The Traits Of Successful Entrepreneurs – Do You Have What It Takes?
It is evidently clear that entrepreneurship is not for everyone. However, how do you know whether it is for you and you ought to try it? You should start by asking yourself what makes a leader and takes to become a leader. For the most part as an entrepreneur, you will be doing a lot of the work up front by yourself. This implies that any inability to become a leader will negatively affect your startup business.
If you cannot lead yourself, chances are you will be unable to lead your business and future employees. You will fail to take your business through growth and on to success. Successful entrepreneurs such as Henry Ford, Richard Branson, and Steve Jobs share similar qualities. Read on to compare, evaluate, and see how you rank against these distinguished entrepreneurs. Below are the common traits that define successful entrepreneurs around the globe.
Strong leadership qualities
We concur with the conventional approach that leaders are born, not made. Do you find people requesting you for opinion, guide, or make decisions on their behalf? If yes, they see a leader in you. Typically, a leader is someone who values the objective and discards any unpleasantness there may be in achieving something. A leader also has strong communication skills and the ability to assemble a team of people toward a common goal. In so doing, a leader is able to motivate and lead the entire team. Notably, a leader who nobody is willing to follow is not a leader of anything at all.
Highly self-motivated
Nobody makes progress by just sitting back and waiting for success to find them. The most famous entrepreneurs in history were aggressive and self-motivated. They are known to have gone into the world and invoke change through their actions. This self-will is what may term as self-motivation. If you are a leader, you will motivate yourself to obtain what you aim to achieve in all aspects of life. Apparently, successful leaders enjoy challenges since they make them work tirelessly to solve the problems at hand. They adapt well to changes without unraveling. Are you an expert in helping people change by motivating them toward new goals and opportunities? If you have these characters, you are on the path to becoming a great entrepreneur.
Have a high degree of basic ethics and integrity
A business becomes sustainable because of the existence of a common, comprehensive code of ethics universally. It underpins the very fabric upon which business people conduct commerce. Many successful entrepreneurs grow their businesses into a sustainable entity for maintaining the highest standards of integrity. Nobody will want to do business with you if you fail to prove yourself as a credible businessperson.
Readiness to fail
Successful entrepreneurs are risk takers who have managed to get over the major hurdle of entrepreneurship, the fear of failure! This does not mean that they rush in to venture into business with recklessness. In fact, entrepreneurs are often successful because they critically evaluate their moves to make the best decisions. Even in the worst cases, they are not afraid to fail. Therefore, if you are no afraid to fail while trying to implement the business idea you have in mind, you are good to go! Eliminate the worry question – ‘what if?’
Serial innovator
The will to constantly develop new ideas and improve the existing processes defines an entrepreneur. Besides, this is the primary reason why most entrepreneurs get into business in the first place. Business is for people who welcome change and often depend on it to improve their effectiveness as leaders. Ultimately, this leads to the success of their business.
Willingness to learn
While successful entrepreneurs have typically strong personalities overall, they appreciate that there is always a lesson to be learned. They are rarely afraid to ask questions when they want answers to provide them leverage over a situation at hand. To become a successful entrepreneur, you must not have an egotistical approach to issues. Having a bull-headedness is a weakness that continually prohibits an entrepreneur from noticing a bigger picture. Ultimately, making the best decisions for the business will become difficult.
Competitive spirit
Just as entrepreneurs may enjoy tackling new challenges, they like to win. In business, there are continuous competition wars that one needs to win to become successful. Without a competitive spirit, it would be impossible for an entrepreneur to woo customers and grow market share. Having a competitive spirit enables entrepreneurs to focus inward and grow a business from nothing into a powerhouse. This way, they are guaranteed that they will get some returns on their investment.
At Mount Bonnell Advisors, we believe that entrepreneurship should be the way to go if you want to make a fortune. Not that we discard employment, but there is much more that one can make when in business.
