entrepreneurship

Company formation professionals and business solutions experts agree that the entrepreneur plays a very big factor in the ultimate success of any start-up business venture. The successful entrepreneur must acquire certain characteristics that would ensure that he has the right disposition to handle his business and face any obstacles that may come his way.

Here are some more characteristics a successful entrepreneur must possess:

Goal setting – The willingness and ability to set realistic yet specific business goals. It also means having the foresight to make the necessary plans to achieve the goals that have been set.

Flexibility – The successful entrepreneur must be the definitive jack-of-all-trades and show how flexible he is. He must be able to handle the various responsibilities and roles that is required when starting a business like marketing, finance, research and sales. Aside from this, the entrepreneur has to handle his staff and still be conscious about the various decisions that have to be made – are real juggling act.

Leadership – the successful entrepreneur must have the skills to lead his team to success. Strong leadership skills will enable him to set goals and targets and inspire his staff to achieve them. A true leader must also be able to share his vision to his staff and unify their actions in pursuit of that vision.

Independence – This is a trait that all entrepreneurs should have in the first place because it is rooted in the desire to be their own bosses – hence the decision to start their own businesses. An independent streak also means being able to go it alone especially during the crucial start-up phase where the entrepreneur must do everything on his own.

Perseverance – Focus and determination is a crucial formula for success. The successful entrepreneur must never be discouraged by setbacks or failures.

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.

The anatomy of a successful entrepreneur (Part 2)

The anatomy of a successful entrepreneur (Part 1)