Successful entrepreneurs can come from diverse backgrounds. But they always have some things in common – the 5 characteristics of a good entrepreneur which puts them on the road to success. Here we take a look at these common five traits, and these are so important in ensuring a successful enterprise.
Starting your own enterprise is far from easy. It will involve many long days, late nights, and a fair amount of your own blood, sweat and tears, especially in the early days.
To keep you motivated through the tough times, it is important that you have a strong passion for what you are doing. This passion will push you to keep going, overcome the doubts, and overcome the many difficulties you face along the way. If you are not 110% passionate about your project, it will be over before it starts.
Successful entrepreneurs also have this in common – they are risk takers, and are willing to take big leaps of faith from time to time. Many highly successful companies would never have gotten started if someone hadn’t had the guts to take a big risk (or two or three) in the beginning.
Giving your new business a chance may involve taking big risks, like re-mortgaging your house or quitting your day job. And you may need to stake it all on opportunities which come along, which may mean risking success and failure on single big decisions – this takes a lot of courage.
This is an important factor for any leader, no matter what field or context you work in. Some hardworking and focussed entrepreneurs can fall into the trap of being to rigid in their approach, which will inevitably jeopardise their success.
If you are not flexible, you risk failing to respond to changing needs and conditions in the market, or overlook different customer needs. Every customer or situation is different, so it is crucial to take a flexible approach.
A great small venture, managed well, can turn into a large enterprise which makes a high profit. However, particularly in the initial stages, cash flow can be very tight and so launching and running any enterprise means being able to balance the budget to perfection.
Not only in the early stages, but in all phases of the business, managing the business’ financials very well is critical to business success. Even if the business is turning over a high profit, it is critical that this profit is managed well to ensure continuing success!
Even the best entrepreneur cannot operate completely alone. Even if your enterprise is a one-person operation, you will invariably need to deal with customers, suppliers and collaborate with peers. To get the most out of these interactions you need excellent people skills.
As your business grows, you will probably take on a team of people to work under you, meaning you will need to be able to lead them effectively, making this one of the 5 characteristics of a good entrepreneur.