Have you ever wondered what it feels like to be your own boss? To do things your own way, how you want to do it and when you want to do it? If you have, you are not alone in this. It has been the apparition and fantasy that many people have had when they find themselves trapped and buried under daily assignments at work. For entrepreneurs, their world is different. Beyond the glamour of Silicon Valley and Shark Tank, these are individuals who have gone above and beyond to get to where they are today. So if you are really feeling trapped in your three-walled cubical, ask yourself if you are right to be an entrepreneur.
Entrepreneurship is the development of a business from the ground up. It begins with coming up with an idea and turning it into a profitable business. While it seems simple, this definition can only scratch the surface of what it is to be, execute, and succeed as an entrepreneur. For those who have tried, they shortly realize how difficult it is to that road to success. The journey is much more than just that simple idea. Rather, as an entrepreneur, you need to explore and quickly learn the skills of finance, budgeting, cost analysis, risk management, management itself, marketing, communication, and leadership. While all of these tasks may seem daunting, they are the necessities in building and operating a strong successful business. So what makes an entrepreneur different from that of an average-Joe? What je ne sais quoi enables an entrepreneur to rise above the rest? Below you will find five traits that all successful entrepreneurs share.
As an entrepreneur, you need to see the world differently. Where others see problems, you must see solutions. You must be quick at strategizing a problem and finding the best possible way to hand any situation. Remember, as an entrepreneur, your company, your passion, and your life simply starts with that one little idea. Once that idea is planned, it doesn’t stop there. You need to imagine and envision what your future holds. You need to foresee the next hundred steps before you make any move. When looking at the big companies like Google or Apple, they knew immediately that when one product was done, another product had to be set ready for design. To be futuristic and imaginative is the brilliance of an entrepreneur.
Going into either an untouched market or a competitive market has high risk in both. You can find yourself with a great product but no customers or the in a field flooded with almost identical products. These are the risk you need to understand before deciding to be an entrepreneur. Begin by assessing your situation. Understand what the risk may be and then decided from there. If you still feel passionately about the overall project, start by building a business plan. Having a holistic view of the finance, marketing, production, sales, and personnel of your company can be a great way to understand the problems before taking the risk in starting your company too early or too late. Now even when you start, there will be points of failure. It is all part of the risk. When this happens, accept it and learn from those mistakes. Understand that a small percentage of businesses that are startups are successful. Learning from your competitor’s mistakes or even your own will help you understand how to improve your company. Last but not least, make sure you are not afraid of taking chances. While things may work for a while, time usually does catch up with all things. Do not be afraid to take a change and change something you feel will best position your company and its people in the right direction.
Adaptive and Persistent
This is one of the most crucial steps in the process. From the growing pains of starting a company, to scaling to a small business, and then to an entire corporation is not an easy task. Your mentality as a leader needs to be constantly changing and adapting to the overall roles. In the beginning stages, you know you are simply growing an idea. But once the business starts growing, you need to learn how to manage a variety of things such as the finance, the marketing, and most importantly, the people. Having this adaptive and persistent nature will push you in the long run. Even when you are failing, make sure you internalize the situations of why this is happening so that you can get yourself back on track. If you do not adapt, you will not succeed.
There may not be an ‘i’ in team, but there certainly is one when you talk about a leader. As an entrepreneur, you are the one everyone looks to. You are their burning passion and inspiration. Whether it is for marketing or production ideas or just simple management, you need to be able to voice out your opinions in the most clear and effective manner. Your logistical skills and delegation in every department is crucial for their success. Having this type of personality will allow you to communicate to a variety of people who can help develop the vision of the company.
Leadership and communication go hand-in-hand. Entrepreneurs should be able to explain, discuss, sell, and market their idea to both their employees and their customers. This will help inspire the vision to both groups and eventually allow for a well-oiled machine. Remember think logistics. If you’re having trouble explaining something, internalize it again until a child can understand it.