Before talking about the qualities let’s talk about who is an Entrepreneur
Who is an Entrepreneur ?
The process to design or start a business all by him or herself or with the help of some outsiders funding is called Entrepreneurship. And the person responsible to design or start the business is called as an Entrepreneur. Being an entrepreneur is not an easy task as it takes a lot of skills, and passion to make your business successful. There are many qualities that an entrepreneur must hold, but here’s a list of 7, qualities an entrepreneur must have:-
An entrepreneur must be discipline. The difference between a successful person, and a failure is that a successful person always do the work while failure always dream about being successful. Being disciplined means to have self-control, to be self-motivated, to be self directing or guiding. When you want to successful, you can let negative thoughts to surround you, and stop you from working. Being self-disciplined helps you, motivate yourself when negative thoughts surround you, and help you work without wasting your precious time. People who fail does not have any control over themselves leading to them being overpowered by negative thoughts, and not being able to work.
Risk taking and tolerating ability
Big profit, big dreams, all comes with a price called as the big risk. If you want to score high, you need to take risk, and Entrepreneurship is one of those field where you have to take risk time to time, in order to be successful. This does not mean taking risk is always beneficial for the company, the most important quality to be an entrepreneur is to take calculated risks. Study the risk properly before taking it, entrepreneur must know whether it’s good for the company or harmful to the company, whether it will give instant profit or the company will be in loss for a few months, but then it will be able to recover loss and generate money through the risk. It’s also important to have a plan B, if the risk does not go in company’s favor. Always remember, all risk-takers are not successful, and risk can also lead to the end of the company, but still the ability to take risk, and to tolerate it is necessary to be a successful entrepreneur.
Nothing can be done, if you’re not determined. Every successful entrepreneur is determined to be successful, no matter what. Successful entrepreneurs view defeat as the first step to success, and if you want to be successful then you also need to have determination. Whether you succeed or not, whether you fail in the start or suddenly witness failure, all you need to do is have determination, to stand back up again, and work hard to be successful. Like someone has said “Don’t worry about the end result, just keep working on it. You will be successful someday.”
Being successful is not everything, maintaining success is what defines you. And to maintain the success status of the company, you need to be open-minded. You should be ready to entertain new ideas, adapt to the demands, and listen to your employees. One of the best examples of how much important this quality is the example of Nokia. Google and Nokia had a discussion about installing Android operating system in Nokia Smartphone, to which Nokia disagree. After 5 years, they started to struggle as everyone was choosing Android phones over Nokia, this lead to Microsoft buying Nokia in 2013. The biggest mobile manufacturing company was sold to Microsoft because it refused to entertain new ideas. This story tells us the importance of being open-minded, in order to maintain your success, and be a successful entrepreneur.
The most quality to be an entrepreneur should be this. Entrepreneur’s have a vision or the quality to look at the bigger picture. You cannot be successful without a vision, a vision that guides you during failure, and that motivates you to work harder. For example — You are thinking to go out on a bike ride, but you cannot keep riding forever you need to decide a destination to travel. Deciding the destination, will help you choose the right path, and will also help you guide your co riders throughout the way. Similarly, a vision helps the entrepreneur to be motivated, it also makes the employee believe in their leader, and it simplifies decision for the company.
An entrepreneur must be creative, in today’s world where there are so many companies to compete with, you need to have the creative skills that can make your company look different from the others. An entrepreneur must be creative enough to use the situation, and opportunity in such a way that it benefits the company.
Every successful entrepreneur is confident about his or her decision, about how to manage, and run the company. Until and unless the entrepreneur is not confident about his or her decision, how can the employees, and co workers believe in it. An Entrepreneur not confident about himself or herself will not be able to manage the company, and employee. He or she will always doubt their individual decision, and won’t be able to take risk. Employees won’t like a leader that is not confident about their decisions, this will lead to employees not working properly towards the goal, and will also doubt their personal ability.
Being an entrepreneur is not an easy task, every successful entrepreneur has experienced failure that to not once, but so many times that they can’t remember. If you want to be an entrepreneur, you need to develop this personality traits, and keep on working hard until you reach your goal.