Top 5 Qualities of a Successful Entrepreneur

Entrepreneurship can be a way for millions of visionaries to reach their wildest dreams.  Unfortunately, for many it is also the cause of their worst nightmares. Although there are thousands of books on ways to increase your chances of success, being that all people and situations are unique, there is no absolute road to follow.  By learning from others’ ups and downs, you can greatly reduce the headaches you may face once you start out on your own venture.  From reviewing qualities and traits from others who have reached success, I’ve listed a few top qualities that most successful entrepreneurs possess.
1. Happy with the work they are doing
One of the most common reasons that people decide to go into business for themselves is because they do not enjoy their 9 to 5 job.  They either have no “say so” in their organization, they see no upside to their future in their current company, or they realize that they will never obtain the millions they dream of unless they break free and do something on their own.  For those who step out and create an opportunity doing something they love, it will definitely increase the chances of success in their business.  Normally you get out of your business what you put into it. So if you do not put in the passion and love, you’ll get no love back in return.

2. Organized
When you venture into the entrepreneur world, you will soon realize that there are many items on your check list that need to be addressed. And you’ll soon find out shortly after, that each of those items on that checklist, also have a checklist for them.  If you are not an organized person, you will find that running your business will become very difficult.  Even if you have a staff of workers and have outsourced work, you still have to stay organized to follow up on their projects and more.  Organization does not just include keeping the office organized and papers properly stored.  It includes having the proper accounting methods, creating and following a business plan, as well as managing a budget for a project.  If you plan on making millions in your future, angel investors will much rather invest in someone who runs their business in an organized manner, than someone who does not.
3. Manages money wisely
This is important for obvious reasons. You can’t blow half your money on the company party, and not be able to make payroll the next month.  You have to remember that you have people counting on you and their paycheck every week.  Any reasonable investor will scrutinize  your financials before they commit to giving you anything. So if you plan to make it far, you must be prepared.  This is also including your own personal finances.  You can turn away potential investors and employees to support your business if you are personally filing for bankruptcy.  This article from Entrepreneur does a good job reviewing the basics. http://www.entrepreneur.com/article/78994
4. Has a Positive Business Image
In today’s business world, image is not the only thing, but it is everything.  You sometimes may only have a minute to make an impression and having a negative image or reputation can cause you to lose customers, supporters, and investors.  Of course you should spend a great amount of focus on building your company, but you should also pay attention with how you’re perceived in your industry.  Remember that you will be the one responsible to contact investors, conduct interviews, and act as a face for your company.  Having a bad image can mean trouble for you, and can be very difficult to shake in the future.  You want to be the person that everyone loves to talk about, but you want them to say positive things about you when they’re talking.
5. Finds A Top Notch Team
To be successful, you must realize that you can’t do it alone.  For every Richard Branson, or Elon Musk, there is a team with numerous members that you don’t see.  Part of being a great entrepreneur entails knowing when to delegate items and when to let others do what they do best.  Your business team can consist of your accountants and lawyers, but it can also include family members, mentors, and friends.  If you are not that familiar with things tech, why not consult your nephew who just received their degree in IT or Computer Science? If you know someone who has more knowledge or experience in an area, it’s makes more sense to consult with them instead of taking 5 years to learn everything yourself.  Utilize the skills and resources of those in your network.  Make some of these people part of your team and overall network. Check this post by John Hall from Forbes for more information on building your team.  http://www.forbes.com/sites/johnhall/2013/01/29/team-building-leader/

 

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