15 KEY CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS

There are no hard and fast parameters to gauge entrepreneurship for business excellence. The characteristic of successful entrepreneurs that are commonly observed in leading successful entrepreneurs in the entire world are grouped in a list.  An entrepreneur starts their business, manage it and grow it by showing initiative, having strong imagination, and taking risks to excel.

1.      IMAGINATION

Einstein said “Imagination is more important than knowledge,” The founders of Google, Larry Page, had ability to work for any technology company. They imagined new ways and transform them into successful business.

2.      PASSION & MOTIVATION

The master key to success for entrepreneurs is one and only Passion. It simply illustrated as a business initiation, development with continuous improvements with a great joy and pleasant feeling. The sound expression of passion and motivation determined the rate of success for an entrepreneur

3.      DISCIPLINE AND ORGANIZATION

Develop your time line wisely and accomplish duties as much as possible along with time line. Invest energy where most beneficial for business. Successful entrepreneurs are well disciplined and that is why they required less time to accomplish their task.

4.      GREAT REPUTATION

Successful entrepreneurs are well known in business community for the things they excel in. They build great reputation by delivering their offers on time with great quality.

5.      RISK TAKING

Successful entrepreneurs are always risk lovers and feel no fear to dive deep into a future full of uncertainty. Only risk taking is not the way of success for entrepreneurs. The evaluation of risk is critical for entrepreneurs in comparison of time, cost and future value. Successful entrepreneurs are those who take risk on time and money on unknowns, with resources and plans to handle uncertainty.

6.      SELF-BELIEF & DISCIPLINE

Successful entrepreneurs enjoy what they do in the business. Self belief and discipline is the foundation for success of any entrepreneur in any domain of business.

7.      FLEXIBILITY & ADAPTABILITY

It is key characteristic of entrepreneurs to be passionate about what they do. But inflexibility to respond the clients and market needs which highly dynamic leads to failure. Remember, an entrepreneurial endeavor is not only execution of what you believe is excellent, but also results profits. Successful entrepreneurs are always interested to receive suggestions & recommendations for optimization or customization of their products/ services to satisfy their customers.

8.      MONEY MANAGEMENT

Profitability of any entrepreneurial venture will take time that varies with the nature of projects. This is the time where entrepreneur’s skill and art of money management plays trump card role towards business excellence. A successful entrepreneur keeps a complete handle on cash flows.

Entrepreneurship

9.      PLANNING (BUT NOT OVER-PLANNING)

Entrepreneurship is about initiation of a business from idea by utilizing limited resources (including money, time and personal relationships). It is a long way journey and required high commitment and a plan at very early stage. In reality, however, in-depth planning with solution for all potential risks may prevent you from even taking the first step.

What entrepreneurs do tackle this situation is a feasibility analysis; identify time frame and capital thresholds for completion milestones; take the deep dive with limited resources. If thresholds are crossed either in case of time or capital, look for possible alternatives and be ready to take the next exit.

10. ENTREPRENEURS DOUBT THEMSELVES {BUT NOT TOO MUCH}

Successful entrepreneurs have the courage to ask themselves threatening questions. Can I do this? Do I want to do this? But don’t get confused in decision making due to these questions.

11. TECHNOLOGY INNOVATION

The most successful entrepreneurs used technology to take competitive advantage, from to Facebook’s Mark Zuckerberg to Microsoft’s Bill Gates. Successful entrepreneurs use tech trends to save time and increase profit.

12. GREAT NEGOTIATION SKILLS

Information about competitors and successful entrepreneurs who are on yours planed destination. Learn from their stories about how to offer a true value of your products/services and always come across to win-win deals.

13. WHO ARE YOUR POTENTIAL CUSTOMERS AND WHAT IS YOUR OFFER

Entrepreneurs must clearly understand who their potential customers are and what is you offering in comparison of other competitors and where is the margin to create uniqueness.

14. NETWORKING ABILITIES

Many people try to find relieve in commiseration: friends, neighbors and colleagues are happy to complain with you about recession, low demand rate, or unfair competition; but that won’t improve the bottom line. But successful entrepreneurs reach out to mentors having considerable experience and extensive networks of professionals to look for valuable advice. This is a key characteristic of successful entrepreneurs.

15. BE READY TO TAKE THE EXIT

Success is not mandatory for every attempt. Entrepreneurial ventures have very high failure rate. So it is recommended to take the “practical” exit route and try new one rather than to continue to make sunk cost investments in existing venture. Most of the famous entrepreneurs weren’t successful the first time around. But they had the serenity and foresight to know when to cut their losses.

 

One Response

  1. Ali Afraz September 14, 2015

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