Starting and running a business is challenging. Entrepreneurial qualities define and help answer why one entrepreneur fails and quits while others bounce back and succeed in achieving what they aspire to.
Some people may be proficient and become professionals; however, they do not have the qualities to become a successful entrepreneurs. So, not everyone has the qualities required for success. But, if everyone had it, surely everyone would be a successful entrepreneur, and of course, no one would be subordinate.
Personal qualities affect the success of entrepreneurs. It is usually inherent in an entrepreneur, which is difficult to imitate.
And, entrepreneurship is considered as an art, where each entrepreneur has a different perspective and way of how to be successful. It requires a creative mindset, combined with the ability to create something innovative.
What are the successful entrepreneur’s personal qualities? Let’s break it down one by one. Some you may already have, others you may need to sharpen or develop.
When you want to be a successful entrepreneur, it requires you to be a creative thinker. It’s not only about what you have to offer, but also about other aspects of the business. For example, you think about how to produce faster and cheaper. Or, you think about how to change the mindset and behavior of consumers in accordance with what entrepreneurs want. Long story short, creative thinking is about how they produce innovation, which can be product innovation, process innovation, positional innovation, and paradigm innovation.
You also need to develop a high curiosity. It allows many ideas to continue to flow through your mind. Creative ability and curiosity help you to start various businesses uniquely and creatively. Of course, you don’t focus on just one business to achieve success and achieve goals. However, success in one business should motivate you to explore new business ideas, commercialize and make them a success.
Entrepreneurs have no doubts about the effort they put in. They have no qualms about any process they think is vital when starting and building a business. They won’t ask, “is their business successful or not?” or “will this method work?”. Instead, they have developed a roadmap for success. They consider every detail and everything they have started, so there is no doubt about running it.
When entrepreneurs have chosen a business idea to implement, they believe it will work. They will work hard to make it a success. And, they have guidelines or roadmaps, convincing them that every step they take is a path to success.
A steadfast spirit keeps entrepreneurs motivated. They are eager to achieve goals and carry out what they have planned in advance. They are not discouraged when faced with failure but are not complacent with momentary success. They tolerate risk but keep the potential rewards in mind.
High curiosity allows entrepreneurs to generate new business ideas for commercialization. First, they select the most worthy and most likely to succeed. They are then excited to launch a business, build a team and face all the odds. It keeps them afloat, confident, and overcoming obstacles as they progress towards their goals.
Entrepreneurship requires self-discipline. It requires entrepreneurs to be patient, responsible, and stick to what they start and plan. In addition, they should be persistent in running and getting the job done in every process in building a successful business.
To be successful, entrepreneurs take steps every day towards achieving their stated goals and objectives. They detail every approach and procedure they plan, which they stick to. It allows them to avoid laziness, procrastination or wasting time and energy. Thus, they can maximize their short-term efforts to achieve their long-term goals.
Ability to manage risk
Entrepreneurship is not just about the courage to take risks. But, it also requires entrepreneurs to carefully consider the consequences of these risks. They also develop solutions to mitigate risks, identify the possible risks they face, and make plans to address them.
And, for every risk, they create a contingency plan, which is vital to minimize the worst consequences. A backup plan keeps them ready when a solution doesn’t work.
Another aspect related to risk is the reward. Entrepreneurs consider taking risks when the rewards are commensurate or greater.
An open mind brings more insight and perspective to entrepreneurs. They realize they only have one brain, where their thoughts and ideas have limits. So, they like other people to come up with their ideas, but they still take a critical stance.
To open their horizons, entrepreneurs can develop networks, be it to fellow entrepreneurs, professionals, or investors. With a wide network, for example, they will have more points of view. It will also help them in running the business. For example, networking makes it easy for them to find suitable talent to hire, helping them grow their business and realize their dreams.
With an open mind, they welcome new ideas and diverse perspectives. It allows them to see the bigger picture, perhaps related to business opportunities, problem solutions, or related risks. They pay attention to different points of view. So, they can strategize better.
Persistence is an essential quality to be a successful entrepreneur. Entrepreneurs are not afraid if their business fails, because that is normal. When they fall, they should get back up and keep moving towards their goal. They learn from failure and make sure it won’t happen again in the future.
Persistence also requires entrepreneurs to have a strong work ethic. They are eager to put in the effort required to achieve what they want. They strive for small successes to achieve greater success.
Becoming a successful entrepreneur doesn’t just require a business idea to be realized. But entrepreneurs also know how to be successful, what they need, and what they have to do. So they have a path to reach them.
When they have a roadmap, entrepreneurs are not preoccupied with short-term problems or carried away by small wins. While that’s important, it’s not their focus in the long run. Instead, they think about and plan what they will need to be successful in the future, including detailing their goals and objectives in the short term.
They then develop strategies and tactics. Finally, they strive to achieve small, short-term victories with a clear direction to sustain what they aspire to in the long term.
- Entrepreneur: Meaning, Characteristics, Roles, Challenges
- Where Do Entrepreneurs’ Business Ideas Come From?
- Challenges faced by entrepreneurs in new small businesses
- 8 Qualities of a Successful Entrepreneur
- 10 Characteristics of Entrepreneurs You Need to Emulate
- Difference Between Intrapreneurs and Entrepreneurs. What are they?
- Intrapreneur: Meaning, Characteristics, Differences with Entrepreneur
- Social Entrepreneur: Definition, Importance, Characteristics
- How Do Entrepreneurs Play a Role in Society and the Economy?