Have you got what it takes to be a successful entrepreneur?
Not every entrepreneur is made from precisely the same blueprint. They come from various geographical locations, upbringings, income brackets and social classes, in addition to education degrees. Even though there isn’t a foolproof map into entrepreneurial bliss, one thing is constant — successful entrepreneurs all have the following ten winning personality characteristics.
1. Full of determination
After you set out to become an entrepreneur, you need to set clear goals on the way. Goals such as increasing your sales, building your market share and hiring new workers, need to be divided into several micro-goals to be implemented successfully.
This sort of challenge and workload is sufficient to prevent a lot of people from pursuing the entrepreneurial career path. You’ve got to be set in the start to succeed — before you even begin. If you are not entirely determined to win there is an excellent chance that you will crumble under strain of starting your own firm.
2. Not afraid to take risks
Some of the most prosperous entrepreneurs took significant dangers, and they paid off largely. Shark Tank’s Barbara Corcoran turned a $1,000 loan into a $5 billion billion-dollar property business that she sold for about $ 66 million back in 2001.
When most men and women hear the term “risk”, they think only about a financial threat, but in the instance of Corcoran, the first monetary investment was not very large. The danger came to play when she moved all in, devoting 100 percent of her time and attention to creating her small business with such a little tiny of seed funding. Many would presume it is not feasible to begin a company with very little cash, but people that aren’t scared to take risks do not see things like limited financing as a handicap.
3. High Degree of assurance
Entrepreneurs who have a high degree of confidence can get the work done even under the most stressful work conditions. They know that enormous challenges breed substantial rewards. This is the exact type of mentality which enables productive entrepreneurs to spot a market opportunity when most just observe a potential problem. When most people put attention on the problem, a thriving entrepreneur instead concentrates on the end benefit of success.
4. Craves learning
You must remain sharp, which requires that you’re continuously learning. Industries always evolve and change. Only those people which are also growing through continuous learning will remain ahead. You’ll forever have competitors breathing down your throat attempting to surpass you. There’ll always be somebody claiming to be the next biggest thing.
Staying sharp, through continuous learning, will let you stay ahead of industry trends and prevent you getting run over by new technology. Read novels and wake up earlier in the morning to see the business news. Do all you can to keep continuously learning and absorb new information.
5. Understands collapse is part of this sport
Richard Branson explained it best: “Few initial ventures work out. It is the way the beginning entrepreneur copes with failure which sets that individual apart. In reality, failure is just one of the keys to success, because a number of the best ideas originate in the ashes of a shuttered business.”
If you realize that failure is part of becoming an entrepreneur, then you can take those failures and use them as learning experiences. Real world experience, even upsetting, will educate you about business more than you’d ever learn in a classroom.
6. Passionate about Their Company
Passion for your product fuels the drive and determination needed to be effective, whether you’re building a business from the ground up or purchasing an online company that already has an established history.
You need to completely enjoy what you’re doing — there’ll likely be long days and nights and somewhere along the way that your company will consume almost 100% of your time and mindpower. If you are not passionate about what you’re doing the additional stress and roadblocks will weigh heavy and become the reason for your business failure.
7. Highly adaptable
If entrepreneurs could see what had been hiding around each turn it’d make starting a business simpler — but sadly that’s not the situation. There may be surprises around each corner, despite a well thought out strategy and plan.
If you’re incredibly flexible, it provides you the capability to react quickly in almost any circumstance. This permits you to make decisions which will navigate you from trouble and permit you to flourish in environments which would sink other business people which aren’t flexible.
8. Fantastic Comprehension of money management
It isn’t important if you’re bootstrapping your organization, using personal credit cards or even possess millions of dollars from shareholders — you should have excellent cash management skills. Poor financial decisions, such as overspending or allocating capital to less significant tasks can easily ruin a small business.
Have a clear fiscal map drawn out — what exactly are your essential monthly expenditures and duties? Just how much can you devote monthly for things that fall outside of this “essential” class? Stick with your strategy and be sure all managers and investors are on the same page. Money issues can ruin a company precisely the same way that they can ruin a marriage.
9. Expert at networking
A massive assortment of business cards and a massive contact list does not make you an expert in networking. Building value-based relationships which are significant is what networking is all about — all these will be the connections that result in business opportunities and long-term relationships which are mutually beneficial.
I’m constantly networking with individuals who can’t just help my company now, but also have the capacity to assist me later on also. Do not be selfish when networking. You must always understand the way it is possible to help someone and supply them value before even considering the way the relationship will probably be potentially beneficial for you.
10. Ability to market and sell
If you see the TV series Shark Tank, then you’ve certainly heard Mark Cuban inform entrepreneurs on many events that understanding how to sell is a crucial part of becoming a successful small business owner.
If you can not say what it is that makes your products or services a solution to an issue; you’ll have a rough ride. If you, the creator, cannot sell the product, then who will?
Check out my guide on how to start your business right with tons of useful tips I learned by successfully starting, building, and selling multiple companies.