Five Key Traits of a Successful Entrepreneur
Entrepreneurship can be a rewarding career path. You often don’t have to answer to a boss, you create the company’s culture and vision and there’s unlimited earning potential. It can also be challenging. When you first start, you may not have enough funds to hire employees, so you are handling a lot of tasks yourself. You have to put in long hours to get your company off of the ground, and you might not make a lot of money at the beginning of your venture.
In other words, being an entrepreneur brings ups and downs. What sets the great entrepreneurs apart is how they handle the roller coaster. Entrepreneurship is not for everyone—if it were a lot more people would be doing it. The ones who succeed tend to have similar traits.
Take a lot at these five key traits of a successful entrepreneur.
Good Leadership Skills
Once you’re in a position to hire staff to help you, they’ll look to you for direction, motivation, and guidance. If you’re unable to lead effectively, your company will have a tough time moving forward. A good leader must bring a group of people together to work towards the same goal in such a way that team is motivated and works to achieve a goal as a team, writes the Minority Business Development Agency. A good leader also earns their team’s trust and respect by displaying positive work qualities and confidence.
Things change quickly in a startup environment—are you ready for that? Good entrepreneurs are nimble and can change based on what the job that day requires. Although you may possess a certain skill set, it’s crucial that you can shift as needed, Pittsburgh-based career coach Karen Litzinger told Monster.com. At a new company, everybody has to do a little bit of everything; if your team sees you doing things that fall outside of your job description, it will be more willing to do the same.
It would be great if everything went according to plan at your startup, but unfortunately, that is not the case. At one point, you’re going to have some sort of setback. That’s nothing to be ashamed of or to prevent you from giving your business venture a try. All entrepreneurs experience failure throughout their journey—some more than once. The successful entrepreneurs are ones who got back up after failing.
When you hit a speed bump, don’t give up. Instead, learn from the mishap, determine what went wrong and make the fixes needed to make sure it does not happen again. Every setback is a chance to learn and become a better entrepreneur.
You may have all the skills and smarts to start a business, but it won’t be enough to make it a successful business without the drive. Growing your business, increasing sales and bring new employees on board will all be key parts of your business succeeding. Unfortunately, some entrepreneurs see how challenging accomplishing all off this will be and give up. It takes a certain level of determination to want to start a business, but it takes another one to do what it takes to create a sustainable, profitable business. The successful entrepreneurs’ determination to hit every goal they set is one of the main reasons their businesses made it.
Willingness to Learn
You got a business up and running, so you obviously have some knowledge. If you want to keep your business going, don’t stop acquiring knowledge. It can be tough, especially when you’re first starting out, to take time out for education, but you will be a better entrepreneur and business owner for doing so. Along with learning how to run a business effectively, you should be keeping up with what’s going on in your industry. This will help keep you informed and ensure the industry, and your competition does not pass you by.
Bonus Trait: Good Writing Ability
OK, this is more than a skill set than a trait, but it’s still important. Depending on what your business is, you may think you writing well is unnecessary if it isn’t part of your day-to-day job function. Even if that’s the case, you will have to write at some point, whether it’s a business document like a funding request, social media posts or even emails. Anything you write reflects on your business. So, how does it look if the head of the company sends out poorly written documents?
Sure, you could hire someone to write these things for you, but if that’s not in the budget, it’ll be up to you to know how to write well.