Yes, it is true that certain are needed qualities or personal characteristics to be an entrepreneur. You may not have all of them right now, but with the right attitude and tools, you can cultivate them. I am going to list the main ones in my opinion qualities of an entrepreneur:
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Determination: You must be determined to succeed, determined to achieve your goals and not only have the initial impulse, but also the perseverance To continue, whether you start your adventure with a part-time activity or dedicate yourself to it full-time.
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Optimism: Pessimistic people rarely achieve economic independence and not to mention their personal goals, it is necessary to have a positive vision of life, see the opportunities, focus on strengths. Problems will always exist, how we deal with them is up to us.
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Self-confidence: Have the Faith and the certainty that you can achieve your goals, that you can move towards your objective, at your own pace and however you propose, it may take two, four, six months or a year, but you know that it is in your hands and that you can do it
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And the most important, Passion and an immense desire to overcome obstacles and reach THE GOAL.
Do you have the qualities of a successful entrepreneur?
Although there is no one size fits all theory for entrepreneurship, a few guidelines can help people with a good idea become successful entrepreneurs. The following ideas about «Qualities of an entrepreneur» they can help you embark on your next business adventure with due diligence.
10 Qualities of a Successful Entrepreneur
1. Passion and motivation
If there is a word that describes the fundamental trait or quality of an entrepreneur, it would be passion.
- Is there something you can work on over and over again, without getting bored?
- Is there something keeping you awake because you haven’t finished it yet?
- Is there something you have built and want to keep improving over and over again?
- Is there something you enjoy the most and want to keep doing for the rest of your life?
Your demonstration of passion and motivation will determine your success in any business endeavor. From building and implementing a prototype, to pitching your idea to venture capitalists, success is a function of passion and determination. (For more, see: Turn Your Passion Into A Profitable Side Business.)
2. Knows how to take risks
Entrepreneurs take risks willing to plunge into a future of uncertainty. But not all risk takers are successful entrepreneurs. What sets a successful entrepreneur apart from the rest in terms of risk? Successful entrepreneurs are willing to risk time and money on unknowns, but they also keep the resources, plans, and bandwidth to deal with “unknown unknowns” in reserve. In assessing risk, a successful entrepreneur will wonder if this risk is worth the cost of my career, time, and money. And what will I do if this adventure doesn’t work?
3. Believe in yourself, work hard and with disciplined dedication
Entrepreneurs enjoy what they do. They believe in themselves, they are confident and dedicated to their project. Occasionally, they may show stubbornness in their intense focus and faith in your idea. But the other side of the coin is his demonstrated discipline and dedication.
4. Adaptability and flexibility
It’s good to be passionate or even stubborn about what you do. But being adamant about customer or market needs will lead to failure. Remember, a business venture is not simply about doing what you think is good, but also about doing successful business out of it. Market needs are dynamic: changes are a recurring phenomenon. Successful entrepreneurs welcome any optimization or customization suggestions that improve their offering and meet customer and market needs. A product that you develop just for yourself may qualify as a hobby, but a product for the market must meet the needs of the market.
5. Understand your offering – and your market
Entrepreneurs know their product offering inside and out. They also know the market and its dynamics inside and out. Unaware of changing market needs, competitive movements and other external factors can derail even large products (eg Blockbuster).
6. Money Management
It takes time to reach the profitability of any business venture. Until then, capital is limited and needs to be used wisely. Successful entrepreneurs realize this mandatory money management requirement and plan for present and future financial obligations (with some additional reserve). Even after securing funding or full operation, a successful entrepreneur maintains complete control of cash flows, as it is the most important aspect of any business.
7. Planning (but not over-planning)
Entrepreneurship is about building a business from scratch while managing limited resources (including time, money, and personal relationships). It’s a long-term commitment, and trying to plan as much as possible at the beginning is a noble impulse. In reality, however, planning for everything and having a solution ready for all possible risks can prevent you from taking the first step. Successful entrepreneurs keep some dry powder in reserve, but more importantly, they maintain a mindset and temperament capable of dealing with unforeseen possibilities.
Do a feasibility analysis; identify thresholds for time and capital; take the deep dive with your limited resources. If your thresholds are crossed, look for alternatives and be prepared to take the next exit.
8. Networking skills
How can you leverage your network for solutions? Many people seek solace in commiseration: friends, colleagues, and neighbors are happy to complain to you about “the global slowdown,” poor demand, or unfair competition; but that will not improve the bottom line. What do successful entrepreneurs do? They reach out to mentors with more experience and extensive networks for valuable advice.
Having these networking skills, including more experienced mentors, is a key characteristic of successful entrepreneurs.
9. Getting ready to start
Not all attempts will be successful. The failure rate of business ventures is very high. Sometimes it is absolutely okay to take the “practical” exit route and try something new, rather than continuing to make low-cost investments in the same company. Many famous entrepreneurs were not successful the first time. But they had the serenity and foresight to know when to cut their losses.
10. Entrepreneurs doubt themselves – but not too much
You may ask yourself, am I an entrepreneur? And the same question can put you in doubt about the answer. Even if you don’t have the Steve Jobs style or Elon Musk hair, if you have the courage to ask yourself intimidating questions – Can I do this? Do i want to do this? you have the things to be an entrepreneur.
Now it is not at all good to worry about having all the qualities of an entrepreneur, stop worrying about trying to adapt your image to that of a perfect businessman and trust your instincts more.
The bottom line
Personal qualities and their correct demonstration with the right stakeholders are the determining factors for success or failure as an entrepreneur. A realistic self-assessment checklist based on these suggested guidelines will ensure that you take the right steps in the right direction to be successful.
