10 Characteristics of a Successful Entrepreneur
It happens all the time. You read about someone who launches a new business out of their basement and transforms it into a fortune. You say to yourself, “I want to be like that guy!” or “Why didn’t I think of that?” Fed up with corporate politics and the struggle to get recognized for your hard work, you decide to take control of your own destiny and start your own business.
Building a Successful Company
Starting your own business – you may think that it will solve everything. It’s easy, you have great ideas, you have a network of business contacts and best of all, you don’t have to answer to anyone. Five years after beginning your adventure into entrepreneurship, you still haven’t made any money. Debts, as well as frustration, are piling up. You ask yourself, “Why can’t I be like that guy?”
Have you ever wondered what it is that enables some entrepreneurs to succeed while others struggle to keep their heads above water? Technical knowledge and expertise acquired over a 25-year career is invaluable, but entrepreneurship is much more than that. It is the intangible, innate, and cultivated qualities of an individual that enables them to effectively leverage their expertise, and subsequently their business, to a much higher playing field.
The Key Characteristics of an Entrepreneur
We believe that there are a number of key characteristics and disciplines that set apart those entrepreneurs that lead their companies to greatness. We surveyed entrepreneurs and business advisors to entrepreneurs and found that the following are essential for entrepreneurs to succeed:
1. Entrepreneurial Passion
In order to become a successful entrepreneur, you need to have a passion for your business. A sense of excitement and enthusiasm for the company, its mission, and vision enables you to reach your business’s full potential.
2. Vision for Your Business
You need to have a vision for your business in order to sustain consistent growth. This should include long and short term goals, a business objective, and a plan with how you’re going to get there. You should have the ability to imagine a successful business model from a unique idea or innovation and then capitalize on it.
3. Execute Your Strategy
Without decisively executing every part of your business strategy, you may not yield the results you’re looking for. Be disciplined, committed, and courageous so that you can produce results that will move your company to the next level.
4. A Positive “Can Do” Attitude
Having a positive attitude in all aspects of your business should not be overlooked. The optimism you have can encourage the people around you to work hard and produce high-quality work. The ability to rise above the naysayers with conviction and belief and see opportunity in the crisis can help propel your business to the top of the pack.
5. Calculated Risk Taker
Starting a business takes a lot of bravery. Nevertheless, when you’re building your business, you’re going to have to take risks in order for your business to grow. Trusting a specific employee, estimating your future performance, and sacrificing much of your time and money are all risks you may have to take, but make sure that you’ve done your research so that these risks are minimized as best as you possibly can. Ask and listen to the sage advice of other entrepreneurs.
6. Entrepreneurial Resilience
Get knocked down 7 times, get up 8. Entrepreneurship requires a combination of strong business acumen and steadfast resilience. These attributes are necessary to have in order to help you anticipate, lead and manage change in the face of adversity or opportunity.
7. Stay Disciplined as an Entrepreneur
One of the biggest keys to becoming a successful entrepreneur is following through on initiatives. Entrepreneurship is a roller coaster ride, which requires you to constantly adapt and stay focused on your business’s goals. Stick with difficult tasks and sacrifice instant gratification for long term results.
8. Communicate to Inspire Others
The best of the best are able to inspire, persuade and convince all constituents (customers, staff, and investors) to invest in their visions and products by the ability to tell the company’s story. Listening deeply to trusted advisors, forming strong relationships, speaking with actions rather than words, and leaving your ego at the door can be the start of persuading those around you to believe in your business.
9. Develop Emotional Intelligence
Finally, being an entrepreneur takes a great deal of emotional intelligence. This means being able to understand your emotions and manage relationships within your team. Know the people around you as much as you know yourself. Also, be sure to understand your strengths and weaknesses and use them to create a strong team.
10. Determined to Control Your Destiny
Part of the attraction of becoming an entrepreneur is that you get to be your own boss. With that being said, don’t be afraid to do what YOU want to do with your business. Make your own original decisions, be innovative, and reject popular opinions if you so choose. Enjoy having the ability to create your future and control your destiny.
Looking for more information on becoming a better entrepreneur? Click here to learn more about Atlantic Consultants and see what we can do to help your business grow.