Basic Characteristics Of An Entrepreneur
Regardless of your definition of success, there are a great number of common characteristics that are shared by successful entrepreneurs. Being an entrepreneur requires much more than just having a big ideas. An entrepreneur is someone who possesses a unique cocktail of skills and characteristics that enable him or her to beat the odds and go after his or her dreams full throttle. But what are those attributes?
They’re inherently creative. Due to their very nature, entrepreneurial business people are able to not only come up with ingenious ideas, but also turn those ideas into reality.
Passion is perhaps the most important trait of the successful entrepreneur. They genuinely love their job and are willing to put in those extra hours to make their business grow.
They are risk takers. They’re never afraid to take risks due to their unquestionable belief that ultimately they will triumph. True entrepreneurs flourish and grow in the wake of any challenges.
Entrepreneurs are all about setting goals and putting their all into achieving them. They are inherently proactive, and know that if something really needs to get done, they should do it themselves. They’re ‘doers’, not thinkers, and tend to have very exacting standards.
A true entrepreneur doesn’t take ‘no’ for an answer. They are not easily defeated. They view failure as an opportunity for future success, and if they don’t succeed the first time, they’ll continue to try and try again until it does succeed.
Entrepreneurs have strong communication skills, and it’s this strength that enables them to effectively sell their ideas. They’re also natural leaders with the ability to motivate, inspire and influence those around them.
Very few people are fortunate enough to be born with all of these characteristics, but the good news is that they can all be learned.
What does an entrepreneur need to succeed?
Recipe for Success
Like any activity you pursue, there are certain musts that are required to be successful in a chosen activity. If your goal is success in business, then the formula is no different. There are certain musts that have to be fully developed, implemented and managed for your business to succeed.
Do what you enjoy. If you don’t enjoy what you’re doing, in all likelihood it’s safe to assume that will be reflected in the success of your business–or subsequent lack of success. In fact, if you don’t enjoy what you’re doing, chances are you won’t succeed.
i- Take what you do seriously. You cannot expect to be effective and successful in business unless you truly believe in your business and in the goods and services that you sell. Far too many entrepreneurs fail to take their own businesses seriously enough, getting easily side-tracked and not staying motivated and keeping their noses to the grindstone.
ii- Limit the number of hats you wear.
It’s difficult for most business owners not to take a hands-on approach. The ability to multitask, in fact, is a common trait shared by successful entrepreneurs. However, once in a while you have to stand back and examine your business. You have to learn how to delegate to others.
Invest in yourself. Read books, magazines, reports, journals, newsletters, websites and industry publications. These resources will improve your understanding of business and marketing functions. Join business associations; build your network with other skilled business people to learn their secrets of success. Attend business and marketing seminars, workshops and training courses, even if you have already mastered the subject matter of the event. You have to do this because education is an ongoing process. In short, top entrepreneurs never stop investing in the most powerful, effective and best business and marketing tool at their immediate disposal–themselves.
Master the art of negotiations. The ability to negotiate effectively is unquestionably a skill that every entrepreneur must make every effort to master. In business, negotiation skills are used daily. Always remember that mastering the art of negotiation means that your skills are so finely tuned that you can always orchestrate a win-win situation. These win-win arrangements mean that everyone involved feels they have won, which is really the basis for building long-term and profitable business relationships.
Create a competitive advantage. Your business should have a clearly defined unique selling proposition. This is nothing more than a fancy way of asking the vital question,
“Why will people choose to do business with you or purchase your product or service instead of doing business with a competitor and buying his product or service?”
In other words, what one aspect or combination of aspects is going to separate your business from your competition? Will it be better service, a longer warranty, better selection, longer business hours, more flexible payment options, lowest price, personalized service, better customer service, better return and exchange policies or a combination of several of these?
i- Get to know your customers. One of the biggest features and often the most significant competitive edge the start up entrepreneur has over the larger competitors is that he can offer personalised attention.
You can actually answer phone calls, get to know customers, provide personal attention and win over repeat business by doing so. A better customer care is the name of the game.
ii- Level the playing field with technology. One of the most amazing aspects of the internet is that a one or two person business operating from a basement can have a superior website to a $50 million company, and nobody knows the difference. Make sure you’re keeping up with the high-tech world as it suits your needs. The best technology is that which helps you. You need to get into Internet Marketing.
Pushing product features is for inexperienced or wannabe entrepreneurs. Selling the benefits associated with owning and using the products and services you carry is what sales professionals worldwide focus on to create buying excitement and to sell, sell more, and sell more frequently to their customers.
Your advertising, sales presentations, printed marketing materials, product packaging, website, newsletters, trade show exhibit and signage are vital. You need a simple marketing strategy.
Every time and every medium used to communicate with your target audience must always be selling the benefits associated with owning your product or using your service.
i- Grab attention. Small-business owners cannot waste time, money and energy on promotional activities aimed at building awareness solely through long-term, repeated exposure.
ii- Follow-up constantly. Constant contact, follow-up, and follow-through with customers, prospects, and business alliances should be your mantra.
iii. Ask for the sale. You must always remember that marketing, advertising, or promotional activities are completely worthless, regardless of how clever, expensive, or perfectly targeted they are, unless one simple thing is accomplished–ask for the sale. Actively ask people to buy what you are selling.
6- Public Relations
One of the greatest myths about personal or business success is that eventually your business, personal abilities, products or services will get discovered. But how can this happen if no one knows who you are, what you sell and why they should be buying? Get your Public Relation right.
i- Self-promotion is one of the most beneficial, yet most underutilized, marketing tools that the majority of home business owners have at their immediate disposal.
ii- Project a positive business image. You must go out of your way and make a conscious effort to always project the most professional business image possible. You must rely on imagination, creativity and attention to the smallest detail when creating and maintaining a professional image for your business.
iii- Build a rock-solid reputation. A good reputation is unquestionably one of the most tangible and marketable assets. You can’t simply buy a good reputation; it’s something that you earn by honouring your promises.
Manage money wisely. The lifeblood of any business enterprise is cash flow. You need it to buy inventory, pay for services, promote and market your business, repair and replace tools and equipment, and pay your people so that they can continue to work. There are two aspects to wise money management.
- The money you receive from clients in exchange for your goods and services you provide (income)
- The money you spend on inventory, supplies, wages and other items required to keep your business operating. (expenses)
Plan everything. Planning every aspect of your business is not only a must, but also builds habits that every business owner should develop, implement, and maintain. The act of business planning is so important because it requires you to analyse each business situation, research and compile data, and make conclusions based mainly on the facts as revealed through the research.
i- Get and stay organised. The key to staying organised is not about which type of file you have or whether you keep a stack or two of papers on your desk, but it’s about managing your business. It’s about having systems in place to do things.
ii- Build a top-notch business team. No one person can build a successful business alone. It’s a task that requires a team that is as committed as you to the business and its success.
iii- Get involved. Always go out of your way to get involved in the community that supports your business.
iiii- Take time off. The temptation to work around the clock is very real for some business owners. After all, you don’t have a manager telling you it’s time to go home because they can’t afford the overtime pay. You must to establish a regular work schedule plus some days off and scheduled vacations.