Top Traits: Savy, eSkills, Intell, Knowledge, Experto, Creativity, Patience, Credible, Confident, Decisive, Tenacious, Action-Oriented, Flexible, Focused, Organized, Teamwork, Listening, Optimistic, Self- Confidence, Risk-taking, Persistence + 7 more.
NOTE: The key success factors on this list are sorted according to their importance to your success as an Entrepreneur – per Peter/CXO Wiz4.biz.
Intro: Starting your own Business is a big step. You want your passion to be recognized and appreciated by people who share similar interests and/or your Customers. Maybe they didn’t know they needed something until you introduced it to them! Yes, the process is intimidating, but being an Entrepreneur also means you are the creator of your own success story. While you may not know exactly where to start, here are some Traits to develop (if you don’t already have them), to become successful.
To an Entrepreneur, technology is one of yoiur most valuable tools. Stay on top of the latest tech – both in general and in your specific industry. New technology can save you time & money in performing essential Business functions, help you stay organized, & pave the way for new solutions your company can provide.
- Entrepreneurial Skills.
Each Entrepreneur and each Business will need different Entrepreneurial skills that in some cases can be crucial to the success of their companies. If you have the knowledge, but you don’t have skills that can be covered only through implementation of what you have learned, you can’t expect that you are close to the success. As you can see, you will have skills if you take action, implementing what you have learned.
- Entrepreneurial Intelligence (EI).
You must be intelligent to manage all possible situations and solve the hardest problems that will be the most consistent thing in your Business life. Your intelligence will additionally bring uniqueness to your company, because it is something that can’t be copied from others.
4. Business Knowledge
Entrepreneurs are persons who must have superior knowledge about specific Business issues for the Business that they have started. Your knowledge will increase your Business smoother flow- and in large part – will contribute to the success of your company.
5. Ideally, an Expert in Your Industry
Know everything there is to know about upcoming trends, popular competitors, & product or service developments that can help you gain an edge. Subscribe to industry magazines & white papers to keep up with current events. Attend as many Networking & Training events as you can. In addition to teaching you more about the Industry, going to these events allows you to network and get your name out there as an expert.
You must be a creative person if you want to be unique enough and with the power of continuous improvement in your Business. The creativity will increase your energy that will bring many possibilities for your company.
You must be patient and ready to continue even you lose the first battle. It is important because the war is still not finished. This is only the beginning of your journey as an Entrepreneur. You need to understand that your Entrepreneurial journey isn’t an easy journey from A to B.
Take ownership of what you do. Show your Team & Customers what you got. Your passion for your company should shine through in everything you do. Use it to cultivate your reputation in the industry so customers know and trust your company.
Without it, your goals are nearly impossible to meet. Have a vision for your Business, both short & long-term, and have the gusto to accomplish them. Be realistic, but passionate about overcoming obstacles. Take every opportunity to promote your Vision and sell others on it, as well. If you believe in yourself, then your Team will believe in you, too. It took a lot of courage to open your Business, so don’t let the energy fizzle out. Celebrate every victory & milestone.
Once you have a plan, make it happen !!! Don’t second guess yourself, or wait for “the right time”. The only strategy worse than a failed strategy is the successful strategy you never executed.
You will encounter more than a few “No’s” in your pursuit of a “Yes” Don’t give up. Follow up regularly with your Prospects & Contacts to keep their attention. You never know when a Customer’s needs will change, or when a contact of yours is looking for exactly what you offer.
This is the first and most important factor for aspiring & current Entrepreneurs. All other Entrepreneurial key success factors, are not as important if you are a person who afraid to take real action. Actions are something that can lead you to the success. Without actions, you can’t expect to become a successful Entrepreneur.
Always maintain a sense of flexibility with your plans & ideas. If an idea isn’t working, stop it and try something new. A good Entrepreneur explores all options & isn’t stubborn to change. Keep your Schedule flexible as well. Your time is valuable, and no one needs round-the-clock access. But, be willing to put in some unconventional hours to get the job done.
14. Focused & Organized
Write, follow & review a Business plan (or at least an Executive Summary) – Wiz4.biz can help you there. Continually prioritize your To-Do List, update your calendar, & create a clutter-free work-space. Reduce or eliminate unnecessary distractions during your work time – so you can devote your attention to setting & meeting goals. Be sure not to cram too much into your day, however. always Prioritize – Pay attention to the most important things at the time and get them done. That way, you can stay on track with your work.
Nobody can achieve anything alone so, this is also true for you as an Entrepreneur. You are not a “Superman.” As an Entrepreneur, you must be a Team player for your own and your Businesses success.
16. just Listen
Listen to every stakeholder & ask for input. Others may have ideas or concerns that you haven’t yet considered, and your Customers will tell you exactly what they want. You have the right to make final decisions, but if you can take their feedback into consideration you will build a loyal Customer base & a committed Team.
Always be optimistic, even when you don’t feel it. If your audience sees that you believe in what you are doing, they will have more confidence in your ability to do it. Maintain a professional demeanor with regard to your competition. It is perfectly acceptable to highlight your competitive advantage, but it is never acceptable to badmouth your competitors. Remember: the Entrepreneur you’re up against is in the same boat as you. Don’t try to sink his boat !!!
- Self-Confidence as a key Success factor . . .
is a significant and key success factor for Entrepreneurs. I think that nobody will become an Entrepreneur – if s/he doesn’t have self-confidence in self – primarily related to start & manage their own Business.
- Risk-taking, but Calculated Risk.
This is indeed one of the most critical questions: Are Entrepreneurs taking enough Risk? Yes, each Business startup is at some level risky. However, more important is how a successful Entrepreneur takes a Risk? You need to use Risk management principles if you want to succeed.
- Persistence . . .
is simply a refusal to give up for something, or ability to keep your actions against your personal feelings that you’re not ready for these actions. Feelings and motivation didn’t produce results. The action is something that will provide the results you want to achieve. So, remove your feelings that pulled you back, and with the whole power continue on your journey.
21. Financially Responsible
Know exactly how much $$$ is coming in and from where + how much is going out and to whom – Cash Flow. Avoid a financial surprise that could severely affect your startup apart. Maintain organized records & Customer files to help your Business run smoothly. After all, one of the biggest threats to an Entrepreneur is letting payables & receivables get out of hand.
22. get Involved
Building community support is essential to driving future success, so demonstrate a willingness to give back. Participate in or sponsor local events & orginiations, stay on top of local politics, and give your neighbors the chance to know & respect you as a community figure & Entrepreneur.
More connections means more possibilities for building a successful Business. (ie, go for over 500 on LinkedIn.
Being an Entrepreneur means asking for help from time to time. Don’t forget to commend the people who come to your side when you’re in need. Don’t try to take on too many responsibilities; instead, recognize your needs and weaknesses and build a Team that fills those gaps.
25. an Advocate
Be the consummate Salesperson to prospective. Ask questions and pay careful attention to the answers. Show customers how your product or service can benefit them – rather than rattling off a list of features. Make sure you play up your company’s advantage over competitors. (ie, Better, Faster, Cheaper) Never be afraid to ask for the sale !!!
- finally Luck . . .
is a psychological factor. Some people can say that they aren’t lucky persons. And indeed there are some “lucky people” who just accidentally found the right place at the right time with the right idea.
27. a Balanced Life
Finally, respect your passions outside of your Business venture. It can be tempting to throw yourself completely into growing your Startup, but if you don’t take “you time”, you will eventually burn out. Make a conscious effort to step away from your Business. Or, better yet, set aside regular periods of work-free time. Read a book, hike a trail, or spend time with your family to recharge & regain the energy & focus you need to keep going.
Conclusion: The challenge of building a Startup can seem overwhelming, but everybody has the potential to discover and refine these Traits. Believe you can succeed and you will !!!