Do you have the ambition to become a successful entrepreneur? If your answer is yes, you probably already have a picture in your mind of what that success will look like. Perhaps you have an idea for a product or service, or maybe you simply like the idea of running your own business and taking control of your professional destiny.
Either way, it is important to accept that there is no quick route to becoming a wealthy entrepreneur, and success can take many years to come to fruition. However, having said that, with some dedication, resilience, and plenty of hard work, many people find their way to realizing their entrepreneurial dream if they can develop some key skills and characteristics.
Here are 7 characteristics most associated with entrepreneurial success.
Building a business is difficult, and even the most successful world-famous entrepreneurs have had to battle throughout their journey. Entrepreneurs need to be ready to hear the word ‘no’, have their ideas criticized, and be knocked back, especially in their early careers. What sets some entrepreneurs apart is the fact that they keep picking themselves up time and time again. They might take on board some of the feedback they receive and use it to improve, but they do not give up.
What prevents many people from taking the leap to start their own business is the fear of failing, but failure is an important part of progress. Entrepreneurs view their mistakes as opportunities for learning and improvement that will lead them to success.
Nobody knows everything, even if they have been in business for many years, so it is vital to be humble and open-minded throughout your career. Of course, there will always be others with more experience than you but try to establish a mentoring relationship with them rather than seeing them as threats. They will be able to provide key insights on whether they operate in the same industry as you or not. In addition, ask them to share their biggest mistakes and successes, as there is often more to be learned from failures.
Click here for advice on how to find a mentor.
- Passion and determination
Entrepreneurs who want to start a business for their own ego are unlikely to succeed. On the other hand, entrepreneurs who have a genuine desire to help others through their product or service will be fuelled by passion and determination that cannot be faked. When entrepreneurs have a personal investment in their business, they will find it much easier to pick themselves up when times get tough. On the other hand, when an entrepreneur is only in it for the money, they are more likely to drop the ball when it comes to keeping ahead of competitors or delivering the best possible service or product.
- Desire to learn
A symptom of passion and determination is the desire for continued learning and development. Entrepreneurs will struggle to remain competitive if they are not willing to learn and evolve. Embracing new technology, processes, or materials often makes businesses more efficient, productive, and stronger. When a new opportunity comes along, entrepreneurs should be open to its possibilities and critical in their thinking to avoid becoming complacent. Assuming that sticking to the way things have always been done is the best policy is a dangerous approach for entrepreneurs to take.
Many aspiring entrepreneurs maximize their chances of success by furthering their education with an MSc Business Management with Entrepreneurship. Courses can be completed online, enabling entrepreneurs to continue working or building their businesses while they study. The programs are designed to give entrepreneurs hands-on experience, tailored support, confidence, leadership qualities, and the creative mindset required for success.
- Valuing and nurturing relationships
Some do not appreciate the importance of establishing and nurturing relationships in business, but it is an absolutely vital skill to master. People want to do business with people that they trust, respect, and, if possible, like.
Entrepreneurs who build a strong network with other entrepreneurs will find that they have more resources, partners, and advisors to call on. Build relationships with people in and outside of your industry, as you never know when you may be able to support each other. Building relationships is particularly important in the early stages of your business when funding will be a major concern, as most start-ups require investors when getting off the ground. In addition, it is well known in business that it is much easier to nurture relationships with existing customers than it is to acquire new customers.
The ability to inspire will be useful from day one of your enterprise. To convince investors, partners, and potential customers that your business is worth their time, you need to be able to communicate your vision and inspire others to share in it.
In addition, while it is true that many entrepreneurs are multitalented masters of multitasking in the beginning of their business, there will come a time when they need to employ others to ensure their vision reaches its full potential. Hiring people with specialized skills who share your passion and determination will help your business thrive, but you will need to become an effective manager and an inspiring leader.
There is no denying that running a successful business requires a combination of both hard and soft skills, as well as the personal qualities mentioned above. However, to analyze data, interpret market research, create marketing campaigns, and balance budgets, you need to develop a gut instinct. The best entrepreneurs develop instincts that tell them what the right decision for their business in the moment is. After all, no one else knows your business and what you are trying to achieve quite like you do. Running a business will always involve an element of risk. Sometimes, others will doubt you and your ideas, but with the right amount of self-belief and a healthy attitude towards risk, you can become a successful entrepreneur.