The Leaders Globe- Business Magazine

Posted by samriddhitlg on February 3rd, 2020

A person with an entrepreneurial spirit when decides to start his or her own business has to face a long, winding road that is tumultuous on occasion and blocked by obstacles. Thousands of new businesses are started each year but not every business runs smoothly or successfully, as some people may have the enthusiasm and desire for business ownership, they may not have taken the time for a thorough investigation and research about their abilities and their business ideas. As a result, such businesses either fail or discontinue or transfer ownership. If any business fails, it may not only wreak havoc with their personal savings and other assets, but it could affect their self-confidence.

So what does it required to be a successful entrepreneur?

There is no such ideal entrepreneurial personality. Successful entrepreneurs can be analytical or intuitive, optimistic, or self-reliant. However, according to experts, successful entrepreneurs, whether male or female, share some common traits.

Below are some of these characteristics:

Ardent & Percipient

Passion is the most substantial characteristic that every entrepreneur has, and for obvious reasons. They are successful because they love what they do. These entrepreneurs put all the extra hours they have into the business to make it successful and flourish. It is a pleasure for them to see the results of their efforts, which goes well beyond the money received. Successful entrepreneurs have a clear visualization of what their business will be and can briefly articulate its purpose, goals and market position, they see opportunity everywhere. They are innovators who are always attentive to either develop a new idea or improve an existing product or service. They also have identified the who, what, where, when and why of their business. At some point in their lives they noticed something that could be better, but a successful entrepreneur instead of just saying that something could be better actually put a plan in motion. In other terms, a successful entrepreneur has the ability to see the future before it happens.

Self-reliant & Persistent

The successful entrepreneur does not ask questions whether he can succeed or whether he is worthy of success. He is confident with the knowledge that he will make his businesses succeed. Successful entrepreneurs exude that confidence in everything they do, they have confidence in themselves and in their business. Many entrepreneurs can face failure along the way but successful entrepreneurs are those with the confidence to keep going and bounce back after a setback. Entrepreneurs remain strong when the business going gets rough. They don’t give up easily. They can accept rejection and are willing to learn from their mistakes. They are keen and able to adapt and modify their plan in order to be successful the next time around.

Industrious & Resilient

Successful entrepreneurs are not thwarted by their defeats. For them, failure is like an opening for a success story, and hence, they try again and again just till they get the success they are expecting. Moreover, these entrepreneurs are not wired to believe that some things are not possible and cannot be done. They are focused on making their businesses work and eliminate any stoppages or distractions to their goals. Successful entrepreneurs are methodical to take steps every day toward the achievement of their objective. Sometimes they are ready to put in the time and effort required, for little or no pay at the beginning. Successful entrepreneurs recognize the risk and necessary work that achieving their goals will include.

Merchandiser & Pragmatic

Successful entrepreneurs are comfortable in selling and have a very clear handle on the key financials of their business. They are expert at networking and are able to promote themselves and their business to bankers, customers, suppliers, and staff along with their sales team. Successful entrepreneurs are good money managers.  They have good management information around cash flow, trading and the balance sheet which not only tell them how their business has been performing, but also help them to identify the challenges and opportunities lying ahead. They farsightedly invest in overhead and always keep track of the money and manage their cash flow. They understand very well that unless you’re on top of key financial yardsticks, you won’t be able to deliver sustainable growth.

Humble & Supplicant An entrepreneur needs to be expert in many things but the most successful entrepreneurs know their boundaries, they are aware that they can’t do everything and are willing to delegate to others. They do not hesitate to ask for help. They can identify and pay for expert advice when needed. Also, successful entrepreneurs are flexible. They learn from their mistakes and are easily ready to adapt and change as they go along.

Source: https://www.theleadersglobe.com/

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