Many of us are drawn to start a businesses because we want the freedom to be our own boss. As an entrepreneur, you can make decisions and live according to your principles.
However, many other components of our personalities come into play, and not everyone is cut out to be an entrepreneur.
You may have heard the story of identical twins Jimmy and Johnny. Their mother saw they were of different mindsets and took them to a psychologist to find an answer.
Jimmy was always of a negative mindset, crying and afraid, while Johnny was just the opposite, always cheerful.
They put Jimmy in a room filled with toys and treats.
He still cried, so the psychologist asked why.
Jimmy said that if he played with the toys, they might break, and the treats may give him an upset tummy.
The psychologist then put Johnny in a room with nothing but a big pile of horse poop and a shovel.
When they looked in on Johnny, he had a big smile as he was madly digging through the big pile of horse poop. They rushed into this room and asked Johnny what he was doing, and his reply was, “With all this horse poop here in this pile, there must be a pony somewhere.”
Are you a Jimmy or a Johnny, because a positive attitude is an essential characteristic for an entrepreneur?
One of the most essential traits of successful entrepreneurs is that they are self-starters and explode off the start line. They:
Indeed.com defines self-starters as “professionals who take initiative, can work without supervision and begin projects independently.”
Indeed’s target market is people looking for jobs, and while this is important for employees, it is essential for small business owners.
Whether it’s investing their time, money, or resources into an uncertain venture, entrepreneurs often take risks. In the business world, you must be willing to get out of your comfort zone and take calculated risks to achieve your goals.
However, being a risk taker does not mean blindly diving into every risky situation without considering the outcomes. Instead, it means carefully assessing the risks and rewards involved before making a calculated decision.
Entrepreneurship demands hard work and dedication. Successful entrepreneurs are driven people, willing to put in long hours and go the extra mile to make their ventures succeed.
Entrepreneurs are often able to see possibilities and opportunities where others might not. They have a clear vision of what they want to achieve and are willing to take risks to bring that vision to life.
They always have ideas that they turn into businesses that make money.
If you constantly come up with new plans and ideas and act on them, you could be on your way to entrepreneurial success.
Entrepreneurs are willing to challenge conventional wisdom and often find themselves inventing (or reinventing) things to develop new products and services.
They think outside the box, developing novel solutions and ideas that can disrupt industries and create new markets.
There is an old saying that says, “When the going gets tough, the tough get going.” This personality trait and a strong passion for your business idea provide the motivation and energy to keep innovating, especially when things get tough, as they inevitably do when you own a business.
Markets, technologies, and business landscapes are constantly evolving. Entrepreneurs need to be adaptable, open to change, and willing to pivot their strategies based on new information and circumstances.
How do you respond to failure and obstacles?
Can you learn something even from the worst mistake that you have made?
Business is filled with ups and downs, and the ability to bounce back from failures and setbacks is crucial. Resilient entrepreneurs embrace failure as a learning opportunity rather than viewing it as a setback.
They understand that making mistakes is a natural part of any journey towards success. Instead of dwelling on their failures or giving up after facing an obstacle, successful entrepreneurs use these experiences as valuable lessons and adjust their approach accordingly.
Entrepreneurs need to know about their industry, business, marketing, finances, etc.
Francis Bacon said, “Knowledge is power.”
To build a sustainable business, the more you know, the better your chances for success.
If you’re a person who absorbs information, this trait will come in handy.
Communication skills are vital to being a successful entrepreneur. Problems in business often stem from poor communication.
To be successful, you must:
Many people dream big and set ambitious goals for themselves, but when it comes to taking the necessary steps to turn those dreams into reality, they fall short.
Action takers, on the other hand, are individuals who don’t just talk about their dreams – they make them happen.
One of the key traits of an action taker is that they have a high level of self-discipline. They understand that to achieve their goals, they need to stay focused and motivated even when things get tough. They are willing to put in the hard work and make sacrifices along the way because they know that success doesn’t come without effort.
OK. How did you go?
If you didn’t answer “yes” to all the questions, don’t fret. Not every entrepreneur possesses all these traits equally, and different situations may require different characteristics to come to the forefront.
As we said earlier, being an entrepreneur is not for everyone. If you are thinking of a business startup, reflect on your answers to the above questions and consider how you might develop these characteristics of a successful entrepreneur.
Other articles in this series on entrepreneurs include:
7 Essential Skills for Entrepreneurs to Unlock Their Potential
Small Business Owner vs. Entrepreneur: Understanding the Difference
How to Overcome Fear of Failure as an Entrepreneur
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