Entrepreneurship is an important concept as it is responsible for high rates of employment and subsequently plays a key role in the growth of economies. Similarly, its drivers, the entrepreneurs, are of great significance as they propel this great concept. Generally, these qualities will make you stand out as an entrepreneur:
This is the fundamental principal upon which successful entrepreneurship is anchored. For an entrepreneur, passion is the feeling of overwhelming enthusiasm and excitement over their business. It is paramount for an entrepreneur to be passionate about their venture to eliminate the negative energy, monotony, and the subsequent boredom which results from a routine. A passionate entrepreneur would always be on their toes thinking about their business, trying to come up with solutions to problems faced and finding ways of improving the overall business efficiency and ultimately increased profitability. Passion stems from loving the job being undertaken genuinely without any restrictions and reservations.
More often than not, entrepreneurs find themselves in fields where there are already existing players dealing in similar goods or services. If non-existent, competition is bound to emerge sooner rather than later. When faced with this challenge, successful entrepreneurs re-invent themselves, and challenge their competition head on. This calls for a thorough and meticulous calculation on how to have that competitive advantage over their competitors. Ideally, it calls for an audit of how best to out-do their competitors in the delivery of their mandate. Will it call for a price competition? Or will it be enhanced customer service experience? The ability to analyze these and provide the best decisions and guidance for the business will determine its success or failure.
3. Perseverance / Determination
Entrepreneurship is not an event but rather a long tiresome journey. Occasionally, situations will arise where the course chosen does not yield the projected ramifications. These outcomes may bear huge emotional and financial consequences subsequently taking a negative impact on the business. It is the perseverance attitude of an entrepreneur that will see them rise above these challenges and give it another shot. Most importantly, an entrepreneur’s unflinching determination in the success of their business propels them to try over and over again. However, the entrepreneur should be humble enough to learn from past failures and change tact in dealing with the same challenge.
4. Creative Thinking
One of the fundamental role of an entrepreneur is that they are the key decision makers in their business ventures. In essence, this means that the ultimate profitability and efficacy of the business lies with them. Therefore, an entrepreneur is tasked with the formulation of policies and guidelines which will bear positive results. For this to happen, it is required that the entrepreneur goes out of their way in trying out new and better ways of doing things. It is not enough to recycle habits from one year to the next as complacency kicks in while competition watches from the other end. Thus new creative habits and practices should be implemented periodically to ensure sustained business growth.
5. Risk Taking
Business ventures will many at times present scenarios with vague eventualities. At these moments, it is incumbent upon the entrepreneur to make decisions which will not harm the business. However, some decisions may appear too risky if the results are not achieved as projected. In this scenario, the entrepreneur should be willing to take such calculated risks with the end result in mind. An entrepreneur who is always making safe decisions may never strike it big as with big risks comes big successes or big failures.
6. Leadership / Delegation
The ability to identify, collaborate, and draw people’s capabilities and encourage team work in achieving set out goals and objectives is key for a successful entrepreneur. The size of the business notwithstanding, good leadership plays a pivotal role in determining profitability. Consequently, appropriate delegation of duties and responsibility distinguishes a successful entrepreneur.
7. Strong Work Ethic
Ethics may be defined as the moral principles which propel an individual to behave the way they do. An entrepreneur would definitely stand out if their ethics are positive and unquestionable. For instance, an entrepreneur who values hard work and punctuality may be the first to get into the office and the last to leave. In effect, this rubs on the other employees and the collective business output is increased. Similarly, an entrepreneur holding honesty, equity, and just as strict ethical issues has an influence on their employees leading to increased responsibility in the work place.
The Important Take Away
These are the good habits and qualities that will make you standout as a great entrepreneur, acquiring and maintaining them will for sure benefit you and your business.