By admin June 26th, 2022

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What Are the Qualities of Successful Entrepreneurs?

Being an entrepreneur is an empowering experience — it gives you a sense of freedom. That being said, being “successful” as an entrepreneur isn’t exactly like taking a walk in the park… It’s unusually demanding. To master every aspect of the business, you need to have all that it takes — a clear mindset, expertise, and certain qualities. 

So, what skills do you have to develop to become a successful entrepreneur, and what qualities make you stand out in the crowded market? It’s not just about taking big risks and being optimistic or motivated — there’s much more to what shapes your attitude.

Quality #1. Unwavering Passion

“Whether you’ve found your calling, or if you’re still searching, passion should be the fire that drives your life’s work.” – Michael Dell

Entrepreneurial success can be distilled into a simple yet powerful mantra – follow your passion and don’t give up easily. Without a genuine love for what you do, your efforts are likely to be lackluster and lack the spark necessary for success. However, when you are deeply passionate about your business idea and goals, you will find the motivation to persevere through the hard work and overcome any obstacles that come your way. By forging your own path, you’ll learn from your experiences and continue to build upon your knowledge. 

How to discover your passion?

To begin your journey towards discovering your passion, start by shifting your perspective. Instead of thinking about what you should do, focus on what truly brings you joy and satisfaction. Consider what would make you happy to wake up to each morning, beyond just the potential for fame and fortune. By approaching things in this way, you’ll be able to identify where your true passion lies, and avoid pushing yourself into unfamiliar and potentially uncomfortable territories.

Quality #2. Self-Motivation

“Success is walking from failure to failure with no loss of enthusiasm.” – Winston Churchill

Motivation is crucial for keeping you on track towards your goals, no matter how ambitious they may be. Successful entrepreneurs didn’t rely on others to motivate them, but instead, found the drive within themselves to keep pushing forward and fueling their passion. By cultivating this inner motivation, you too can become unstoppable in pursuing your dreams.

How to stay motivated?

Zig Ziglar famously stated, “People often say that motivation doesn’t last. Well, neither does bathing – that’s why we recommend it daily.” But how can one turn motivation into a daily habit? It all starts by setting concrete and attainable goals. Break down the larger goals into smaller, practical bullet points. Celebrate each milestone you achieve by rewarding yourself. Surround yourself with high-achievers and individuals who share your values to provide support during difficult times. Lastly, when you encounter your passion, listen to that inner drive, visualize it on your vision board, and let it guide you towards success.

Quality #3. Tolerance for Risks

“You don’t learn to walk by following rules. You learn by doing, and by falling over.” – Richard Branson

You must always remember that risks are part of your journey, right from where you start to where things end. Who hasn’t heard of the story of the founder of KFC, Colonel Harland Sanders? He had a humble start and failed a thousand times before he finally succeeded at the age of 65. His story is tragic, but it also continues to inspire many entrepreneurs today. He didn’t live a life of luxury, but despite constant failures, he got back in the game with even more drive. This serves to show that age is just a number, and people who give up after only a few unsuccessful attempts find excuses not to move forward. To succeed in entrepreneurship, you need to have high-risk tolerance, or the setbacks will crush you.

How to harness the power of positive risk-taking?

Entrepreneurs are risk-takers, but what makes them bold is their ability not to feel ashamed of their shortcomings. In a world that’s continually evolving, you aren’t guaranteed a promising tomorrow. So, get into the habit of having your backup plans ready. If you have a Plan B, you’ll feel less anxious and be able to move past your mistakes. You must also learn about your industry, customer behavior, market dynamics, and everything surrounding your business. After all, the more you know, the less likely you are to fail.

Quality #4. Leadership

“A leader is one who knows the way, goes the way and shows the way.” – John C. Maxwell

There’s no standard or one-size-fits-all approach to leadership. It pretty much depends on what your employees need, the kind of culture you’re trying to build, and how you’re doing your best. Be the one who motivates others to accomplish a common objective, and don’t just give out commands.

How to network and lead more effectively?

Stay in touch, always. Take every opportunity to give and receive from your networks, whether or not you need help. In addition, communicate skilfully, be more sincere with your approach, be a savvy negotiator, and learn to manage conflicts. Make sure you treat people with dignity and respect. If you have that kind of compassion and empathy, you ‘re on the right track. And remember, one voice can change the room, so you’ve got to be that voice!

 Quality #5. Openness to Change

“Some people don’t like change, but you need to embrace change if the alternative is disaster.” – Elon Musk

When the going gets tough, entrepreneurs get tougher. Success comes only after that. Once you master the willingness to tolerate risks and have that unshakable passion within you, you will be open to change – both intentional and those beyond your control.

The world is changing, so you must be prepared to transform yourself for when you need to. Successful entrepreneurs will find opportunities in every changing turn. I know, it’s not a small feat, but seeing changes as opportunities gives you the power to avoid distractions. So, realize that change is inevitable, and it only helps you conquer your fears.

How to adapt to changes?

In this fast-changing corporate climate, your skills must also be updated. So, build as many skills as you can, embrace technology, speed up, learn to accept uncertainties, own up to your mistakes, know your niche, and act as an entrepreneur. It’s your venture, your responsibility, and your reputation and your money that’s on the line —  go about tackling changes with the highest desire to turn it into the best possible situation.

Quality #6. Competitive Attitude

“Winners never quit, and quitters never win.” – Vince Lombardi

Business isn’t all glitz and glitz and glamour — it can often be evil. Face it. Some come out on top, while others end up losing. There is no reward for participation here, so your ultimate goal must be to outperform the competitors. If you don’t have that kind of thirst, you’re going to fall far behind. You’ve got to be competitive to make it big — make sure you ‘re always working hard and don’t settle for the second-best. If you do come out as second best, though, make sure that you strategize your plans to surpass that level quickly.

How to be competitive?

Many of us feel uncomfortable with the idea of going toe-to-toe. When I first started out, even I was hesitating. But what kept me moving was the idea of who’d benefit if I won — my family, my team, and my community. Competition doesn’t mean that you wish someone wrong or knock someone down —  it’s just a way to help you outgrow your shell and be the best version of YOU. So nurture your vision and let your audience benefit from your victories. You don’t have to harm others but look for smart ways to make your product win.

Quality #7. Willingness to Learn

“Rule No. 1: never lose money. Rule No. 2: never forget rule number 1.” – Warren Buffett

It’s elementary —  successful entrepreneurs need funding to succeed. But that’s not all; you need to know your business, finances, taxes, industry, and ethics, among other things. And if you’re not going to do this on your own, you still have to be patient enough to listen to those that do. So think of the bigger picture — things that you learn today will help you in the future.

How to develop business skills?

Some people have an innate ability to understand the specifics, while others may acquire them later in life. What you need is your willingness to absorb. So, meditate, read case studies, draw inspiration from movies or books, listen to lectures or podcasts, embrace changes, learn to take criticism, get acquainted with your business, and have the right mindset. Take in all that you can and explore around when you don’t understand. Don’t hesitate to ask questions — it’s another way to grow your knowledge.

Quality #8. Creativity and Innovation

“Innovation distinguishes between a leader and a follower.” – Steve Jobs

At some point, even the most creative business minds hit the ceiling. But they bounce back to being their creative selves again. If Ingvar Kamprad, the founder of IKEA, had not drifted away from the path of traditional furniture trends, how could he get years ahead of his time and introduce modular furniture to the world? Creative thinking and a quest for innovation keep you motivated even in tough times, making you the name you strive to achieve.

How to stay creative in business?

I know, you can’t always be creative in business. But consistency and the willingness to seek what’s out of the box are the keys. So, let’s take a look at a few ways in which you can promote creativity: 

• Be diverse — two heads are better than one. 
• Grinding continuously hinders productivity — give it a break. 
• Don’t keep your back to the wall at all times — loosen the pressure. 
• Move beyond familiar patterns or business walls — change your physical environment and watch things beyond your niche. 
• Accept failure — Move on and come up with fresh ideas.

Quality #9. Ability to Bounce Back From Difficulties

“I don’t measure a man’s success by how high he climbs but how high he bounces when he hits bottom.” – George S. Patton

Times may get tough, and things may not go as you planned, but always have faith in your idea and yourself. Learn to trust the process and exude confidence in everything that you do. This gives you the power to claw back from challenging situations and carry out your plan with even more control and passion. Life —  as an entrepreneur — is not easy, but successful ones tend to remain strong in adversity. So no matter what life throws at you, keep on marching with that resilient aura.

How to withstand challenging conditions?

There are 7 C’s of resilience that form its pillars. These include:

• Competence
• Confidence
• Connection
• Character
• Contribution
• Coping
• Control

When you instill these qualities, you get the ability to survive when times get tough. If you want to succeed as an entrepreneur, trust your ability to keep moving forward. Learn from your mistakes and take feedback, so you grow exponentially. Indeed, certain things are just beyond your control, but learn to identify the things you can control and change those. The situations you cannot handle must equip you to let go and spend your energy on more important affairs.

Quality #10. Stern Determination and Decision-Making

“In every success story, you will find someone who has made a courageous decision.” – Peter F. Drucker

Commitment, determination, and perseverance go hand in hand. This is the go-get-’em attitude to keep you working when everyone tells you not to. Without these, you’ll not get anywhere. To bring ideas to life, you must be willing to go to extreme lengths. You may have to walk a difficult and desolate path at times – but to make it big as an entrepreneur, you have to pull yourself up and make the right decision.

How to get better at decision-making?

Weigh the pros and cons, but don’t overthink – it speeds up the process and helps you focus on essential things. Overthinking will keep you from heading in the right direction. So:

• Create a productive environment (maybe your comfort zone in the initial stages)
• Analyze situations thoroughly (break complex tasks into many smaller ones and work on those)
• Explore workable solutions (practical and beneficial to the purpose)
• Generate practical alternatives (Plan B or C if A won’t work)
• Evaluate plans in detail (ensure you haven’t left anything crucial behind)
• Consult before locking options (there’s no harm in asking)

I’ve noticed that new-gen entrepreneurs want to chase their dreams, no matter what. For them, entrepreneurship has become a vocation, a call, and a mission. They’re better educated, don’t favor hierarchy, and are unapologetically entrepreneurial by spirit.

A successful entrepreneur is the one who has his or her own unique qualities (probably the same ones listed above), who believes in his or her vision, who has a worthy objective, who is ready for changing (and challenging) trends, and who always has a concrete plan of action ready.

These abilities can be improved by time. You may gradually recognize what you’re passionate about, or you may fail and then learn about business ethics. But that’s the beauty of it. If you have a spark, you can distinguish yourself as a leader, a successful entrepreneur, form the followers, and the rest will line up.

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