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Business: The Qualities That an Entrepreneur Must Have

Assuming you have the chance of picking between many possibilities, would you choose a Nobel peace prize winner or a billionaire? If you choose a 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.

In the United States alone,  up to hundred thousand folks turn millionaires each year, through self-made business.

You can strive to become one as well. Start your own venture and make millions just like others. 

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 need a bit of help, and work on it, with time, you can become a successful entrepreneur. Here are the qualities:

  1. Clarity of purpose

Purpose, otherwise also known as “set goals” is one of the driving forces of any business. It is like a prize we set before us, so we can get to do anything possible to win.

An entrepreneur without clarity of purpose will find it hard to know what they want, or what they should go for.

First of all, you already have a purpose while being an entrepreneur, but your goal should be definite and clear for best results.

For example; you started a rice farming business to make sales and then profit.

That’s not a useful purpose, but when your goal is to be the highest producer of rice in your community, then, the objective is clear and definite.

That will make you work harder than before to attain your dream height.

  • Self-discipline

To become an entrepreneur comes with lots of self-discipline, way before you even think of disciplining someone.

It’s a quality that an entrepreneur must have because that is what will make you wake up early each day and stay focused.

Focus on your work and avoid some side distractions like chatting when it’s serious business time, attending to irrelevant visitors and so on.

That will also make you develop new habits, no matter how hard it may seem; habits that will lead to you to the path of success.

  • Competitive spirit

The world we live in is very competitive. Numerous businesses sprout out every day, making other existing ones uneasy.

Therefore, anyone who cannot compete effectively will always stay behind. But a competitive entrepreneur has the edge over those who aren’t.

Most successful entrepreneurs see competition not as a hindrance but as a driving force to push harder and further.

That makes them strive hard to be on the top, and never to stop. In fact, without competition, most businesses or entrepreneurs wouldn’t be serious in what they do.

  • Common Sense

Common sense is the foundation of a successful business! If you have common sense, then you can make sound judgments on everyday situations and issues.

Now, to make sound judgments, you must have acquired knowledge and skills. In this way, you can gain insights on how to manage some problems.

Common sense helps you to crack complex issues and get to the core of the problem.

  • Specialized knowledge of your field

It is always better if you have in-depth knowledge of the field you choose to pursue.

A majority of home-based business people 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.

They failed because they did not gather enough knowledge before jumping with the bandwagon. Half-acquired experience is like a half-baked cookie. Quite useless!

  • Self-confidence

Another critical 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 unchartered areas, take risks and make complex decisions.

Now, self-confidence is not in-built, it is not like you either have it or you don’t. It’s all about self abilities and values, so, you need to develop it and get used to it

  •  Ability to get things done

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

In our quest to survive, there are many challenges on the way which may try to hinder you, hence, cutting you short from achieving your purpose.

When you do not do what you supposed to do or finish it to the end, it will create a loophole in your business. That will only lead to low productivity and work inefficiency. 

  • Creativity

Creativity is the ability to use one’s insights to devise 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.

You can apply creativity 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!

  • Ability to lead

Successful entrepreneurs are leaders, not followers! Though to become a better leader, you have to be a follower first. But that doesn’t make you remain there.

It is an experience that will help project you into what is ahead; preparing you for a much greater task.

Therefore, an entrepreneur must have the capability of leading people and getting things done by them either by motivation, coaching, evaluation, planning, etc.

Their ability to understand and share feelings with their subordinate, and as well, bond with them easily is also essential  

  1.  Self-reliance

Being reliant on one’s self, that’s what entrepreneurship is all about.

A good entrepreneur does not depend on others for their success. They can only learn from people’s experiences to improve.

They must solely depend on themselves and be proactive, and they must use their resources to the fullest to achieve their goals.

  1.  Passion

Being an entrepreneur is good, but when you do not have a passion for what you do, you are bound to fail.

Do not engage in any business because others are doing it, or because they are making a lot of profit from it.

You do not know the struggles, dedication and hard work behind their success. That is what passion can do.

Obviously, if you have passion towards your job, you’ll try everything possible to make it a success, irrespective of the challenges.

Therefore, an entrepreneur must possess this as one of their qualities.

  1.  Lead by example

As an entrepreneur, being a leader is never enough; you have to lead by example as well.

For an entrepreneur that has workers under them, you have to live a life they can emulate from.

You have to set aside the fact that you have the power not to do so, and then, do the right thing.

But if you want to possess the qualities of an entrepreneur and a good one at that, then do what you say and say what you know you can do.

Make sure you are also abiding by the work ethics guiding the company. Apart from the ones peculiar to the employees alone, allow the rules you set also to show you.

Being an entrepreneur comes with much responsibility, but the qualities that you possess will make you scale through and succeed.

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