Business

5 Characteristics of Successful Entrepreneurs

 

Stepping up to run your own business is a huge endeavour, and time after time we see that it requires a very particular personality to take on the challenges and stress that are an integral part of being an entrepreneur. While no single personality type is guaranteed to succeed at a new business, there are some characteristics that seem to help entrepreneurs weather the hard times and build a business that makes it in the end.

  1. Plans for the Long Game

A successful entrepreneur must have a high tolerance for uncertainty. When you start your own business, it’s like working without a net. You have to be willing to take risks when necessary, but try to plan for the foreseeable eventualities. You can’t let temporary setbacks get to you. You have to be far-sighted and willing to pass on immediate returns for a future of consistent profit.

  1. Communicates Clearly

As the head of the new company it is up to you to have a clear vision of the business and publicize it to all your employees. You must be clear on your expectations and direct with your rewards. Let your employees know that they are valued, but they should also know what kind of performance you expect to see.

  1. Puts Self Improvement First

There is always something new to learn. Whether you join a new organization, or return to school, or simply subscribe to a new industry journal, a successful entrepreneur never assumes they know everything. Always strive to acquire new skills and experiences, and the business will see the benefits. An additional benefit to continually improving your self is the boost in self-esteem that comes from knowing your value, helping you be more assertive, more productive and making you more likely to value your own time. The latter can be particularly important when it comes to saying no, ensuring you’re focusing only on where you truly add value to the business. 

  1. Makes Things Happen

A passive business plan leads to failure. A successful entrepreneur takes the job seriously and always works toward seeing those results. This is the difference between a leader and a follower, and anyone who starts their own business needs to be ready to step up and actively make things happen.

  1. Willing to Sacrifice

In most cases, running your own business requires far more than 40 hours a week. Success will come when you are willing to sacrifice some of your time, fun, and other business opportunities so you can focus on making your company a success. You may even have to sacrifice your own personal opinion on occasion, because if you want to succeed as an entrepreneur, you have to be willing to put the business in front of your ego.

Everyone has a different management style, and different industries require different types of entrepreneurs. In general, though, these types of leadership qualities are the kinds of characteristics that will lead to a more solid, stable, and profitable endeavour.

 

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