There’s nothing better than working for yourself, having your own business, and being in charge of your own destiny. However, not everyone has the right mindset or the right personality to be a successful entrepreneur. The truth is that most people who have tried to start their own business have failed.
Do you have what it takes to be an entrepreneur? You might if you possess these five key attributes shared by the world’s most successful entrepreneurs.
1. They’re Innovative
You have to be able to differentiate yourself somehow from all of the others on the market if you want to be a successful entrepreneur. You can do this in many different ways. You can offer a new product or a new variation on an existing product. You can build up an iconic brand or offer a unique customer service experience. Whatever it is you choose to do, though, you need to find some way to set yourself apart and attract customers to your business if you want to be a success.
2. They Aren’t Afraid to Take a Chance
Starting a business is a risky endeavor since there is always a chance that your business will fail. Not only that, but you may have to take many risks over the course of growing your business, expanding into new markets, investing capital, and hiring new employees. If you hesitate or if you are afraid to jump in with both feet, you will never be able to grow your business or to make your business a success.
3. They’re Willing to Work Hard
When you are operating your own business, your success or failure is 100 percent dependent upon you. You will need to work very hard, especially in the beginning, to get your business off the ground. Even once your business is established, you can’t let yourself fall behind or stop putting your all into it. This means being prepared to work at least as hard as you would if you were an employee for an existing business, and likely to work much harder. As the article 10 Traits of Successful Entrepreneurs by Purolator points out, many entrepreneurs put in 60–80 hour work weeks. Of course, if you love your business and are passionate about what you do, hopefully it won’t feel like work.
4. They Know How to Manage Money and People
An entrepreneur can have the best idea in the world but he will not be successful in business unless he knows how to make that idea profitable and how to actually run a business. This means that it is important to know the practicalities of managing a business. You’ll need to set budgets, come up with a business plan, hire employees, and motivate staff to work for you if you want your business to work.
5. They Are Passionate About What They Do
Because running a business requires hard work, you need to be very passionate about it. Your passion will be what drives your business and what allows you to connect with customers and do something important. If you aren’t excited about your ideas and about making your business a success, you aren’t going to be a successful entrepreneur.
It’s time to take an honest look at yourself. Do you have what it takes to be an entrepreneur?
No matter what stage of business, or what problem you face, Small Business BC offers a range of webinars, our on-demand E-Learning education, and one-on-one advisory sessions to suit any business.