7 Essential Traits That Every Entrepreneur Must Possess
Entrepreneurship will turn out to be one of the most rewarding experiences once you’ve tasted the fruits of your labour. When you start out though, it may not be so nice to you. You will have to toil through countless hours and sleepless nights just to get your business off the ground. You encounter obstacles that stories of Steve Jobs, Bill Gates and Jeff Bezos never cared to mention. Is being a successful entrepreneur genetic or can it be learned? Here are some traits that are essential for any entrepreneur to be successful. Over time, you can even learn to imbibe them into your life and career.
Passion to Power Your Business
The motivation to wake up every day and give your business everything you’ve got will only come from a deep passion for it. If you’re not giving it your all, you might as well shut down your business. The reason is that a half-hearted approach is only going to sustain your business to a certain point after which it will face an impending collapse. Without a healthy dose of passion for your business every hour of every work day, it is going to be a struggle for you with a whole lot of stress.
As an entrepreneur, you will meet and build relationships with many different kinds of people during the course of your career. This includes employees, vendors, business partners, other CEOs etc. Your primary tool to win all these individuals over is going to be your confidence and self-belief that you use to conduct business every day. It is going to win you anything from successful business deals to great employees.
Clear Headed Risk Taking
An entrepreneur understands that without risks, there can be no gains in terms of business or relationships. Once you’ve established that fact, you can calculate all the risks before making decisions. Risk taking will not be an issue for you once when you get the rewards of your first risky move. On the other hand, hasty and thoughtless risks can threaten to pull your business down. Therefore, you will have to find a balance between these two for the sweet spot.
A successful entrepreneur is a sponge of information. With the changing world, you will have to understand that learning is going to be a lifelong activity. Also, this will help you stay sharp and stay ahead of the curve. Reading is like an update to your brain. Research shows that the most successful entrepreneurs read 3 to 4 books per month. Making this a habit is going to put you in a position to better understand your business ultimately benefiting you.
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Adaptability to Change
Change is the rule of the universe. And just like Darwin’s theory of natural selection, the only entrepreneurs who are going to survive are the ones who adapt to change. Industries are constantly changing and you will have to be honest with yourself if your business is working or not. Adapting to market changes is going to be one of your biggest saviours.
Determination & Resilience
You are going to fail at multiple points in your career. It is a fact that is going to help you as soon as you accept it. Failure or rather your reaction it is going to define you as an entrepreneur. Successful entrepreneurs are made to take failures in their stride and learn from their mistakes to never repeat them. You too will have to get back up, dust yourself off and continue doing business.
If you are going to be an entrepreneur whose main goal is to reach into consumers’ pockets and take their money, your successes are going to be limited in the long run. A truly successful entrepreneur will have the vision to innovate a new idea or improve existing products or services. Without a vision your business will lack substance and your customers, business partners and dealers will see through it. However, take Jeff Bezos for example. He built the largest online marketplace in the world. He started out exploring online retail with a customer centric approach. This ethos became the basis for Amazon which permeated its entire corporate structure and now has the presence all over the globe.
Ultimately no matter what background you come from these traits that can be learned over time can put you on the path to entrepreneurial success.
Anastasia is a mechanical engineer by education and a writer, blogger and counsellor by profession. She has written extensively on Mechanical Engineer Jobs opportunity in India, professional development and self-motivation. She is also a business development professional who freelances for different corporate clients.