Entrepreneurs are very unique individuals with a unique combination of traits. Some people are born with these traits while some have to groom them. Entrepreneurship is not something that is rushed into without proper consideration of how ready one is, even if you’re in the business already re-evaluation is important to know your stand and things you lack.
Are you ready to be an entrepreneur? Here are 15 traits you should ensure you have to be a successful entrepreneur.
To be successful determination is very important. This is what is going to always fuel and motivate you. You should understand that the road of entrepreneurship is not a smooth ride and does not come at a platter of gold. Along the way, you would encounter so many obstacles and you should be ready to overcome them and stay determined.
Being passionate about what you do is what will drive you to wake up every morning and continue to be an entrepreneur. How passionate are entrepreneurs? According to research conducted by Tony Tjan and co-authors Richard Harrington and Tsun-Yan Hsieh, 65% of founders have been identified as driven by “heart.” Tjan also added that most entrepreneurs are fueled “by anunshakable sense of purpose.” Passion is what keeps one’s head in the game.
Creativity is another important trait. An entrepreneur should always be thinking outside the box and bring fresh ideas to the business to keep it afloat.
A persuasive entrepreneur is likely to be more successful than one that cannot. The ability to persuade is what is going to sell products. How a product is presented would help a customer if to purchase it or not. To make more sales you would have to boost your persuasive game.
An entrepreneur should be confident in the skills they possess. Lack of confidence would affect self-esteem and all these would cause a total meltdown. So to avoid a situation like that be confident, as it would boost your morale.
And, just how confident are entrepreneurs? According to a study by the Ewing Marion Kauffman Foundation on behalf of LegalZoom, “91% of entrepreneurs are confident that their businesses will be more profitable in the next 12 months.”
Being a successful entrepreneur the trait of versatility should not be over-emphasized as that would help your business grow. A large range of products within a category should be offered. For example, if you deal with electronics, you should be ready to deal with a different range of electronics to fit into any market. And as customers taste changes you should be able to adjust.
Competition is very common in this field as new business springs up every day. To be successful one should learn how to be very competitive. Your creativity traits work hand in hand with this, as it’s your creativity that would keep on top the market coupled with your competitive strength.
A good entrepreneur should have a proper business plan. A plan is what would guide you and keep your business on track to prevent it from collapsing.
Being visionary means having a foresight or a goal. Here your plan helps you to meet your goal. So while you are being a great planner set aside goals you would want to hit. Without a vision of what you want your business to look like in the nearest future, it won’t experience growth.
Jeff Bezos had the vision to tap into the new world of electronic retailing in 1994 and become “the world's most consumer-centric company.” His little virtual bookstore was Amazon, which today is the model for all e-commerce businesses.
As the manager of your business, you would also have to make the call whenever a decision needs to be taken. You should be ready to be decisive and always weigh the advantages and disadvantages of a decision you are about to take.
Being optimistic as an entrepreneur is going to give you good morale. When you are always hopeful and confident you tend to make better decisions.
This would pair with your versatility, as the more versatile you are the more flexible you would be. Being flexible entails you understanding your business and adjusting to the market you want to control.
A great example of being flexible would be the story behind Hyungsoo Kim and his company Eone, which is short for everyone. Kim initially developed a wristwatch that featured braille. He quickly discovered that people want to be included and not have attention brought to their disability. So, he trashed the original plan and came up with a watch that would not only be worn by the blind but even people with sight.
You should also be disciplined as this trait would help you run your business especially when it comes to financing. All-round discipline would guide one when to say yes or no, when to spend or not.
This entails your interaction with partners and customers. You should learn how to tolerate people and give them an audience. Not shutting down every critic or complaint.
In the process of making decisions, there would be some tough calls, where you might have to make risky decisions. But as a risk-taker, you should not hesitate in making decisions like that especially when it would be beneficial to the growth of your business.
In conclusion, know that some risky decisions may fall through so as an entrepreneur be ready to experience failure. It is just a phase, so you learn from your mistakes and try again.