What It Takes to Be a Successful Entrepreneur – 8 Traits you must develop

In this time and age, there is no one particular way to become successful. Today’s youth is not begging for jobs, but creating jobs and if you are on a mission to serve the millions, entrepreneurship is your destiny. But destiny needs to be built, one day at a time. So how do you plan to accomplish your goals and become successful in your battle?

Modern day entrepreneurs come from all kinds of backgrounds, geographical locations, and even age. A 13-year-old boy struggling to study in a remote area is as successful an entrepreneur, as a 60-year-old, retired and educated urban man.

As the saying goes, “Entrepreneurship is neither a science nor an art. It is a practice.”

– Peter Drucker, management consultant, educator, and author.

One thing that truly makes a difference in today’s economy is the passion that these people share to make it big.

Do you have what it takes to be a successful entrepreneur, or would you like to soak up the traits of the successful race of the millennium? We bring to you top 8 traits of successful entrepreneurs that will surely build your confidence and make you feel motivated enough to leave your seats and take the plunge.

Determination

Nobody makes a fortune by making plans and sitting back for things to happen by themselves.

Nobody makes progress by sitting back and waiting for it to find them. Successful people go out into the world and accomplish goals through their actions. Typically, entrepreneurs enjoy challenges and work tirelessly to find the most viable solutions. Often you will learn that successful entrepreneurs are driven by a complete vision and it’s notoriously difficult to steer them off the course.

Risk Taking Attitude

You can find a huge list of entrepreneurs who took major risks and made history. Entrepreneurs are risk takers and always ready to face uncertainties, but they also keep backup plans and bandwidth to deal with "unknown situations" in reserve.

As quoted by Henry Ford, founder of Ford Motor Company,

“When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.”

Taking risks shouldn’t scare you. It’s necessary to achieve goals, and successful entrepreneurs understand what needs to be done to reach the final destination.

Learning Ability

Donald Trump, chairman of The Trump Organization, the Trump Plaza Associates, LLC, says,

“watch, listen, and learn. You can’t know it all yourself. Anyone who thinks they do is destined for mediocrity.”

Understanding the needs of your business is one thing and staying current with market trends is another. A successful entrepreneur knows when to pivot as per the changing market scenarios and is always ready to absorb as much knowledge as he/she can. Successful entrepreneurs welcome all suggestions for optimization  that may enhance their product offering and satisfy the needs of their target market/

Highly Adaptable

Being dedicated may or may not guarantee success, but being inflexible about market needs will definitely lead to failure. Flexibility means being receptive to other people’s needs, opinions, and ideas and being open-minded to feedback from your manager.

Being adaptable gives the ability to respond efficiently and effectively in any situation. An entrepreneur may not always know what lies ahead of the curve and thus, implying adaptive strategies can keep you afloat and navigate you out of trouble.

Work Ethics

As quoted by Eddie Cantor,

“it takes twenty years to become an overnight success.”

creating enormous wealth and reputation requires a deep understanding of work ethics. While cheaters and thieves may win in the short term, they invariably lose out in the long run. All successful entrepreneurs aim at following ethical business practices and maintain a high level of professionalism at all levels.

Money Management

This goes without saying. It takes time to make any business idea profitable and an entrepreneur with strong money management skill will know how to plan effectively for the present, as well as future financial obligations. Even after securing funding, a successful businessperson keeps a complete handle on cash flow, and utilize every bit of it wisely. Most first time entrepreneurs swear by business financial planning software to create, collaborate, and share their business plan with investors and potential customers.

Networking Abilities

Good connections can help make good fortune and a successful entrepreneur knows how to tap into the right network for solutions. As an entrepreneur, you need to reach out to people who have the experience and access to extensive networking. Their valuable advice and contacts will not only help you set up a strong foundation but also be potentially beneficial in the future. A good entrepreneur is only as good as those who support him.

Salesmanship

As featured in a popular TV show, “Shark Tank”, Mark Cuban clearly mentioned the significance of being a good salesman. Knowing how to sell and promote your business as an entrepreneur is a skill that ensures success in every aspect of the business.

Bottom line is that personal qualities and professional aspects in an individual collaboratively create a successful entrepreneur. A realistic self-assessment against these suggested traits will ensure you walk on the path of success.

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