time. Your family, friends and leisure activities may have to take a back seat, while you’ll have to give up security such as a monthly salary or a pension. Are you sure you’re willing to make this commitment?
A successful entrepreneur is prepared to make big decisions and take on tough challenges. There will be times when things are not going so well – when the sales aren’t coming in and bills are overdue – so you’ll need the courage to dig deep and not crack under the strain. Having courage also means making the right decisions for your business, no matter how unpopular they may seem at the time.
5. Ability to set goals
An entrepreneur will set specific and realistic goals and have a clear plan of how to achieve these. Your business won’t be a success if you don’t do this as you won’t have specific targets to aim for or measure your performance against. Further, having clear goals will enable you to formulate a sound business plan.
6. Sound judgement
Contrary to popular belief, you don’t have to be a high risk-taker to be a successful entrepreneur. It’s more about knowing which risks to take – and when you should take them. You’ll need sound judgement about your market, competition and customers. You will also have to judge what needs your attention at a certain time and what doesn’t and prioritize your focus accordingly.
One of the main drivers for starting a business is the desire to be your own boss. Entrepreneurs like control and want to be in charge of their own destiny. They want to make the decisions and are prepared to go it alone – especially in the early stages of starting up before they have built a team around them. If you avoid making decisions or taking responsibilities, then starting up your own business may not be right for you.
8. Leadership skills
Once you have built up a team around you, your staff will be looking to you for strong leadership. This means setting staff realistic goals and targets and being clear about what you all need to achieve and how you can do this. Make sure your employees share your vision and that you are able to steer them through any tough times. Be honest with them and make sure you take responsibility for your actions.
Do you have the resilience to keep going if nothing seems to be working? Are you able to face up to the challenges and not get discouraged when things initially don’t go to plan? How will you measure what is working for you and what it will take to make it happen? Business requires time, effort and dogged determination, and perseverance is vital if you want to make your business a success.
Entrepreneurs are exceptional people, less orthodox than most and could be described as smart and people that ‘do’. You must be prepared for the ups and downs of a huge roller coaster ride. We all have our strengths and weaknesses and few of us will possess all of the personal qualities above. But if you, or others, believe you have a majority of these qualities then you may well have what it takes to be an entrepreneur