So you like to know about common characteristics of a successful entrepreneur?
Chances are that you intend to become one.
Cool. Your reasons – to want to be a successful entrepreneur – may be different than mine.
I got started because I heard and read so much about new business opportunities and business ideas on the web, TV, magazines, newspapers etc.
What is your reason?
Whatever it be – there has never been a better time to start and grow your business and become the boss. Start up costs are the lowest they have ever been. You have massive distribution channels like the web and mobile apps – needed for growth. Money is readily available for right projects.
Ideas and opportunities are there for everyone to see. But most of us – just ignore such ideas and opportunities because they think they cannot start or run business. They fear failure, and do not want to take any risk.
At the same time, there are a people who look out for ideas and opportunities. They tend believe in their capabilities and have faith that they will succeed eventually. More over they want to be their own boss.
Check out the traits of a successful entrepreneur below.
You do not need to born with most of these and can develop with time and practice. Put these in action and you will be close to your dream of becoming a successful entrepreneur.
1. They get started.
Before you can become a successful entrepreneur, you need to get started as an entrepreneur.
Make a prototype of that idea that you have been thinking about for ages.
Get started and bring your idea out in form of a product or service.
2. They develop an eye for opportunity.
It may not initially be there but they develop in with practice.
The story of two shoe salesman come to mind.
“A famous shoe company sent one of its salesman to an island to survey the market for its product. The salesman reached there and met with these citizens who were cut out from modern world and did not wear shoes. The salesman got discouraged. He came back and wrote in his report – No one wears shoes. No market for our product.
The company then sent one of their younger salesman – who has been very successful and converted their low profit territories to high profit in few months. He reached the island and observed the same things – island dwellers who did not wear shoes. He came back and wrote in his report – No one wears shoes. We can sell shoes to everyone. No competition. Huge market.”
The second salesman thought like an entrepreneur – saw an opportunity when others saw none.
3. They understand that success may take time.
In a business – revenue comes later than you think and expenditure are almost always more than what you expect them to be.
If you want to be successful – be in it for the long haul.
Give yourself 18 months to get your established.
But do not be lazy thinking that you have 18 months to try out things. Give your best and try to be find revenues and profits as soon as you can.
In some rare cases – revenues may not be your goal. Facebook bought Instagram for a billion dollar – it had no profits. But not everyone succeeds at creating a disruptive application. You can try though.
If you act everyday and be in it, success will come your way.
4. They are a mix of rigid and flexible.
They do not compromise with the quality of product and value they bring to their customers. So they are rigid about their values and focus.
They are flexible when it comes to changing things that do not work. They adapt to market conditions and change their product in sync with what customer wants.
5. For them everyday is a day to learn new things.
Mark Cuban who sold Broadcast.com to Yahoo for more than $5 billion in 1999 – read industry journals and updated himself everyday with new information. He used it as his competitive advantage – and think that it is important if you want to succeed in your business pursuits.
So take time to learn new things about your area of work every day and a little bit outside it.
It also does a ton to boost your confidence – that you almost know more than anyone else in the room.
But do not be arrogant and overconfident please. There may be people who are arrogant and successful – but why not be the nice and successful. Your call totally 🙂
6. They add value wherever they go.
Many successful entrepreneurs start in a job.
Even when they are working for someone else, they think about adding value.
They think about sharing ideas when they have nothing else to share.
7. They are good with people.
This is not essential if you have a public facing co-founder. In case you are a single owner then this skill is a must.
You will need to work with people – customers, vendors, employees, contractors – so it helps if you have good people skills.
8. They are good with money and love profits.
They are not penny wise and pound foolish.
They spend to develop new business, reinvest profits and invest in learning.
They also do not overspend in buying fancy gadgets and offices in initial days of business building.
They have an eye on their bottom-line (profits) and top-line (revenues).
They preserve and save money to invest when an opportunity comes up.
9. They are courageous.
They are not afraid of what people around will say about their actions.
They do not things for their own reasons – not because it is fancy.
They understand that they may fail but they are not afraid to take a decision and move in the direction of the dream.
Now I have a million dollar question for you –
Are successful entrepreneurs – LUCKY or SMART?
Write what you think in comments.