There is a question that I get asked much more often than others. It is formulated in different ways, but the essence of the question is the same: “What does it take to be a successful business person?” Over time, my answer has changed. But in the end, I settled on 13 qualities of a good entrepreneur common to almost all genuinely successful business people with whom I interacted, observed, or studied.
The following features distinguish authentic rock stars of the business.
13 Qualities of a Good Entrepreneur You Need to Have for a Successful Business
Even a small team needs a person who would take on the role of leader. Being a successful entrepreneur means being responsible for difficult decisions. It is essential to listen to advice and take the opinions of others into account, but in the end, the final word will be yours.
Entrepreneurs create new things and think outside the box, finding solutions where ordinary people would not look for them. The ability to intuitively recognize a potentially successful idea is one of the most important qualities of a good entrepreneur. A good idea and a non-standard approach, beautifully packaged and properly presented: that’s the key to success.
You need to be at least a little adventurous to start planning your own business. There are many options for your company’s growth and development if you’re ready to take them. But do not confuse courage with recklessness. The owner of the company must think through everything to the smallest detail and be able to calculate the risks.
Love for the Cause
If your eyes do not light up at the thought of what you are doing, do not expect that you can light up other people with your ideas. Having a love for your cause is one of the qualities of a good entrepreneur that is easy to overlook, but is so crucial to success. Running a business comes with a lot of challenges. The sole thing that will not let you give up and forget about your goal is your enthusiasm.
Quickly responding and making decisions in unforeseen situations is vital for doing business. Don’t think you can predict everything; be prepared to improvise when needed. Your team will appreciate your resourcefulness, respect you as a leader, and follow your example as they further their careers.
Be honest with your customers, partners, and employees. And most importantly, be honest with yourself — this is one of the toughest qualities of a good entrepreneur to adopt. Don’t set goals and deadlines you can’t meet, and don’t sell a product you don’t have. The best marketing and branding strategy is to find what your company has to offer and then deliver it in the best possible way.
You don’t have to be a professional public speaker or become everyone you face. The personal qualities of a good entrepreneur include the ability to communicate well with others. Running your own business requires you to meet many people, so it’s essential to earn a reputation as a professional who is easy to get in touch with.
Dedication and Passion
You can’t do things halfway. You need to devote most of your space and effort to daily duties. Try to distribute your time, so it is enough to balance work and personal life. Keep track of the tasks you set for yourself for the day, week, or month.
A successful business person cannot afford to live one day at a time. Like a chess player, they have to think several moves ahead of any business decisions. Consistency and accountability go hand-in-hand when describing the qualities of a good entrepreneur.
After you have already discussed and prepared everything, it is essential to take a critical look at the work done and show a healthy pragmatism. Sticking to an initial plan that doesn’t fit the current situation is unlikely to benefit your business. In communication with clients, contractors, potential partners, etc., flexibility is valued much more than stubbornness and the desire to prove one’s point.
To build a startup, you need a strong sense of purpose and a high tolerance for inconvenience and annoyance, amongst the other qualities of a good entrepreneur. It would be best if you were willing to learn from your mistakes—stumble and fall more than once, get back on your feet, dust yourself off, and move forward with new motivation.
You will often be told that your product is ugly, or that your business will not work. You need to listen carefully and be open to constructive criticism. But when a door is constantly slammed in your face, it can be exhausting. The best entrepreneurs learn to shed negativity and even gain strength from it.
Business Language Skills
It is essential to improve your business language skills. Listening and hearing your interlocutor argue your point of view helps in business development. Good business language skills establish contact with potential customers and inspire their confidence.
Not all entrepreneurs can put themselves in the place of another person, but it is not superfluous. When you have empathy (and all the other qualities of a good entrepreneur), you can try to understand your clientele.
So did the founder of IKEA, Ingvar Kamprad, for example. All his life, he drove an old car and forced his office employees to use xerox paper on both sides. He modeled his life after that of his average customer to have empathy for their situation.