Characteristics Flashcards
Although there are many traitsthat make an entrepreneur successful, perhaps the most important are passion and motivation.
Is there something you can work on over and over againwithout getting bored?
Is there something that keeps you awake at night because you haven’t finished it yet?
Is there something you have built and want to continue to improve upon?
Is there something you enjoy so much youwant to continue doing it for the rest of your life?
Passion andMotivation
Entrepreneurs are risk takers, ready to dive deep into a future of uncertainty. But not all risk takers are successful entrepreneurs
Not Afraid toTake Risks
Entrepreneursbelieve in themselves and are confident and dedicated to their project. Their intense focus on and faith in their idea may be misconstrued as stubbornness, but it is this willingness to work hard and defy the odds that make them successful.
Self-belief, Hard Work andDisciplined Dedication
Being passionateand dedicatedis important, but being inflexible about client or market needs will lead to failure. Remember, an entrepreneurial venture is not simply about doing what you believe is good, but also making a successful business out of it. Successful entrepreneurs welcome all suggestions for optimization or customization that may enhancetheir offering and satisfyclient andmarket needs.
AdaptableandFlexible
Entrepreneurs know their productinside and out. They also know the market. Most become successful because they createsomething that didn’t already exist or they significantly improvean existing product after experiencing frustration with the way it worked.Remaining unaware of changing market needs, competitor moves and other external factors can causeeven great products to fail
Product and Market Knowledge
It takes time forany entrepreneurial venture to become profitable. Untilthen,capitalis limited and needs to be utilized wisely.Successful entrepreneurs plan for present and future financial obligations and set aside an emergency fund.Even after securing funding or going fully operational, a successful businesspersonkeeps a complete handle on cashflow, as it is the most important aspect of any business.
StrongMoney Management
Entrepreneurship is about building a business from scratch while managing limited resources (including time, money and personal relationships), which requires planning. However, trying to planfor everything and having a ready solution in place for all possible issuesmay prevent you from evertaking the first step.Successful entrepreneurs have abusiness plan in place, butremain capable of dealing with unforeseen possibilities.
Effective Planning (Not Over-Planning) Skills
Not every attempt will result in success. The failure rate of entrepreneurial ventures is very high. Sometimes, the best solution is to call it quitsand try something newinstead of continuing todump moneyinto a failing business. Many famous entrepreneurs weren’t successful the first time around, but they knewwhen to cut their losses.
Exit Preparedness
You may ask yourself, am I an entrepreneur? The very question may make youdoubt the answer. Even if you don’t have the flair of Steve Jobs or the hair ofElon Musk, if you have the courage to ask yourself intimidating questions—”Can I do this? Do Iwantto do this?”—you have the stuff to be an entrepreneur.
Ability toQuestionThemselves– But Not Too Much
Many people seek comfort in commiseration—friends, colleagues andneighbors are happy to complainabout “the global slowdown,” poor demand, or unfair competition—but that won’t improve thebottom line Successful entrepreneursreach out to mentors with more experience and extensive networks to seek valuable advice. If they don’t have the necessarytechnical or marketing skills, they find someone who does and delegate these tasks so they can focus on growing the business.
The Right Connections
