10 Killer Entrepreneur Characteristics
Do you think you have what it takes to start your very own business? What are the ‘killer’ entrepreneur characteristics needed to be successful?
Starting your own business requires many different qualities and skills to ensure your business is a successful one , so I’ve compiled a list of 10 entrepreneur characteristics that might help you decide whether you too could be an entrepreneur.
1. Commitment and Determination – Do you have them?
These are two qualities which you MUST have if you wish to have any success in any venture you take. Without Commitment you will lack the drive needed to push on and get through the bad days. Without determination you will see failures as just that , failures….. instead of seeing them as learning opportunities.
You have a great business idea. But are you passionate about it?. Do you actually believe in the product or service you are trying to sell , or are you in it for the cash and nothing but the cash?. Selling your customers something you don’t believe in , or you know isn’t that great a product , will only frighten them away from buying from you again , and that’s one less customer. Passion and Energy about your products or services are vital to ensuring you progress as a business , if you don’t believe in yourself then other people wont either.
Entrepreneurs are generally innovative. Whilst not necessarily inventors as such , they are very creative individuals who have the insight and vision to spot opportunities and act upon them. They have the ability to create new niche’s in area’s that people might not have previously thought of , and turn their ideas into a solid money making business strategy
100% of your time will be needed to make your business work. Do you have the commitment to endure the endless hard days of work that’s needed to keep your venture going?. Your family and friends will have to be put on the back burner for a while , so you can concentrate on the matters at hand. Even the comfort of a monthly pay check or salary might have to make way so you have the 100% of time you need to ensure your business’s success.
All entrepreneurs at some point will have to make a big decision that will either make or break their business. There will be times where everything is going wrong and the monthly profits are not enough to cover your expenses. The bills aren’t getting paid , and you are struggling. Do you have the courage to dig deep , and not crack under the strain?. Having courage will help you make the right decisions for your business , and will keep you rooted while things aren’t going too great. Courage is a vital entrepreneur characteristic to have.
Set up some realistic goals , and a plan for each on how to achieve them. If you fail to do this , then your venture will likely fail. Having goals and targets gives you an idea of your capabilities , and also gives you something to measure your success’s and failures against. Forming clear goals will lead to a sound business plan.
7. Stamina + Focus = Success
Starting a business can be a very long journey. Be prepared for the long haul , dont kid yourself that success might happen overnight. Chances are it wont. Create some long term targets , where would you like your business to be in 5 years time , 10 years time?. Stay focused and you will greatly improve your chances of your business surviving the first 2 years…… most business’s fail by this time – make sure yours is not one of them.
8. Common Sense
Not everyone has common sense , and contrary to popular belief you don’t have to take huge risks to become a success full entrepreneur. Risk will always be there , but its more about picking your fights. Know which risks to take , learn your market , competition and customers and use sound judgment to make your decisions. Don’t take a risk on a whim , it may spell disaster.
9. Be Flexible
A success full entrepreneur should be a Jack Of All Trades!. You should be able to cope with different roles and responsibilities within your business. After all , if you are just starting out chances are you are the only person in your business. You’ll need to make marketing decisions , financial decisions , do your own research and learn about the legal matters. Its a lot for one person to cope with but its a learning experience that is crucial for all start up business’s. Having a sound knowledge of every aspect of your business will create a solid foundation if you choose to expand in the future.
Perhaps one of the most important entrepreneur characteristics to have. I’ve said this before and I’ll say it again , being an entrepreneur requires you to be a leader as well as a follower. You need to be able to share your goals with other employees so that they understand your vision for your business , and execute your ideas exactly as you have planned. You also need to know when to follow , when to take advice from others and when to take a step back when someone is more knowledgeable and capable of making an idea work than you are.
Use your own judgment. Its your business , take charge. But don’t forget that other people have different idea’s , and sometimes they will think of things that are completely outside of the box , something you hadn’t previously considered.
Do you want to Be An Entrepreneur but don’t know where to begin? Click the link below to download the free Entrepreneur Skills Starter Pack.
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