Technology

Characteristics of a successful entrepreneur

successful entrepreneur

Entrepreneurship is something we hear a lot about, but successful entrepreneurship is a rare occurrence. Some dream of becoming an entrepreneur while some have entrepreneurship thrust upon them. This world has witnessed some amazing entrepreneurs. Their life journeys provide us with treasure troves of guidance in becoming one.

So, upon observing such personalities, we have compiled a list of attributes that are relative to a successful entrepreneur.

Desire to be Different

What distinguishes an entrepreneur from everyone else is their desire. Their needs look totally different from others’. They crave progress instead of comfort, creativity instead of convention, and success no matter how bleak the circumstances. This difference in their thought process puts entrepreneurs in a state where they unconsciously strive to pursue the roads less trodden.

So, naturally, they are always on the lookout for problems waiting to be solved. In the case of not finding any, they might discover both the problem and the solution. It is because of this sense of purpose of entrepreneurs who walked the earth till now, that our lives are easier than ever before.

Plan of Action

Desire is indeed the start, however, not everyone who has a desire works towards it. Entrepreneurs believe in themselves. Steve Jobs once said, “..don’t let other’s voices drown out your inner voice. Follow your instinct because most of the time, it already knows what you want to become.” So, an entrepreneur is someone who believes in his idea and puts it into action.

However, you cannot act on it without a concrete plan. The success of an entrepreneur hinges on their planning. Entrepreneurship is hard, nothing is ever certain, so what good is a map when the whole landscape keeps changing? But that’s where you’re wrong.  A plan is less like a road map and more like a compass. It doesn’t show you the way but indicates the direction.

A solid plan doesn’t mean a strictly set agenda, because there is nothing ‘set’ about running a business as an entrepreneur. So, to sail the seas of uncertainty, you need the compass called planning. Successful entrepreneurs are naturally master planners.

Discipline

Even the best-laid plans can fail when one lacks proper discipline. One thing that is indispensable to an entrepreneur’s work ethic is consistency. Did you know that more than 90% of startups fail in their initial stages? This is because when the thrill of the new ride fades, it is the discipline that keeps you going.

If a person lacks discipline, then, the blues of the trade and slumps of the business, affect his performance leading to inconsistent outcomes. Also, when you’re an entrepreneur, you’re your own boss. Since there is no accountability factor, it is human to show weak resolve at times. However, this cannot be the case for an entrepreneur.

An entrepreneur never backs down, not in the face of failure, not in rejection, and never due to lack of motivation. Such self-discipline keeps them rooted in the world that lashes them with challenge upon challenge.

Network. Connect. Interact

Successful entrepreneurs are always great communicators. They have a knack for people skills. Entrepreneurship is a field where contacts could go a long way. A good entrepreneur knows his tribe. He surrounds himself with people that suit his values and interests.

This benefits entrepreneurs in many ways like understanding how their peers are dealing with the same market differently and lead them to find investment sources they probably never knew of. A good network is also a safety net in times of contingencies; entrepreneurs can dish out the talent they need, acquire professional opinion in cases of diffidence, and any other such limitless possibilities.

Know Where to Invest

Entrepreneurship is primarily a monetary endeavor, but that doesn’t mean that the revenue being generated is piled up in a corner to serve as wealthy bank accounts. The amount of money being invested must be in proportion to the revenue generated by the business.

However, knowing what to bet on is another innate quality possessed by entrepreneurs. Throughout history, entrepreneurs could predict trends of products, services, and innovations. Their foresight is almost like a superpower.

Back in the day, when there were no such things as big data and analytics, their foresight could really be termed as a superpower; but now, that power is affordable and essential. Good entrepreneurs use such tech to leverage their investments in such a way as to return profitable revenues. Like so, today’s entrepreneurs focus on investing in technology and educating their employees in that regard.

Customer is the sole VIP

In the business world, nothing is constant, except your customer. Satisfying your customers’ needs and winning over their loyalty is the basic premise in most businesses, if not all. Why is this important? It is so, because in a market thriving with products similar to yours, and maybe even better as per varying standards, it is the consumer’s loyalty that keeps you in the race.

So, successful entrepreneurs keep their eyes on the customer and naturally, the market welcomes them with open hands. Following your customer’s demand and behavior could also lead to interesting insights towards developing your future products and business strategies.

You’re a Leader before you’re a Boss

As an entrepreneur, you have an emotional connection to your business, it’s your dream and you’d give it your all to make it abound. However, when you have a team working with you, and they don’t share the same vision, somewhere along the way, it is going to harm your firm.

So before you’re a boss, be a leader. A leader walks in front as a guide, he empathizes with them and understands that this is their profession and they have families and lives outside of this office. It is scientifically proven that employees exhibit better productivity levels in an organization that appreciates their work-life balance.

Also, as said, “An entrepreneur sees something not as what it is, but as what it could be.” There might be weaknesses in the team of individuals working under you, but how you turn them around into assets that complement the organization will make all the difference.

These are but a scratch at the surface of an entrepreneur’s skills and characteristics. An entrepreneur doesn’t fit a certain mold, so it is difficult to define or describe them. The closest thing we have is the many inspiring personalities from whom we can draw clues and construct a typical image of human tenacity, which is basically what an entrepreneur is!

Comment here