Many people dream of being an entrepreneur. They envision their business as thriving; allowing them to make enormous wealth, be the boss, have the freedom to come and go as they please and work how and when they want.
If only this were the reality, everyone would be an entrepreneur! Unfortunately, this is not the experience for most. Being an entrepreneur can be tremendously rewarding, but it is hard work.
On average, entrepreneurs work harder and put in longer hours than their employees while taking on much more risk. The failure rate of new businesses is estimated to be between 30 per cent and 70 per cent within the first two years.
Despite the odds, thousands of people launch new businesses every year.
So what does it take to launch a business effectively?
Here are 8 common traits of successful entrepreneurs:
Successful entrepreneurs have a clear vision of what their business will be and can concisely articulate its purpose, goals and market position. They have identified (and can describe) the who, what, where, when and why of their business.
A successful entrepreneur is passionate about their business. It is hard work, and putting in long hours will be challenging if you don’t love what you are doing. People with a passion know what it is that drives them to keep working to achieve their vision.
3. Willingness to work hard, very hard.
Being an entrepreneur is more challenging than being an employee. To be prosperous, the entrepreneur must be willing to put in the time and effort required, often for little or no pay at the beginning. Successful entrepreneurs recognize the risk, and necessary work that achieving their goals will entail.
Successful entrepreneurs have confidence in themselves and their business. They must believe in their ability and their idea. Every entrepreneur will face rejection along the way, and successful entrepreneurs are those with the confidence to keep going and bounce back after a setback.
5. Marketing skill
An entrepreneur must be comfortable selling. Even with a sales team, the leader must be an expert at networking and be able to promote themselves and their business to bankers, customers, suppliers and staff.
6. Careful with money
Successful entrepreneurs are good money managers. They prudently invest in overhead and always keep track of the money and manage their cash flow.
7. Humble; willing to ask for and accept help
An entrepreneur needs to be a jack of all trades, but the most successful entrepreneurs know their limitations, realize they can’t do everything and are willing to delegate to others. They are eager to ask for help. They seek out and pay for expert advice when needed.
8. Flexible but Resilient
No matter how successful your business, there will be bumps along the road. A successful entrepreneur is resilient and can bounce back from a setback. They use setbacks as an opportunity to learn and grow. They understand that failure is part of the game.