In addition to being top entrepreneurs Bill Gates, Jeff Bezos, Henry Ford, Oprah Winfrey, and JK Rowling, what they have in common is that they have some entrepreneurial traits that make them stand out from the crowd. In this rapidly growing competitive World, the startup ecosystem has become a magnetic force that attracts more and more visionaries to begin their entrepreneurial journey. However, 90% of enterprises fail in the first 5 years of existence.
This is because they lack the knowledge and skills needed to become an entrepreneur. It is not possible to start and move forward overnight. But if one wants to taste success in the future, one has to work hard and have certain entrepreneurial qualities to manage the enterprise and everyone associated with it.
Tips for Becoming a Successful Entrepreneur
Here are some proven tips to help you understand what it means to be a successful entrepreneur.
The main reason why many entrepreneurs are inadequate and unsuccessful is that they lack their own discipline, and this is the basic requirement of any leader. Successful entrepreneurs are disciplined enough to take each step very precisely towards achieving their own goals and avoiding distractions. For example, Warren Buffett, one of the wealthiest businessmen in the world, has refused to pay attention to just about anything outside of work so he can focus on his ultimate goal.
Passionate people can change the world, and in passionate entrepreneurs the secret to success is so in all areas of life, passion is everything. Following passion is the secret to overcoming setbacks as an entrepreneur. It is also a secret weapon that will help build resistance against all opponents who will question his opinion. Entrepreneurs who are passionate about their work achieve success much sooner than others. They are more persuasive, motivated, have a wider network and more social capital. According to Steve Jobs, the only way to do great work is to love what you do. If the person does not like what he is doing and has not yet found it, he should continue until he finds what he is looking for and not give up.
As an entrepreneur, personal integrity is critical to getting and protecting the support of investors and team members. It is the quality of being honest and having strong moral ethics and values. As an entrepreneur, integrity acts as a driving force in achieving goals. Jon Huntsman, Sr. stands out as the leader of an immense integrity. In his book, Winners Never Cheat, he wrote that although bribery offers a temporary advantage, it cheaper the way business is done, enrich only a few corrupt people, and mock the rules of the game.
Building a successful business is like climbing a mountain: it’s often an uphill battle, but the top view is very spectacular. Persistence is a necessary part of reaching the top, and vital to creating success as an entrepreneur. It is an indispensable quality that goes hand in hand with all the great successes in life. When Henry Ford began his career at the age of 23, he suffered a huge loss. The result of his persistent efforts has achieved a spectacular rise with the establishment of Ford Motor Co.
This personal quality is very important to entrepreneurs and an entrepreneur must be identified. Realization of any event or scenario can only be a successful opportunity if it is known before. An open minded attitude is required for this recognition. Open-mindedness enables the entrepreneur to know and learn from the competition. When Jeffrey Preston Bezos founded Amazon, he was aware that his company had to focus on a specific problem in order for his small businesses to move forward. This awareness so that he and his company focused on customer satisfaction. As a result, Amazon was able to properly prioritize projects while avoiding initiatives that diverge from the corporate mission.
Confidence is the key entrepreneurial skill for success. It is about how a person feels his talent, opinion and execution. It helps to increase the level of success as it increases self-esteem. I can make a confident entrepreneurs mindset; they don’t expect anything to happen. Therefore, trust needs quality for every entrepreneur.
A good entrepreneur needs to be a self-starter. It is a person who starts spontaneously, seizes a new window of opportunity and starts working or undertakes the project on his own initiative. Those who are spontaneous do not expect others to come and help them. Entrepreneurs need to improve this quality as it removes initial doubts and makes them more efficient to achieve their goals.
Walt Disney had a childhood who lived on the farm and painted cartoon pictures of his neighbor’s horses. He believed that his passion could be turned into a successful career and that he started his journey as a leading animator. We had to witness Mickey Mouse because of his startup attitude, and thousands of Disney characters are developing the animation industry as it is today.
Imagination and creativity are the keys to turning core ideas into concepts and then into reality. Creativity not only helps entrepreneurs create creative products, but also enables them to find new markets or niches. It also helps break the boundaries of entrepreneurship by helping them come across innovative value propositions and to market their products in ways no one else does. Creative entrepreneurs are more skilled at dealing with their problems effectively and efficiently and developing innovative solutions to world problems. For example, when considering Whatsapp, most people do not know how Whatsapp makes money even though they interact with businesses all day in the same application.
Entrepreneurs should always be ready to compete and be competitive. Many well-known companies are at the top of their competitors because their entrepreneurs know how to deal with competition in the market and maintain stability and growth. Mark Zuckerberg, the founder and CEO of Facebook, the world’s most popular social networking site, scripts Google +, Snapchat, Myspace, etc. He has analyzed it in more depth than its competitors. It has and continues to bring more creative and effective solutions to every challenge. This entrepreneurial quality keeps it in a place where no competitor is even close to where it is now.
Without planning, work becomes directionless. Anyone considering a must-have entrepreneurial quality or starting a business should plan. A plan sets goals and keeps business on track on the journey to achieving those goals. Entrepreneurs need to be good planners because the ecosystem in which they do business is highly dynamic. And it is heavily influenced by internal and external factors that require both long-term monitoring and planning, as well as immediate re-planning.
A positive attitude and outlook is essential for successful entrepreneurs. Being an entrepreneur doesn’t mean starting a company, it means building the mindset and attitude to overcome success, failure, and fears. All of this may be possible if the person has a positive vision of life.
Author: Ozlem Guvenc Agaoglu