There are many factors involved in making a business successful. But there is a common misconception that most of the factors that do matter are all external – part of the environment of which the entrepreneur has no total control. But both company formation and business solutions professionals agree that the most important factor hits much closer to home. It is the entrepreneur himself who is the initial barometer of business success.
In order to prepare for success an entrepreneur has to acquire the following characteristics:
Innovation – Entrepreneurs should have a creative mind and be able to innovate with the acute sense to see opportunities and act accordingly. They should know how to create a market for themselves – a niche where they can thrive.
Passion – An unflappable belief in what he is providing or selling. The entrepreneur should know his product or service by heart – as well as knowledge about the market and his competition.
Courage – The ability to make the though decisions and accept whatever challenge must be faced. There must be an unshakable conviction on the business even if the going get tough. This also means also having the guts to take the right but unpopular business route even if some people may discourage him from doing so.
Commitment – The ability to invest the time, the energy and the resources in order to make the business succeed.
Judgement – Be able to identify which risks to take and when to take them. This also means knowing what aspects of the business to prioritise.