Today, there is no one particular way to become successful. Today’s youth is not begging for jobs but creating jobs, and if you are on a mission to serve the millions, entrepreneurship is your destiny. But, what are the Qualities of the Entrepreneur?
Modern-day entrepreneurs come from different backgrounds, geographical locations, and ages. As the saying goes:
Entrepreneurship is neither a science nor an art. It is a practice.
– Peter Drucker, Management Consultant, Educator, and Author
One thing that truly makes a difference in today’s economy is the passion these people share to make it big. Do you have what it takes to be a successful entrepreneur? We bring you the top 8 Characteristics of Entrepreneurship (Entrepreneur Qualities) of successful individuals that will surely build your confidence and make you feel motivated enough to leave your seats and take the plunge. Also, look at our article entitled Startup Funding and 8 Costly Mistakes to Avoid for more free advice. You can also contact Dr Thommie Burger, Founder of JTB Consulting, should you wish to discuss your Startup Journey in more detail.
Qualities of the Entrepreneur #1: Determination
Nobody makes a fortune by planning and sitting back for things to happen alone. Nobody makes progress by sitting back and waiting for it to find them. Successful people go out into the world and accomplish goals through their actions. Typically, entrepreneurs enjoy challenges and work tirelessly to find the most viable solutions. Often you will learn that a complete vision drives successful entrepreneurs, and it’s notoriously difficult to steer them off the course.
Qualities of the Entrepreneur #2: Risk-Taking Attitude
You can find a huge list of entrepreneurs who took major risks and made history. Entrepreneurs are risk-takers and always ready to face uncertainties, but they also keep backup plans and bandwidth to deal with unknown situations in reserve.
When everything seems to be going against you, remember that the aeroplane takes off against the wind, not with it.
– Henry Ford, founder of Ford Motor Company
Taking risks shouldn’t scare you. It’s necessary to achieve goals, and successful entrepreneurs understand what needs to be done to reach the final destination.
Entrepreneur Qualities #3: Learning Ability
Understanding the needs of your business is one thing and staying current with market trends is another. A successful entrepreneur knows when to pivot as per the changing market scenarios and is always ready to absorb as much knowledge as he/she can. Successful entrepreneurs welcome all suggestions for optimisation that may enhance their product offering and satisfy the needs of their target market/
Entrepreneur Qualities #4: Highly Adaptable
Being dedicated may or may not guarantee success, but being inflexible about market needs will lead to failure. Flexibility means being receptive to other people’s needs, opinions, and ideas and being open-minded to feedback from your manager. Being adaptable gives the ability to respond efficiently and effectively in any situation. An entrepreneur may not always know what lies ahead of the curve; thus, implying adaptive strategies can keep you afloat and navigate you out of trouble.
Entrepreneurial Qualities #5: Work Ethics
Creating enormous wealth and reputation requires a deep understanding of work ethics. While cheaters and thieves may win in the short term, they invariably lose out in the long run. All successful entrepreneurs follow ethical business practices and maintain high professionalism.
Entrepreneurial Qualities #6: Money Management
This goes without saying. It takes time to make any business idea profitable, and an entrepreneur with strong money management skills will know how to plan effectively for present and future financial obligations. Even after securing funding, a successful businessperson keeps a complete handle on cash flow and utilises every bit of it wisely. Most first-time entrepreneurs swear by a solid Business Plan to monitor their success and business model implementation progress.
Entrepreneurial Quality #7: Networking Abilities
Good connections can help make a good fortune, and a successful entrepreneur knows how to tap into the right network for solutions. As an entrepreneur, you need to reach out to people with experience and extensive networking access. Their valuable advice and contacts will help you set up a strong foundation and be potentially beneficial in the future. A good entrepreneur is only as good as those who support him.
Entrepreneurial Quality #8: Salesmanship
Knowing how to sell and promote your business as an entrepreneur is a skill that ensures success in every aspect of the business. The bottom line is that an individual’s personal qualities and professional aspects collaboratively create a successful entrepreneur. A realistic self-assessment against these suggested traits will ensure you walk on the path to success.
Are you an Entrepreneur? Do you have Entrepreneurship Qualities?
Some tests can help you assess if you have what it takes to be an entrepreneur. Do you have the skills? Experience? Mindset? Drive? Urgent Need? We are pleased to provide you with a set of interesting tests that helps you check if you got what it takes and maybe also learn a thing or two in the process.
Helpful Qualities of the Entrepeneur Tests
- Entrepreneur Quiz by Human Metrics
- Personal Assessment by BDC
- Entrepreneur Psychological Test by Open Psychometric Test Resource
