Being an entrepreneur may technically require nothing more than that you have an idea you believe in strongly and that you make an attempt to turn that idea into a profitable venture. Being a successful entrepreneur, however, will require, among other things, a certain set of characteristics that tend toward success. Conducting an honest self assessment as to how
many of these desirable characteristics you possess will put you in a position to make your new business start-up as successful as possible.
Five characteristics that can help you to maximize the success of your entrepreneurial pursuits are as follows:
1. A Willingness to Learn From Others
When low demand, economic stagnation, and unfair practices of competitors begin to push down your bottom line, you may find yourself unsure of how to respond. You may have great business talent and enough accumulated knowledge to come up with some possibilities, but it is always wise to check your ideas against the advice of those more experienced than yourself.
2. The Impulse to Plan Ahead
Gathering the resources to start a new business and then managing it well enough, long enough to meet or exceed your original goals requires a well-thought-out business plan. You should know your product, your market, and the benchmarks by which you will measure success. You will also need to be familiar with the details involved or, at least, hire a trustworthy manager who can attend to them while you focus on the overall direction of your company.
3. Flexibility and Adaptability
Planning is critical, but there is also a need to “counter-balance” your plans with a willingness to be flexible. If customer feedback and the dynamics of the market are ignored in the name of “sticking to the plan,” it will hurt your business and could even end it. Furthermore, you cannot simply “turn static” after an initial adaptation to the needs of the market. Since market conditions are constantly changing, there is a need for constant adaptation.
4. An Ability to Work With Money
In the early days of a new business, keeping cash-flow positive is something of a balancing act that requires the wisest possible use of a limited amount of capital. Thus, an entrepreneur must possess some “financial intuition” and a an ability to budget for both present and future obligations. He must also keep enough of a cash reserve to deal with emergencies, which will inevitably arise.
5. A Skill for “Reasoned Risk-Taking”
Every entrepreneur must take risks in order to have a chance to reap corresponding rewards. Reckless risk-taking done simply “for risk-taking’s sake,” however, is likely to ruin your business. Risks must be weighed against the potential pay-off, the odds of success, and the availability of other options.
Finally, note that even with a good idea, hard work, and wise business moves, failure is not.
100% avoidable. There are times when the best option is to “cut your losses” and re-invest in another entrepreneurial venture that may prove to be more successful.