Most people say they would prefer to be self-employed. Many people say that it is lack of money that prevents them from starting their own business. However, financial backing is not the main determinant of success. In fact, most businesses fail, and some of the most successful entrepreneurs have started with little or no money. What is their secret? What makes a successful entrepreneur?
1. Perseverance
All start-up businesses face many problems. It requires drive and energy to overcome these problems. Most people will fail at some time. Successful business people are not deflated by failure but become even more determined to succeed in the future.
2. Self-confidence
This must be unshakeable even when faced with failure. Self-confident people do not dwell on failure. They maintain their self-belief by accepting that there are some factors beyond their control.
3. Initiative
Obstacles may be overcome by a pro-active approach. Entrepreneurs anticipate problems and solve them in a pragmatic way. They enjoy taking responsibility and they have self-imposed standards.
4. Internal Locus of Control
This is the belief that results are determined by your own efforts and behavior. There may be short term setbacks. Successful people know that they can determine their own future in the long term. They know that if they work hard and make good decisions they will succeed in the end.
5. Tolerance of Ambiguity
This is the ability to accept that not everything is black or white. It is the ability to resolve problems where behavior or information is contradictory. For example, two trusted employees may totally disagree about an important decision. A good leader will enjoy the challenge of understanding both sides of the argument and settling on the best outcome for the business.
6. Low fear of failure
This does not mean being reckless. A low fear of failure allows you to take moderate risks and make quick decisions. Procrastination, caused by excessive fear of failure, will lead to missed opportunities.
7. Use of Resources
The ability to get the most of the resources available. All businesses have resources such as people, information and equipment. A good manager will juggle these resources, use feedback and delegate effectively to ensure that profits are maximized.
8. Clear Goal Setting
Successful entrepreneurs are driven to achieve ambitious targets. They tend to perceive money as a measure of their success and not as their end goal. When they have made their first million, they do not retire. Instead, they focus on making their next million.
9. Commitment to Others
The determination and ability to keep promises. This includes promises made to customers, suppliers and, most importantly, employees. People want to do business with owners they can trust. Employees want to work for employers that are honest.
10. Communication
The ability to influence, convince and inspire. Successful entrepreneurs can tell a story and make it believable. They have natural integrity and charisma.
Many of the qualities listed above are associated with the stereotype of the hard-nosed business person. Other softer qualities, such as commitment to others and communication are increasingly important in today's business world. Employees are motivated, not by money or fear, but by leaders that they respect and trust. The internet and social media rapidly expose business people that lack integrity. Once a reputation has been lost, it may never be fully recovered.
Modern, successful entrepreneurs are straightforward in all their dealings with customers and suppliers. They are loyal to their employees and demand integrity in return. They value their employees ability to work in a team just as highly as individual achievement.
In conclusion, the qualities that make a successful entrepreneur are not static. They evolve in line with the business environment.
