21 Attributes of Every Successful EntrepreneurOluwaseun Olayisade
Do you want to be a Successful Entrepreneur?
If your answer is “YES” I salute you.
An entrepreneur is not your everyday business man that just buys and sells rather an entrepreneur is someone that is a risk taker, innovative and determined. He comes up with business ideas as never seen or done and thinks of innovative ideas to refurbish an existing business. Check Wikipedia’s definition of an entrepreneur or as defined by Investopedia.
The end game is not to be an entrepreneur but a successful entrepreneur and for this you must be ready to bear a lot of risks, perform a lot of roles and accept a lot of negative feedback because a lot of people will not encourage you when you pitch your ideas to them. They are not denying you a chance they just need you to grab their attention with what you do.
Therefore to succeed as an entrepreneur there are certain attributes you need to possess and develop. Every aspiring successful entrepreneur should have these in common with the established ones:
Do what you love most. This point cannot be over emphasized; it is quite important because when push comes to shove it is your passion for what you do that will ensure you hang in there to the very end.
- The “Can-do Spirit”.
No matter what happens you need to keep saying to yourself “I can do it too” because things will happen to discourage and distract you; dissatisfied customers, no cash flow, low sales, no sales period, resignation of key staff etc. The continuity of your business depends on if you keep moving ahead despite all odds.
- Innovation (Creative Thinking).
You need to have a constant flow of ideas. Always ask “What next? Why this? What if?” It is the innovation that drives you and eventually makes you a successful entrepreneur.
No matter what is going on you must be able to focus on achieving results. It is essential to focus on one thing at a time to achieve the best results and save time before moving on to something else.
- Ability to Delegate.
Delegation is not just about dishing out work and projects to someone else but you need to possess the ability to delegate assignments to the person with the best ability to achieve the best results else you will waste time redoing what the incompetent person did.
- Risk Taking.
As an entrepreneur you need to take calculated risks, be able to identify when to take risks, when not to, what risks to take and not take. Taking the wrong risks can harm your business like wise taking it at the wrong time. Apply the Best/Worst Case Analysis by Dr. Ben Carson in his book Take the Risk. It entails asking 4 questions before you take any risk.
- What is the best that can happen if I take this risk?
- What is the worst that can happen if I take this risk?
- What is the best that can happen if I do not take this risk?
- What is the worst that can happen if I do not take this risk?
Answering these questions will help you decide if or not to take any risk.
Your level of confidence in yourself and what you do should be at an all-time high. People see your business through your eyes. If you do not see where your business is going no one will.
The road-map of any successful entrepreneur. Set goals for yourself and the business, write them down, break them down and focus on achieving them one at a time.
- Ability to Plan.
This cannot be overemphasized. As an entrepreneur planning everything is of the essence. Plans and Goals work hand in hand. To achieve your goals you need to plan accordingly because if you fail to plan you plan to fail.
- Never Afraid to Fail.
Failure is what pushes every entrepreneur to succeed. Never give up after you experience any failure because failures are part of the process to succeed. Failure opens your eyes to what will not work which eventually leads you to what will work. Ask Thomas Edison.
- Add Value.
In any niche you find yourself endeavor not to think of get-rich quick schemes rather think of how to add value; solve problems. This ensures people keep coming back for what you offer.
- Work Smart and Work Hard.
As an entrepreneur you need smart work (Scheduling and Focus) and hard work (Persistence against all odds).
Become an expert in whatever you do and people will seek you out. This generates repeat business for you thereby making you a successful entrepreneur.
- Invest in Yourself.
As an entrepreneur understand that education is never ending. Keep reading, attending courses, seminars and ask questions. This increases your know-how thereby making you add value.
Build people’s trust for you and your business by being consistent and maintain a great reputation.
Whether you decide to Pivot or Persevere you must be flexible and be able to adapt to the needed changes for your business to grow.
You should have the competitive drive to succeed as an entrepreneur because you will have competition in whatever niche you find yourself. Even if your business is so unique others will join you in that niche to compete with you. At every given time take into account what your competition is doing that makes them tick likewise know their mistakes and failures so you do not repeat same.
- Time management.
This is a key factor in being a successful entrepreneur. As an entrepreneur you find yourself wearing many hats (performing many roles). You need to have the ability to effectively manage time by doing the most important things first.
Successful entrepreneurs are a product of the training they gave their minds. They know where their business is going and they go all out to take it there. A mind that has not been trained to succeed cannot succeed. A disciplined mind does not throw in the towel after a setback neither does it entertain negativity.
The will to succeed even when discouraged. As an entrepreneur you will face so many challenges beyond your control; unfavorable government policies, economic downturn, competitors that play dirty etc. it is your will to succeed that will keep you going.
Do not just take, take and take also give. Give your time, money, advice and whatever you can to the community and smaller businesses alike.
If you feel you do not naturally possess most of these attributes do not fret because you can always learn them. Learning only stops when we die.
If there is an important attribute a successful entrepreneur should possess that I left out do feel free to comment. I respond to all comments and learn as well.