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Business: The Qualities That An Entrepreneur Must Have

By Michelle L Published 05/1/2010 | Entrepreneur

If you had a choice, would you rather be a Nobel peace prize winner or a billionaire? If you choose billionaire then you are not alone!

A majority of the Forbes magazine readers chose the same too in the recent poll conducted. Everyone dream about being rich, but not everyone is willing to put in real effort to become so.

An interesting fact: about a 100 thousand people in the US alone turns millionaires each year, through self-made business. You too can become one of them by starting your own venture.

Now I know this is easier said than done. It sounds clichéd but you must have certain inherent qualities in you before you try to develop them. Hence, identify your characteristics; including weak ones, which needs a bit help, and work on it, with time, you can become a successful entrepreneur. Here are the qualities:

1. Common Sense

 This is the foundation of successful business! If you have common sense, then you can make sound judgments on everyday situations and issues. Now, in order to make sound judgments, you must have acquired knowledge and past experience. Common sense helps you to crack complex issues and get to the core of the problem.

2. Specialized Knowledge of your field

It is always better if you have a deep knowledge about the field you choose to pursue. A majority of home-based businessmen are people who make the best use of their knowledge, like from previous work experience, or a niche area, etc.

Statistics show that around 45% of all start-ups fail to survive for more than two years. This is because the entrepreneur did not collect enough knowledge before jumping with the bandwagon. Half-acquired knowledge is like half-baked cookie. Quite useless!

3. Self-confidence

Another key characteristic, without it, chances are, you might be easily swayed, demoralized or frustrated. Self confidence means how a person feels about his abilities. Believing in one’s abilities is the mark of a successful entrepreneur. He should have the courage to explore un-chartered areas, take risks and take complex decisions.

Now self confidence is not in-built, it is not like you either have it or you don’t. It is a skill which can be developed by proper training.

4. Ability to get things done

Persistence and hard work; these two words define a successful entrepreneur perfectly! He must have the self-discipline to be able to complete a work on time.

5. Creativity

Creativity can be defined as the ability of using one’s insights and device new solutions for old problems, or to get things done in a new way or to figure out a different approach for conventional things to function. Creativity can be applied in just about everything; every new product, every business decision, every new marketing technique, etc. A single creative idea can change a lot of things!

6. Ability to lead

Successful entrepreneurs are leaders not followers! They must have the capability of leading people and getting things done by them either by motivation, coaching, evaluation, planning, etc. They must be able to empathize with their subordinates and gel with them easily.

7. Self reliance

Being reliant on one self, that’s what entrepreneurship is all about. They must solely depend on themselves and be proactive and they must use their resources to the fullest in order to achieve their goals.