What is the first thing that comes to mind when you hear the term “entrepreneurship?”
Most people think that entrepreneurs are ‘Lucky Bastards’ who take on risks and dress in stylish suits. They also drive a nice car. Are there any ‘Lucky Basstards’ working in the job market? Yes, there are! Many people like these work in MNCs. An entrepreneur and an employee are different in that there is no interview or qualification process to become an entrepreneur. It is only a smart, individual decision that is followed up by large-scale actions.
I have been in the self-employment and business world for six years. Today, I want to share four traits that entrepreneurs should possess that I have learned over the years.
1) Determination
Although it is easy to start a business, it can be very difficult to maintain it and overcome all kinds of challenges. There will always be failures and challenges, no matter how hard you try. One time, I was at a motivational speaker, and the speaker asked me: “What would you do if it were clear that you won’t fail?”
I think that is complete BS.
You will fail. You will fail more often if you do not take the right actions. It is important not to avoid failure but to embrace failure and realize that each failure will make you stronger.
Passion is what gets me started. It’s a determination that keeps you going. Entrepreneurship requires you to have the drive and stamina to succeed.
2) Humility
I have learned over the years not to judge books by their covers. Everybody can teach you something. I prefer to know what I don’t know that act as if it were all I know. You can use criticisms as feedback to help you reach higher heights. Be open-minded and willing to learn from others who are better than you.
Arrogance is a no-no! It is a business killer!
3) Decisiveness
Smart decisions made immediately are the only way to get things done. The process of developing a business involves a lot of information gathering and then decision-making. Entrepreneurs need to keep their minds sharp by constantly reading, attending seminars, and having conversations with intelligent people. It’s possible to make a big decision in 3 seconds.
As an entrepreneur, it is important to take full responsibility for your actions. Never excuse, justify or blame others. It didn’t work if it didn’t work. Period!
My personal mantra is that any decision I make is wrong. It is up to me to make things right.
4) Be a strategist
Entrepreneurs must be creative and able to assess every aspect of their business and the markets in which it operates. A friend of mine, a successful local entrepreneur, once told me that every day his mind works as he analyzes whether or not things are functioning as they should. He also suggests ways to improve business systems. Business owners who think strategically and don’t mind changing their ways – based on sound analysis – are the best.
Entrepreneurship isn’t about fame and fortune. While I have no doubt that there are some entrepreneurs who put a lot of effort into this, the majority of successful entrepreneurs don’t make it big. They prefer to be quiet and deliver results. They are dedicated to creating clarity in their vision, hiring the best talent for their core team, improving their business systems, and thinking of ways to add value to their customers and employees.
Let me tell you… The opinions and perspectives I have shared are my own. The bad news? These qualities are often easier to learn than they are to practice. All of these qualities can be taught! You will be able to find all the ‘hows’ if you have a strong “why”!