Skills and Qualities an Entrepreneur Should Have – Every day over 627,000 new businesses open each year, according to Small Business Association’s estimates. And about 595,000 close down. This low survival rate goes to show that perhaps not everyone is cut out for the entrepreneurial throne. So, should you pursue this path to gold? And is it meant for you?
25 Skills and Qualities an Entrepreneur Should Have
1. You can Start Things Off By Yourself
If you’re able to start things off on your own then you’d probably do a good job as an entrepreneur. Entrepreneurs always make the first move. They are self-reliant and do not wait for somebody else to push them to take a step forward or to get things done. They have this self-control that enables them to focus on setting goals. Even foregoing things such as holidays just to get the job done.
2. You are Passionate
Do you often find yourself enjoying what you do until working doesn’t feel like work at all? Does time just fly away without your notice whenever you focus on something you like doing? Well, congratulations because a strong passion for what you do is a must-have trait for an entrepreneur.
One must be passionate to be able to overcome the many obstacles one is likely to encounter in running a business or an enterprise. The desire to see the business succeed keeps an entrepreneur going. Every entrepreneur is passionate about what he/she does as it boosts not only persistence but even creativity. So, have you taken the time to find out if there is an idea or concept you are entirely passionate about and are ready to pursue? If you haven’t got right to it!
3. You have good people skills
Are you able to communicate and associate with other people easily? Anyone who possesses good people skills is likely to succeed as an entrepreneur. Being an entrepreneur requires a lot of interaction with different types of personalities. With good people skills, you are more likely to do better especially if this is combined with good communication skills. This is especially true when you’re working with other people since group success will require understanding, connecting, and building relationships with others.
4. You’re Persistent
Do you have a goal and a burning desire to achieve it? Does failure not just frustrate you but push you to try again? This is practically the soul of an entrepreneur! Being persistent and not giving up easily is a common characteristic and a great sign you can be one. If you have perseverance and strong resolve and will power to see and realize success, you can easily start and run a business successfully.
If the entrepreneurs were to give up easily very few innovations and business ideas would have been implemented successfully. Their persistence keeps them going even when faced with challenges and difficulties along the way. Overcoming obstacles and trying new methods as well as stepping outside the box is a must. Things may not go as planned all the time but one must persist to the end.
Creativity is a key trait for entrepreneurs. This is because businesses today operate in a highly competitive global environment which makes creativity crucial as it fuels new ideas and creates opportunities. Entrepreneurs must be able to identify and come up with innovative and unique ideas in handling issues as well as solving problems immediately they arise. Thinking creatively goes a long way in managing issues that arise on a day-to-day basis and may save the business; even promoting it in terms of money, customers, personnel, and other areas of operation.
6. You’re Competitive by nature
If you always want to be the best in what you do then you’re competitive by nature, just like an entrepreneur. Competitiveness is a desire to be better than the rest. It pushes one to work hard and eventually promotes personal development. Every day businesses compete with one another to increase sales and acquire more customers. With a bit of rivalry, an entrepreneur is pushed to fight and maintain a leading position by the creation of new ideas as well as improvement of quality of products and services. It gives birth to a stubbornness that businesses need to thrive in a market of similar goods produced every day.
7. You’re hardworking
If you have this habit, then you can make one a diligent entrepreneur. Whenever you put in a lot of energy and focus towards achieving any goal the reward will surely come, and entrepreneurs believe in this. They are dedicated to their work irrespective of the workload. Time is not a limiting factor as an entrepreneur will work late hours, do more than one job and make sacrifices in their lives to achieve their success. Hard work always pays.
8. You Can Handle Risk
Entrepreneurs are great risk takers which they often see as a challenge as well as an opportunity. However, this is not to say that they headlessly jump at an opportunity or onto any risky deal. It is more correct to say they take calculated risks; making deliberate decisions within an acceptable range of possible shortcomings. They often have a second plan should the idea they are working on fail, bearing in mind the positives outweigh the negatives.
9. You Have Confidence
Entrepreneurs are confident people. They are known to generate many ideas and their confidence projects itself in how they market these ideas to their clients. This confidence and their enthusiasm eventually win them partnerships and business deals. Without this confidence, they would probably be swallowed up in the competitive corporate world that deals with risk-takers. If you’re confident in what you do, then you’d probably make it as an entrepreneur.
10. You’re a Problem Solver
If you can think of problems as challenges and logically come up with a positive solution then you’re a problem solver. The life of an entrepreneur revolves around solving problems every day whether it’s product supply or service delivery, they are often met with questions like customer satisfaction, and dealing with this has them cultivating problem-solving skills. This enables them to improve their ability to innovate, challenge, change, and push boundaries. For this reason, you find that most entrepreneurs are innovators generating out-of-the-box ideas that provide answers that have their enterprises soaring.
12. You’re Never Happy Staying in Your Comfort Zone
Some people just hate mediocrity. They dislike the idea of idling within their comfort zones and always challenge themselves to be more believing in the fruits of continuous effort. If this is you, then know that it’s also what drives an entrepreneur. Growth mindset. An entrepreneur uses every opportunity to learn something new and is always looking for different ways to overcome obstacles. He thinks about success differently and continually challenges his perception of failure. Especially in a world with an ever-fluctuating market, complacency can spell doom for an entrepreneur’s businesses if they are not able to keep up with the changing times.
13. You See Opportunity Everywhere
Entrepreneurs are keen observers and nothing escapes their eyes. They always come up with ideas and they can see business opportunities everywhere they go, sometimes in areas where no one would have thought of or even noticed. Due to their ability to seize opportunities, they have been known to create big businesses from a single idea or an identified opportunity.
14. You are Self-Driven
Being a self-driven individual in a world full of distractions can be your bet that you could be an entrepreneur. This is because you do not have to be cheered on to make a move or implement something. The sheer inner drive is a trait that will help achieve your goals as an entrepreneur as it will drive you to wake up every morning, to go and pursue your goals. Based on the fact that an entrepreneur starts by himself, if he has no self-drive it will be difficult to overcome the everyday challenges that face a start-up or any running operations in a business.
Do you think that you are decisive? Well, decisiveness means coming to a firm conclusion quickly and effectively. To make sound judgments when the need arises and even when under pressure. Various crises may occur in a business at any one point and an entrepreneur is expected to act quickly and effectively while also shouldering the probability of failure. In such a case, procrastination is not an option and may lead to serious losses to the business. An entrepreneur must therefore be thorough in thoughts and decisive in action.
Dealing with people every day not just on the professional ground but even outside work, you find yourself sometimes having contradictory opinions. In the end, you may end up convincing them to believe in your notion. This same persuasive skill is what entrepreneurs need every day. They are required to sell both their ideas and skills and thereby creating strong connections that facilitate the growth of their businesses.
Do you normally have a goal that you work towards? Well, vision helps define your short-term and long-term goals and guide the decisions you make along the way. It is important in business as it provides a sense of direction. Successful entrepreneurs are visionary and their focus is always on the big picture. Always align the actions they take with their vision.
18. You are Versatile
If you’re highly adaptive to any changes that occur and can solve problems without panic, then you’re flexible and versatile. A flexible person can adjust his priorities and focus on more urgent needs and this is a very crucial skill expected of an entrepreneur. In the business world, consumer demands fluctuate, unexpected situations occur and new opportunities present themselves.
It’s a globally transforming world. Therefore, an entrepreneur has to adapt himself to changes that frequently occur in any business or work environment. He must be adaptive to new ways of working, new technology emerging, and figure out how to respond appropriately while still earning profits.
19. You are a Team Player
If you can collaborate with others and relate well with stakeholders in your line of work, then you’d survive the life of an entrepreneur that’s full of socializing and networking. Entrepreneurs rarely work alone. Whether inside the organization or outside. To accomplish the company’s objectives, an entrepreneur requires cooperation not just from employees but from their consumers, clients, business associates, and partners.
20. You like the Company of Smart People
If whoever is around you matters to you and you prefer to be around individuals who are smarter than yourself so that you can learn from them, then you’re thinking like an entrepreneur. Entrepreneurs love people who can challenge their views, ideas, and lifestyle because surrounding themselves with this kind of people pushes them forward in constant pursuit of better.
21. You Value Time
If time is a valuable asset to you, you go out of your way to protect it. You are likely to feel restless and bored when idle while when involved in doing something productive, you feel a sense of belonging. This is exactly how entrepreneurs are. They know the value of time and dread wasting a second that they know could have been used to generate a monetary profit or even think up a marketable idea. Therefore they avoid distractions and plan exactly how they spend their days.
22. You Enjoy Serious Conversation
If you are one of those who yearn for a smart company, finding comfort in engaging in conversations that are meaningful, thoughtful, and challenging, then you’d be happy talking to an entrepreneur because they too, love serious talks. And it’s not just for show! Serious conversations are both thought-provoking and insightful. Entrepreneurs know that to build their ideas, they need to get different opinions from different people.
And they know that they can get a whole lot of information and ideas from just one sitting with the right people.
23. You don’t Mind Obstacles and Challenges
During the lifetime of a business, entrepreneurs face different situations and obstacles that challenge their future. An entrepreneur, however, understands that success doesn’t come from playing safe. They, therefore, learn to ride on the waves of both opportunities and challenges knowing that it’s either a lesson or a profit never a loss. All great achievers have this mindset and are always finding ways to learn out of obstacles that occur in their life, and if you’re one of those who don’t mind challenges and work towards gaining something from them, then bravo! You can dash entrepreneurship.
24. You are Always Looking for Opportunities
If curiosity is your disease and you are always looking for opportunities and new things to do then you should know that that’s a clear sign of an entrepreneur. Entrepreneurs always have a way of identifying or spotting problems and coming up with solutions for them. They generate new ideas from common places or situations and are always looking for opportunities they can explore. This is exactly what makes their businesses grow day by day.
25. You Embrace Change
Most people do not like change and prefer their comfort zone. There is that fear of the unknown that creeps into people’s minds when change is mentioned. This is the main cause that makes the implementation of change quite difficult. However, an entrepreneur embraces change with a positive mind in the view that change will always bring unforeseen opportunities. If you easily embrace change then being an entrepreneur might just work for you.