EVERYTHING YOU NEED TO KNOW ABOUT ENTREPRENEURIAL TRAITS
In an entrepreneurial sense, this means that if you have a proactive personality you firmly believe that you control the fate of your business. Other factors--economy, competition, etc. --influence it, but you are responsible for its success.
Most can be learned with practice and by developing a winning attitude, especially if you set goals and apply yourself, through strategic planning, to reach those goals in incremental and measurable stages.
Successful entrepreneurs are not created from the same blueprint. They come from different geographic locations, upbringings, income brackets and social classes, as well as education levels. While there isn't a foolproof map to entrepreneurial greatness, one thing is consistent -- successful entrepreneurs all possess the following traits.
PASSIONATE:-
Let's take the most important thing first; find your true passion! We can only be great at things we enjoy the most! Same goes for entrepreneurship; passion is the greatest contribution in an entrepreneurs life. Entrepreneurs perform best when they are able to utilize their dominant natural passion. While education and training may help, having the innate ability will make the job easier. Therefore, entrepreneurs need to recognize their passion and create a consistent effort to nurture them to full fruition.
Is there something that you can work on over and over again, without getting bored?
Is there something that keeps you awake because you have not finished it yet?
Is there something that you have built and want to continue to improve upon, again and again?
Is there something that you enjoy the most and want to continue doing for the rest of your life?
Once you identify your top skills, put your energy into developing them further. With a focus on your passion, you'll be able to point your venture in the direction of success.
CONFIDENCE:-
Entrepreneurs possess self-confidence. They believe in their capabilities and makes sure that they will put in their best effort into their particular endeavors and likewise expect the best results from it. The business world is very competitive and is not a place for the half-hearted. Belief in ones capabilities is very important in achieving any goal, especially in the world of entrepreneurship.
INDEPENDENT:-
Independence doesn't necessarily mean working alone, as successful entrepreneurs have shown. They are able to do whatever is needed to be done to make the venture successful. This is the most common denominator of all entrepreneurs. They want to seize control of their future; thus they decide to become their own boss instead of laboring under the gaze of a master. An entrepreneur has a strong sense of independence and will march forward with a purpose and that is to earn money through her own means and hard work.
TENACITY:-
This trait is known by many names--perseverance, persistence, determination, commitment, and resilience. The world of entrepreneurship is fraught with both success and failure. An important quality of a successful entrepreneur is the doggedness to continue pursuing her goal despite some setbacks and obstacles that she may encounter on the road. This persistence and determination is fueled by a burning desire to achieve her /his goal of succeeding in her /his chosen field of business. Work with complete devotion and take it seriously in order to become a good entrepreneur.
PATIENCE:-
Businesses will always be looking to climb to the top of the ladder in as short a time period as possible. However, you should be wary of taking too many gambles. Just look at the case of Warren Buffett, the deeply conservative trader who has made billion from savvy investments. Buffets approach to trading over the years shows that slow and steady wins the race and this should act as a cautionary tale for small businesses keen to bite off more than they can actually chew. Having said that, you should be confident enough in your abilities to take advantage of favorable trading conditions such as an upsurge in a products popularity when they exist.
CRAVES LEARNING:-
You have to stay sharp, and that requires that you are constantly learning. Industries constantly change and evolve -- only those that are also growing through constant learning will stay ahead. You will always have competitors breathing down your neck trying to surpass you. There will always be someone claiming to be the next greatest thing. Staying sharp, through constant learning, will enable you to stay ahead and avoid getting passed. Read books and wake up earlier in the morning to read industry news -- do everything you can, to constantly learn and absorb new information.
ORGANIZED AND GOAL-ORIENTED:-
An entrepreneur knows the value of organization in a business endeavor. All efforts must be focused towards achieving the goal. A good entrepreneur systematizes every move he/she makes so that less time and other resources are consumed in achieving the goal, yet the goal is the best expected result, nonetheless. A good entrepreneur has the ability to consolidate her resources.
GOOD PLANNER:-
Planning is the most important for entrepreneurs; we must know about new researches in our domain and analyze the business situation accordingly. What is our goal and how can we achieve it should be the part of planning. Planning doesn't necessarily ensure perfect results. No! An entrepreneurs life is full of risks and bumps! And we should be ready for that. Planning simply makes our path more defined more clearly.
CREATIVE:-
The people in this study exhibited creativity in taking an existing product or idea and turning it into a better one. In the business world, you cannot afford to be complacent and un-creative unless you want the competition to move up on ahead of you. Thus, you really have to be very creative you should be able to create new ideas as well as find new ways to solve problems. By this way, you can make sure that you stay ahead of the competition. Creative people are naturally curious, inquisitive, bright and highly flexible when thinking. They keenly observe their environment and have an eye for spotting new trends that could potentially be a business opportunity.
MONEY MANAGEMENT:-
It takes time to get to profitability for any entrepreneurial venture. Till then, capital is limited and needs to be utilized wisely. Successful entrepreneurs realize this mandatory money management requirement and plan for present and future financial obligations (with some additional buffer). Even after securing funding or going fully operational, a successful businessman keeps a complete handle on cash flows, as it is the most important aspect of any business.
MARKETING EXPERT:-
Nobody promotes the business better than its owner. This person is able to clearly convey what the business is about and convince others of its value. No matter if you own a corporate business or running a business at home, you must know about marketing and advertising. Get the review from your clients about your products or services. As, the ups and downs in the business are based on customer in the market, being vigilant about their needs is the best shot! Remember the golden rule of marketing: People do not like to be sold to! When an advertisement on a social media platform or a website is seen with the words BUY NOW or DOWNLOAD NOW or similar people tend to feel they are being forced into buying! So, be polite, let them know the benefits they can harvest from your product or service in order to gain trust!
TOLERANCE OF AMBIGUITY:-
This classic trait is the definition of risk-taking--the ability to withstand the fear of uncertainty and potential failure. Any new venture or growth involves risk. The successful entrepreneur has an instinctive knowledge of how to mitigate and manage high-risk situations. An entrepreneur realizes that loss and failure are inherent in any business endeavor. Thus, an entrepreneur must always be ready to make calculated risks and face whatever consequences those risks might have. Entrepreneurs must have the courage to face failure and start again despite these setbacks. As in all fields of endeavor, the characteristic of a successful entrepreneur is in never giving up and in picking up the pieces and continuing the journey even if failure momentarily obstructs the way.
RELATIONSHIP-BUILDER:-
Entrepreneurs realize that it's the people around them that can help them the most and build relationships with those who can benefit the business for its survival and growth. Having a small budget doesn't necessarily mean that you have to hire uncompetitive resources or have a cheap marketing strategy. There are always resources that are willing to carry out small budget tasks for the sake of experience. Failing to build a reputation is means a total failure of attracting high paying customers. Out of all the entrepreneur traits, making reputation doesn't come through experience or your grades in high school. It comes with being honest and honorable in all your business dealings and interpersonal relationships whether it is between business partners, employees, peers and investors. If there is strong trust relationship, selling products or services then becomes a piece of cake.
VISIONARY:-
One of the defining traits of entrepreneurship is the ability to spot an opportunity and imagine something where others haven't. Entrepreneurs have a curiosity that identifies overlooked niches and puts them at the forefront of innovation and emerging fields. They imagine another world and have the ability to communicate that vision effectively to investors, customers and staff. This vision may be for short, middle or long term, but all visions are to ultimately succeed in expanding ones business.
CONCLUSION:-
The stark reality is that being an entrepreneur is arduous and daunting. Yet for those who are willing to take the path less traveled and commit their lives to one idea, or several ideas, it can be extremely rewarding. If you don't see, traits above, in your own personality today, you can learn from successful entrepreneurs how to build these traits. Knowing where you are already strong and where you need to build strength is the key to your success as an entrepreneur.
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