Small Businesses

Entrepreneurs – The Qualities of an Entrepreneur

People who are successful entrepreneurs are very different to those who want a job. You need to understand the key differences before you leave your job and set up your own business. People often believe that a business can solve unemployment. 90% of businesses fail within five years, and 90% fail within ten years.

We aren’t taught the necessary qualities or given the knowledge required to be successful entrepreneurs. We are taught to work for others so that we can make money. It makes sense, doesn’t? You are putting in more hours than you earn in your pocket every hour that you work at a job. Which pocket? The successful entrepreneur.

Why are successful entrepreneurs business owners? They have a completely different outlook on security and money. They don’t have to worry about their families or themselves. Although it sounds horrible, this is the truth. They are obsessed with the idea of making it a business. Because I’m the same, I know this to be true. Because I cannot think of anything else, my husband is an orphan. This was something I didn’t know until I read about typical entrepreneurs and how their actions impact their friends and families. It is important to balance my life. I would rather play with my creation than learn new things.

Now, if this didn’t scare you, let’s take a look at some characteristics of an entrepreneur.

Entrepreneurs are:

1.You are not afraid to take a risk.

Entrepreneurs see the potential to create something. They also have the perception of the possibility to succeed. They don’t necessarily see things as being wealthy. It is rewarding to see an idea become a profitable business, or to take an existing business and improve its performance. Entrepreneurs often sell their businesses after they have made it successful. They no longer want to manage the business and are looking to start a new business. Or they hire employees to run the business and then move on to their next idea.

2. Tenacious

Entrepreneurs are determined and never give up. They get a thrill from watching their idea become a reality. Although they may worry about income and other issues, they persevere in their belief that everything will turn out well and that a business will emerge. They are driven by their determined, focused attitude because they can see, taste, and feel the final results.

3. Problem Solvers

Entrepreneurs are problem solvers. Entrepreneurs are more effective when they solve a problem together. They are able to recognize their limitations and find outside help to solve the problem. Entrepreneurs are happy to let someone else do the work while they move forward with their vision.

4. Fearless

Entrepreneurs will borrow, borrow, and steal the money necessary to make their idea a reality. If the idea is being fulfilled, it is a master and no expense is spared. They don’t worry about security, insurance, or where the next $ will come from, because they KNOW it is the right thing.

5. Ability to manage diversity

An entrepreneur can manage a million tasks simultaneously or hires or persuades others to do it. Entrepreneurs excel at manipulating others. They are able to sell any idea to anyone and convince them to join the team. This makes the idea a reality.

6. Curious

Entrepreneurs are perpetual students. Entrepreneurs are fascinated by new ideas and better ways of doing things. This is why they are constantly attending seminars to learn how to improve their businesses.

Entrepreneurs are driven by a desire for wealth and freedom. Their idea of fun involves the creation of a profitable business.

Take this quiz to find out if you are a successful entrepreneur.

1. Do you have the time and energy to build a business?

2. Are you unemployed because you are a thinker and don’t mind sharing your opinions?

3. Are you willing to sacrifice your standard-of-living in order to make your business more profitable?

4. Your family and friends will be able to understand why you don’t want to go to movies or parties that seem to hinder your success.

5. You may have owned other businesses but still feel the drive to start a new one.

You have a high chance of succeeding if you answer yes to these questions. You must have no fear, trust in your abilities, drive, and focus.

Listen to your gut, and ask yourself if you are ready to leave behind the security of your life. If you’re ready, go for it.

molw.net

We are a team of professionals with each having two decades of experience in start-ups, sales, marketing, finance, HR, large scale project and profit centre management and running mature cross functional operations. At Molw.net we are big believers that knowledge transfer is critical to our industry’s evolution. We love to share our experiences and learnings through our online resources.

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