Many people dream of running their own businesses. They would like to become entrepreneurs. Entrepreneurship can be exciting, but many go into it not realizing how difficult it is to run their own business. In fact, statistics show that most new businesses will fail within a few years. Startup businesses fail because of the owner’s poor planning, lack of business knowledge, lack of entrepreneurial characteristics, inability to work with others, or failure to choose the right business.
Entrepreneurs are different from each other, but successful entrepreneurs tend to share certain characteristics. Not all of them have developed each of the following to the same degree, but they tend to have developed most of them to some degree. Here are some common characteristics of successful entrepreneurs.
- Eye for Opportunity. Many entrepreneurs start by finding a need and quickly satisfying it.
- Independence. They want to make their own decisions and do something they enjoy i.e. they enjoy being their own boss.
- Self-confident. Entrepreneurs make all the decisions. They must have the confidence to make choices alone and bounce back from a poorly made decision.
- Hard Work. Most entrepreneurs start out by working long, hard hours with little pay
- Determination and perseverance. Entrepreneurs persist through hard times until goals are met.
- Self Confidence. Entrepreneurs must demonstrate extreme self-confidence in order to cope with all the risk of operating their own business.
- Goal-oriented. They know what they want, and they are able to focus on achieving it.
- Need to achieve and to set high standards. They are motivated by setting and achieving challenging goals.
- Discipline. Successful entrepreneurs resist the temptation to do what is unimportant or the easiest but have the ability to think through what is most essential.
- Creative. They think of new ways to market their businesses and always look for new solutions to problems.
- Act quickly. They are not afraid to make quick decisions when necessary, which helps them beat their competitors.
- Judgment. Successful entrepreneurs have the ability to think quickly and make wise decisions
- Up-to-date with technology. New technologies emerge that can help with many business activities. In order to run their business efficiently, entrepreneurs should always be on the lookout for new technology they can apply to their business.
- Ability to accept changes. Changes occur frequently when you do your own business, the entrepreneur thrives on changes and their business grow
- Focus of profit. Successful entrepreneurs always have profit margin in sight and know that their business success is measured by profits.
Characteristics of Good Team Members
Entrepreneurs realize that there are other stakeholders in their businesses—partners, investors, employees, suppliers, customers, creditors, and so forth. They must work with others to get their business up and running. They must have good team-building skills as well as be effective team members. Good team members display the following traits.
They are committed to team goals and willing to work hard to achieve the goals.
They have the right skills needed to get the job done and to help accomplish the team’s goals.
They have good communication skills and can share ideas with others in both oral and written form.
They must work well with others and know that they will not always get their way. They are willing to accept the decision of the group for the good of the group.
They are able to look at things from different perspectives and suggest new ways of doing things.