7 Common Characteristics of an Entrepreneur | Statistics tell us that as many as 20% of small businesses fail within their first year. So, how do the other 80% manage to keep going?
Are you interested in becoming an entrepreneur and wondering if you have what it takes to succeed? Discover more about the characteristics of an entrepreneur here.
1. The Courage to Take Risks
Courage is one of the most important traits of an entrepreneur. It’s not easy to start something new that’s unfamiliar to your target customers.
If you want to get a small business off the ground, you must know how to identify risk and manage it to your benefit.
2. The Ability for Self-Motivation
To be the best entrepreneur you possibly can, you’ve got to stay motivated. Nobody’s going to keep pushing your business onward on your behalf.
On those days when you simply don’t feel like getting out of bed, you’ll have to motivate yourself to keep going. Even when times are difficult and profits are lean, you must have the drive to keep going.
3. Flexible Characteristics of an Entrepreneur
Flexibility can mean the difference between success and failure as an entrepreneur. While growing your business, you’ll need to change tack numerous times and roll with the punches more than you’d like to think.
Keeping an open mind and adjusting to circumstances quickly are trademarks of great entrepreneurs.
4. Financial Management Know-How
Becoming an entrepreneur’s impossible if you can’t exercise discipline when it comes to money. If you can’t manage your spending to the benefit of your business, you’ll soon find yourself becoming one of the statistics mentioned above.
Fortunately, if you’re not as money-savvy as you’d like to be, you can hire an accountant or bookkeeper to help you keep track.
5. Passion and Drive
Your passion for what you do is what got you started in the first place. It’s also one of the entrepreneur qualities that can benefit you the most in business.
Passion and drive help you sell your products more convincingly, and are the raw materials for getting through those initial tough times.
6. Belief in Your Business
When you head up your own business, you must believe in what you’re offering. Not only will this fuel your desire to keep going when things are tough, but it also helps you when creating a business plan to grow your offering.
A convincing business plan and thorough knowledge of your products and services can open doors when it comes to securing financing or attracting investors.
7. Networking Skills
The ability to network is a vital entrepreneurial skill. Well-connected contacts are vital for success in business at every level. The best entrepreneurs take every chance to get to know others in their field and make connections with influential role-players.
Make it part of your job to find promising networking opportunities and make the most of them.
Find Success in Business
No matter how many of these characteristics of an entrepreneur, you can lay claim to, you won’t get far without knowledge. Successful entrepreneurship involves intimate knowledge of your industry.
You’ll need to analyze and outwit your competitors at every turn and know all the latest cost-saving and budget-boosting methods.
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