Being a leader and an entrepreneur, I’ve found that the entrepreneurial landscape is changing rapidly — and so should we. Now it’s not just about reacting to the changes, but we need to shape ourselves to fit in, especially when you’re the one in the front line.
According to The Global Entrepreneurship Monitor (GEM) Global Report, there has been a significant upsurge in entrepreneurship around the world. There are nearly 400 million entrepreneurs starting and running businesses in 54 countries with millions of new hires expected in the coming years.
But not every entrepreneur out there ends up with success. The SBA stats state that nearly 30% of the new businesses fail during the first two years of being open, 50% during the first 5 years and 66% during the first 10 years.
Clearly, these numbers are not making things easier for young entrepreneurs. Today, the competition is higher than ever and the only way you can make it as a successful entrepreneur is to go out of your way and make your ideas stand out.
But how do you get started? What’s the first thing that you need to work on? The answer is pretty simple — start with yourself. That’s what I did.
Standing out in the market and starting a business from square one is difficult. But doing so without the right skill sets is damn near impossible. That’s why, in this particular post, I am going to discuss the key qualities that an entrepreneur needs to start, build, and run a successful business in today’s overly competitive market.
Below, I’ve outlined five qualities that I believe every entrepreneur should master before he/she steps into the market.
Ready to discover what makes an entrepreneur successful? Here, have a look.
1. Passion and ambition
Kiefer Micallef: “A life without a passion has no solid foundation, always remember why you started.”
Ask Yourself: Why Are You Becoming An Entrepreneur? Be sure that your answer isn’t entirely based on financial aspects. There are many great reasons for being in this industry. For me, it’s never just about career, it’s about a calling.
Sure, it’s challenging — like 24/7 challenging — but at the end, the feeling of achievement and success makes it all worth it. So make sure that you find your passion and ambition behind becoming an entrepreneur. And follow the path you’ve chosen, no matter what.
2. Good communication skills
James Thurber: “Precision of communication is important, more important than ever, in our era of hair-trigger balances, when a false or misunderstood word may create as much disaster as a sudden thoughtless act.”
You can do things alone, but don’t. Make the most of your communication skills. And if you think there is room for improvement, fill that room as soon as possible. You have definitely selected exceptional people for your team, but do you think that can make the best of their ability if you don’t communicate your vision with them. Obviously, they can’t.
This is the reason why it is important that you communicate and collaborate with people more often in the workplace. Consider using advance team messaging tools and apps. They will surely help you share insights and brainstorm ideas within the workplace clearly quickly.
3. Curiosity and creativity
Bernard Baruch: “Millions saw the apple fall, but Newton asked why.”
If you’re planning on launching your business soon, you need to be aware of the big picture. Think about the competition you will be dealing with. It’s not going to be easy, right?
Now, the only way you can make a difference is by being curious and creative. Seek knowledge that can help you understand your market and your competition better. After that, find creative ways to make your business idea stand out and succeed.
4. Courage and risk taking
Walt Disney: “All our dreams can come true if we have the courage to pursue them.”
Sometimes, the decisions you’ll make for your team or your business would seem risky. At worse, it would seem like you’ve made a mistake. But don’t panic, it’s all part of the journey. If you seriously want your business idea to succeed, you should be willing to take risks because that’s how you’ll learn what works best for your business and what doesn’t. That’s how you’ll take your business forward.
5. Patience and perseverance
Thomas Edison: “I have not failed. I’ve just found 10,000 ways that won’t work.”
The “best” is never achieved at once. You’ve got to struggle, you’ve got to fail, and you’ve got to try again and again until you achieve what was desired. This is how things work, business or personal.
Have patience and keep your eye on your vision. If things aren’t working or failing, don’t lose hope. Instead, see it as an opportunity to improve your efforts. Show perseverance and you will thrive.
Last few words …
Becoming an entrepreneur is no challenge these days. Anyone who understands the basics of building and running a business can be an entrepreneur. The only thing that differentiates an extraordinary entrepreneur from an ordinary one is his/her skill set.
So what are you waiting for? Keep the above qualities and characteristics in mind and put your skills to test for the best. And don’t forget to share your entrepreneurial success story. Also, if you have some suggestions for your fellow entrepreneurs? Feel free to share them in the comments below!
Sandeep Kashyap is the Founder and CEO of ProofHub — a leading project management and collaboration software.