5 Must Have Traits of a Successful Entrepreneur
Our generation has seen numerous successful entrepreneurs who have not only influenced a nation of followers behind them but also provided us with a pathway to success. Entrepreneurs and great minds such as Jeff Bezos, Elon Musk, Bill Gates, etc. have given the world an insight into their lifestyle, through which we can learn and get inspired. However, there is no one defined path of success. Every entrepreneur, whether successful or on the road to success, face their own challenges. But the way in which these entrepreneurs overcome their challenges have helped us identify certain traits and we believe that if an aspiring entrepreneur practices these traits, there is no stopping them from achieving greatness.
1. Passion: To be a successful entrepreneur, an individual has to enjoy what they do. Entrepreneurship is not a 9 am — 5 pm, 5 days a week job, rather it is something that has no predefined time limit. Hence, it is important that an entrepreneur is truly invested in the idea and the business. They should be willing to spend several sleepless nights behind it. The passion will not only drive the entrepreneur but it will also drive the team they are working with. The team would only be able to provide their best results when they would see a leader/entrepreneur who is passionate. It is with the help of this passion that the individual themselves as well as the team would be motivated to take the business to great heights.
2. Creative: A touch of creativity is an essential in order to be successful. Entrepreneurship starts from thinking outside the box and going against the norms. As a result, an entrepreneur is required to constantly innovate and be creative in how they improve the company’s performance, productivity and also their financial bottom line. Today’s start-up and business environment is ever evolving and goes through constant upgrade. Hence, it is important for an entrepreneur to be on their toes so as to facilitate this change and this can be done by being creative and staying ahead of the competition.
3. Versatility: During the early stages of any venture, an entrepreneur is generally required to man many stations, whether this would be marketing, product/software development, legal, etc. Hence, we believe versatility is an important trait an entrepreneur has to possess. They need to offer flexibility in order to complete task required for the business. Moreover, they also need to be versatile and open in adopting new technologies and methods of conducting business. An entrepreneurs role in the business is not defined by the skill set they posses, rather it is defined by the requirements of the business.
4. Perseverance: Understanding that failure is part of the game and having the will and perseverance to go past the failure is an important entrepreneurial trait. There are many examples of successful entrepreneurs being persistent in their journey. Apple’s Steve Jobs, the person who founded the company in his garage, was fired from his very own company at the age of 30. This hiccup did not stop him from achieving greatness. He saw this as an opportunity and started his own software company only to be bought by Apple and Job’s returning back to his former company. This example clearly highlights that perseverance along with sheer determination and persistence can help an entrepreneur achieve their personal and business goals.
5. Eagerness to learn: An entrepreneur is required to constantly learn about the various developments happening in the industry. Being up-to-date with the developments in the industry would not only help them grow their business but also stay ahead of their competition. Reading books and acquiring knowledge has been identified as a common trait among most entrepreneurs. Entrepreneurs such as Bill Gates, read about 50 books in a year, which roughly amounts to a book a week. This habit helps them remain sharp and increases their ability to absorb new information and react to it.
Apart from the traits that we have identified here, it is common to hear most successful entrepreneurs have had a disregard for institutionalized learning and more emphasis on self-education. All successful entrepreneurs remind us that there is more to learning than just theorizing in the halls of prestigious colleges. The examples of these entrepreneurs encourages young individuals to be bold, dream big, and dare to enact change in the world. They would have to work hard, stay focused and educate themselves through the plethora of online resources available at their fingertips. These simple pieces of advice and inspiration could go a long way for entrepreneurs who are itching to deliver the next disruptive start-up to the world.
—
This article is written by Hasan Kanchwala, Business Development Executive at Bae Innovations.
