TRAITS: 1) Vision, 2) Passion, 3) Persistent, 4) Work Hard, 5) Confident, 6) Flexible, 7) Sell their Idea, 8) Money-Wise, 9) Ask for & accept Help, 10) Resilience.
Your Dream? being an Entrepreneur – especially in times like today when economic volatility has led to deep layoffs in the tech sector and general job insecurity in other industries.
Succeeding. Aspiring Entrepreneurs envision their business as highly successful, allowing them to: follow their passion, run things, have the freedom to come and go as they please to work how and when they want. If they succeed, they could make enormous wealth. If this were the reality, more people would be Entrepreneurs
It’s Hard Work. Unfortunately, this is not the experience for most. Being an entrepreneur can be tremendously rewarding – mentally & financially – but it’s hard work. That is one of the key points to keep in mind before you start down the entrepreneurial path. On average, entrepreneurs work harder and put in longer hours than their employees, while taking on much more risk. Despite the odds, thousands of people launch new businesses every year. Some will be wildly successful, some will muddle along to sustainability and others will fail. While luck cannot be overlooked, success for a new business is mostly the result of the vision, effort & ability of the founding entrepreneur. So, what does it take to effectively launch a business?
10 top Traits of an Entrepreneur:
Successful entrepreneurs have a clear vision of what their business will be and can concisely articulate its purpose, goals & target market. They have identified (and can succinctly describe) the . . .
5 W’s: Who, What, Where, When & Why of their business.
A successful entrepreneur will be passionate about their business. It is hard work, and putting in long hours will be tough – if you don’t love what you are doing. People with passion know what it is that drives them to keep working to achieve their vision.
Entrepreneurs remain tough when the going gets rough. They don’t give up easily. They can accept rejection & failure and are willing to learn from their mistakes. They are willing and able to adapt & modify their plan in order to be successful the next attempt.
- Willingness to Work Hard
Being an entrepreneur is harder than being just another employee. To be successful, the entrepreneur must be willing to put in all the time and effort required – often for little or no pay at the beginning. Successful entrepreneurs recognize the risk and necessary work that achieving their goals will require.
Successful entrepreneurs have confidence in themselves and in their business. They must believe in their ability and in their idea. Every entrepreneur will face rejection & challenges along the way and successful entrepreneurs are those with the confidence to keep going and bounce back after a setback.
Related: 6 Leadership Traits for Becoming a Successful Entrepreneur
Things do not always go as planned. A successful entrepreneur is flexible. They learn from their mistakes and are willing to adapt and change as they go along. They seek out and take advice from others and are open to trying new approaches
- Can Sell their Idea
An entrepreneur must be comfortable selling. Even with a sales team, the leader must be an expert at networking and be able to promote themselves and their business ideas to investors, customers, suppliers & staff.
- Wise with Money
Successful entrepreneurs are good money managers. They prudently invest in design, development & operating expenses and always keep track of the money and manage their cash flow.
- Willing to ask for & accept Help
An entrepreneur needs to be a jack of all trades, but the most successful entrepreneurs know their limitations, realize they can’t do everything and are willing to seek guidance to delegate & compensate areas they are not expert in – to others.
No matter how successful your business, there will be bumps along the road. A successful entrepreneur is resilient and can recover from a setback. They use setbacks & failures are opportunities to learn & grow. They understand that failure is part of the game.
Running your own business can be tremendously rewarding, but not everyone is cut out to be an entrepreneur. Before taking the leap into entrepreneurship, review these traits and ask yourself if you have what it takes to be successful. If you do, you will enjoy the challenge, creativity & journey !!!
Comments: Do you know any other Traits an Entrepreneur should have?
from Startup Nation 2/23 enhanced by Peter/CXO Wiz4.biz
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