“Born entrepreneurs” are said to be people who instinctively have what it takes to run successful businesses. One of the biggest misconceptions about entrepreneurship is that in order for you to be able to run a successful business, you need to possess a special gift that only a selective few are born with. Entrepreneurial instincts are fueled by various factors, such as a strong desire to change your circumstances or seeing the benefits of creating your own wealth opposed to creating wealth for others.
Granted, no two successful entrepreneurs have identical character traits. This article will explore the characteristics that stand out the most in successful entrepreneurs.
Interpersonal skills are built on the ability to listen and observe. In any social setting, taking a moment to listen and observe allows you to adjust your approach accordingly. Successful entrepreneurs are able to build relationships that lead to the advancement of their business.
Interpersonal skills are also known as “soft skills”, they bring out placid qualities such as empathy and patience. These qualities help an entrepreneur evoke a sense of pride and responsibility in their employees. Employees with a sense of responsibility on whichever roles they fill in the business are more likely to devote themselves. Devoted employees are major contributors to the overall success of a business.
A good leader must always be aware that he cannot run an organization on his own. He always needs to work with people who will help him in achieving the collective goal. Employees tend to emulate the behaviours of their leader. If the leader portrays good ethics it contributes to the overall success of the business.
Resilience is built on self-motivation and optimism. The “big break” doesn’t always come after just one attempt. Successful entrepreneurs don’t easily get distracted by the obstacles they encounter, their eyes are fixed on the success they envisioned. When nobody else believes in their vision good leaders rely on themselves to bring it to fruition.
Running a successful business doesn’t mean you suddenly become immune to mishaps. Successful entrepreneurs continue to show resilience no matter what challenges they face. A good leader must understand that in searching for the most efficient business strategy, he might initially make mistakes in judgement. This should never deter the leader from learning from the failure and coming up with a better business strategy.
Problem solving skills
Successful entrepreneurs look at a problem from all angles. They assess all the possible solutions and narrow it down to one. It’s also a selfless act, they take time to choose a solution that’s reasonable and beneficial for their staff opposed to only considering their own interests.
In terms of strategy, great entrepreneurs find a solution that’s well in line with their future plans.
A lot of time and energy is needed to start and grow a business. The pressure and the workload that comes with starting a new business can easily lead to a burn out. Passion acts as fuel.
Successful entrepreneurs are aware of the fact that unforeseen circumstances can happen at any time. Plans that are already in motion might have to be changed. When things don’t go exactly according to plan it’s easy to start losing focus. Successful entrepreneurs always remember what the strategic plan is and what the objectives are. Those are the most important things to consider. As long as the strategy isn’t compromised they are willing to be flexible.
This characteristic is particularly important because a leader must always ensure that his business stays relevant in a constantly changing business environment.
The business environment has now factored in complex dynamics ranging from marketing, finance, business intelligence, information technology, governance, strategy, compliance, management accounting and financial reporting. Poor planning sets off a domino effect and can lead to disaster. To avoid that, successful entrepreneurs devote time and attention to the planning process.
Planning gives a clear sense of direction. Through planning you are able to formulate small steps that lead to the final goal. A systematic way of working helps an entrepreneur not get distracted and end up pursuing many ideas at the same time.
Successful entrepreneurs network with the purpose of trying to bring in new business and/or to form new relationships. They understand that, in order to avoid missing some opportunities, they need to be easily accessible. When necessary, they hire personal assistants to help them better manage their time and communication. Nobody wants to build a business partnership with a person that’s unreachable. It paints them as a person that’s untrustworthy and unreliable.