“The people that really create the things that change this industry are both the thinker and doer in one person”
– Steve Jobs-
How badly do you want to be both the doer and the thinker? What do you need to be the next revolutionary entrepreneur?
Think of a few successful entrepreneurs you know. How do you think were they able to climb the ladder of success? A person’s personality traits do play a significant role in determining his/her entrepreneurial abilities. Let’s take a look at the key characteristics that a successful entrepreneur should possess.
The “Vision” thing
It takes time, energy and careful evaluation to come up with a vision for your business. You need to know the problem you’re solving, problems in the business, and come up with solutions to overcome each of them. You may not be able to put down every single detail, but if you have a clear-cut vision, the rest can be dealt with gradually.
Self-Confidence, Commitment, Motivation and Passion
If you don’t trust yourself to do your best and achieve success, then you can’t really expect anyone else to trust you to succeed. Self-confidence is a key requirement for an entrepreneur and once you have that on board, it’s really a game of balancing and playing your strengths of commitment, motivation and passion to their optimum potential.
Are You A Risk Taker?
Any new business is a gamble. A sign of a good entrepreneur includes not shying away from that gamble and the risks it involves, and rather dispassionately calculating them and making rational decisions. Starting a business and managing it is a game where you choose your risks carefully and execute plans to try to win them over. It is important for you to master the art of taking calculated risks, calculating and weighing in the positive and negative repercussions of an action before diving in.
Communication
Like in the case of any relationship, in business relationships too, communication is key. How effectively you communicate with your employees, investors and your customers determines the way you handle your business and also the way your business is perceived. You must be able to communicate your ideas clearly and effectively in order to get your team on board. It’s also important to remember that communication is a two way street. What you say is no less important than what your team or your customers have to say.
Can You Adapt?
It’s extremely difficult to forecast the exact ways in which a business situation may occur. Unforeseen events can take place, unexpected decisions may need to be taken and in short, a lot of situations that you just weren’t prepared to deal with may come up. Therefore, being adaptable to changes is a very important quality one must develop in the business world.
Persuasion, Negotiation Skills, Money-Management and Effective Networking
You know how some advertisements blare up on the screen with a product that you never really wanted but by the time the ad is over, you find yourself wondering where to get that product from? In short, that is the kind of persuasion that you need as an entrepreneur. Negotiation skills also go hand in hand with persuasion. These skills will come in handy, when you deal with not only your customers but also other stakeholders such as investors. This requires you to be able to weigh your options and push the one that is most profitable. Additionally, money-management is something that you as an entrepreneur should deal with very carefully. It is up to you to plan and control your finances. Networking is yet another important quality because it is your networking skills that enable you to make the right connections and leverage them to secure market information and expand your business.
What if you fail? Are you Patient?
It’s important to realize that running a business means that you will have to deal with the ups and downs on a regular basis. The key is to not give up even when you hit rock bottom because failure is not in your vocabulary. In such situations, it is crucial that you are patient enough to wait and strategize your next moves. Focusing on short-term profits and objectives is not enough to succeed. To profit from your business may take time and therefore, being patient to work for it and wait for it is what will help you to not give up.
And lastly, have you found the leader within you?
“Are you a leader?” is one of the most commonly heard phrases in the corporate world. What exactly does it mean? It is actually a combination of everything that is listed out above. The visionary within a leader is a risk taker who can mold the knowledge, skills and resources that he or she possesses in a way that would benefit their business most. You will find the commencement speech for the 114th graduating class at Stanford University, delivered by the Co-founder of Apple Inc. Steve Jobs, to be enlightening when it comes to leveraging what you already have.