To become a successful entrepreneur, one needs to have certain qualities which are a combination of innate and acquired ones without which s/he cannot run a company successfully.
Here are some qualities every entrepreneur should possess and work on constantly:
An entrepreneur needs to be innovative because without an idea or a product, his start-up is doomed to be a failure. The first requisite to become an entrepreneur is an innovative idea which one can work and develop upon. Also, once the idea is thought of, one also needs to employ out of the box ideas to market the company and grow as a successful one.
For instance, Henry Ford had an innovative idea of starting the assembly line which was the reason for his success.
This quality is definitely not negotiable. Every successful entrepreneur regardless of how big or small the company is needs to shell out long hours. Calling shots of a company might seem like an interesting task but it definitely isn’t an easy one. One should be able to measure the pros and cons of every decision before making one. Every entrepreneur knows that a company’s entire pressure is on his shoulders which is why he needs to work extra but once s/he starts enjoying the job, it is a smooth sail.
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3. Risk Taking
One major stressful factor that an entrepreneur has to deal with is taking risks. An entrepreneur is always under a risk because he doesn’t know if his venture will work. Also, some risks could result in failure leading to a negative income and further hardships. However, for an entrepreneur, it is also very important to measure a risk accurately before it is taken.
After the failure of his first venture Traf-O-Data, Bill Gates decided to start his own company again called Microsoft. It was a risk he took which paid off well and he is currently the richest man in the world.
There are certain times in an entrepreneur’s life when s/he is bound to encounter failure as business is a combination of highs and lows alike. But, one should be determined to get through the bad phases of business with determination to make his innovative idea work. All an entrepreneur needs to do is believe in himself and his company before putting their idea out to people.
Milton Hershey had to watch three of his candy ventures flop before he could make it big by inventing Hershey’s. His love for chocolates and belief in his idea was what made him so successful.
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It is absolutely important for an entrepreneur to be resourceful as he requires all the outside help he can garner for his company. At an initial phase, s/he requires funding which comes from big investors; to acquire which one needs to be courteous and needs to know how to deal with a particular investor. If an entrepreneur strikes at the right time, he can gain invaluable resources required to develop his start-up into a global brand.
TaxiForSure, a successful start-up, managed to raise $30 million in a series C funding. These kinds of funds are very essential to fuel a start-up.
A company cannot become successful overnight which is why every entrepreneur needs to be patient. An entrepreneur’s capability to do a certain task will increase with time and experience. As long as one continues to work on it with the right attitude, one can accomplish certain goals with time. However, once the initial phases of building a company are over, it is a relatively smooth sail; till then an entrepreneur needs to be very cautious about dealing with all kinds of stuff.
Thomas Alva Edison had to try 10,000 times to make a simple light bulb work. It was only due to his patience and determination; he was able to devise a formula to actually make it work.
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7. Open to criticism
An entrepreneur should always be open to criticism. If he’s made a certain decision and it hasn’t worked in his favour, he should accept his mistake and move on, This doesn’t mean that an entrepreneur needs to accept all kinds of criticism because that would slow down his progress if he begins addressing every issue personally. Also, it is very important for a budding entrepreneur to learn from his mistakes so that he doesn’t repeat them again.
All successful companies have social media pages to address complaints. For example, HDFC has a separate Twitter page solely for complaints by customers.
8. Leadership skills
An entrepreneur may want to be a one man team but he does need a team to function smoothly. One also needs to have strong leadership and decision making skills in order to call the shots for his company. Leadership skills also come handy when the entrepreneur needs to delegate certain tasks or settle internal disputes.
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