7 important qualities of successful entrepreneurs
With increasing accessibility of technology and resources; it’s quite easy to become an entrepreneur, but the real challenge lies in succeeding as one. The competition is intense, and a person’s qualities are tested on a daily basis. Which makes many people wonder, what are important qualities of successful entrepreneurs?
Keeping this in mind, Brian Smillie an experienced entrepreneur has shared some qualities for budding entrepreneurs to help them choose the right path. Brian is the founder of a revolutionary platform called beezer.com, which is changing the way mobile apps are made and distributed. beezer.com is expanding exponentially (As per expert opinion, beezer.com is a start-up with the potential to reach $1B market value), and as an entrepreneur, Brian is working hard to make it the next big thing.
Here are the qualities of successful entrepreneurs from a person who is on the way to become one:
1. Entrepreneurs are not blind-risk takers
An entrepreneur is someone who is willing to take on the challenge of starting a small business with a view to growing it into something larger with sustainable profits which obviously carries financial risk.
That said, there’s a difference between risk and measured risk taken by an entrepreneur. A significant number of entrepreneurs fail due to a number of reasons. Like lack of funding, bad business decisions, economic crisis, lack of market demand, or a combination of all – the perfect storm.
Smart entrepreneurs, in my opinion, are someone who really understands themselves and owns up to their strengths and weaknesses. Knowing your weaknesses gives you better clarity on what’s required to give your opportunity/business the best chance of success. You usually need two things to align:
a. Great product or service that addresses a real-world challenge.
b. Great management team ideally a combination of new blood and individuals who’ve been there and done it before.
If you can deliver on the above two things, then you have a better chance of being able to commercialise the business, which in turn helps in the entrepreneurs ability to raise the right level of capital required to scale up as well as attracting the best of the breed of talent to join them on the journey.
2. They are courageous and see opportunity in a problem
There are a number of qualities that make an excellent entrepreneur, but one quality that I put on top is courage. Also, I think a person must be committed, intuitive, independent, and have conviction and the ability to analyse and act upon the conclusions efficiently.
Also, from my experience of working alongside others, when a problem arises, it’s typically seen as a challenge. I, however, see a problem as a potential opportunity.
3. They are perseverent
We will all fail at something or at some point in our careers/journey. It’s perseverance and determination that empower us with the ability to get up and dust ourselves off, then get back on with chasing our dreams. After all, we’re not measured on how many times we fail. But how we deal with, process, and manage the failure to succeed.
Perseverance in the start-up world is absolutely required, as there can be lots of unforeseen delays, difficulties, and challenges to overcome on the road to success/commercialisation.
4. They have a different perspective towards money
There is a difference between an ordinary man and an entrepreneur when it comes to the perception of money. Entrepreneurs consider money as one of the many tools in their toolbox in order to achieve an end goal of profitability and therefore making more money.
5. They have a clear-cut vision of what they want to achieve
Vision is the very thing that drives us forward. It’s important to have a clear vision of what you are trying to achieve. I make myself accountable when coming up with a new idea by sharing it and adding in some timelines towards achieving my vision. I try and make all my processes SMART – Specific, Measurable, Achievable, Realistic and Time-Related.
6. They are flexible with their work
As an entrepreneur, planning your day can be an absolute nightmare. Especially in the earlier days of your journey. Given the fact that most start-ups are bootstrapped in the earlier stages of their journey. The entrepreneur and the wider team (if he can even afford one) need to be fluid, as challenges can come thick and fast from lots of different angles. You must be fluid in your initial approach and be willing to deal with multiple tasks as they come in. Which can be sometimes a logistical nightmare.
7. They don’t work only for passion
It’s important to understand that being passionate about something more often does not lead to a profitable idea, in fact, it’s quite the opposite in most cases. Your job as an entrepreneur is to manage a lot of different tasks most of which won’t be your passion. This itself can extinguish any passion you had for the project in the first place. It’s also important to ensure that you don’t let your emotions drive decision making. Ultimately, you’re running a business, not a lifestyle.