With the startup revolution in India, discussions on various topics pertaining to “Entrepreneurs” and “Entrepreneurship” have become rampant. The newspapers, social media are flooded with all kinds of news about startups- from receiving fresh round of funding to stopping operations and shutting down! A question is often asked,”Who should become entrepreneurs and who shouldn’t?” “What are the qualities that make an entrepreneur?” All these questions have become very important as most of the startups are failing before even tracing the growth path trajectory at least once! It has become evident that entrepreneurship is not everyone’s cup of tea. So, before you decide your own venture, take some time out and analyse your own character to look for these traits and signs that will guarantee entrepreneurial success!
You are a Risk Taker!
Entrepreneurs are characterised by their unusual love for risk. Starting up is a risky task and people with aversion to it are never going to succeed as entrepreneurs. The risk associated with entrepreneurship is one of many challenges for entrepreneurs and they love challenges, don’t they? They are blind followers of “No Risk No Gain” policy and this what takes them take roads less travelled by. They treading beyond their comfort zone and this what makes them successful business leaders and innovators. However, it is also important to be “smart” and take “calculated risks” rather than blindly jumping off the cliff! An entrepreneur knows when to draw the line and where!
You Don’t Take “No” for an Answer!
If you do not take “No” for an answer, then you have one special trait that every successful entrepreneur has. Tenacity and “Never say die” attitude are something that define an entrepreneur. They may lose a small “battle” but they never give up the “war”. They will even figure out a way to make the unusual happen. This ability to stick to something unless it is done or achieved is going to be very crucial at the initiation phase as well as periods of turmoil. Many businesses fail because the associated entrepreneur doesn’t have the perseverance to drive the business through tough times. Successful entrepreneurs are determined to keep moving forward irrespective of the number of times they fail.
Related: 8 common qualities of every successful entrepreneur
You Don’t Just Plan; You Take Action!
Many startups fail even though they make elaborative business plans, build strategies for growth! What the lack is execution. Many aspiring entrepreneurs tend to over-complicate things by making detailed strategies, studying intricacies of business, excessive market research etc. We are not saying that it is bad. What we mean is that it is an “iterative”; you have to jump and then learn! It’s better to have a workable plan at place and get going while tweaking here and there as you feel necessary.
You Adapt Well!
Entrepreneurs who are good at adapting, you are capable of driving their business from the dark abyss of bad times to pinnacles of success! We all know that economy is a funny thing-all you see is boom and then suddenly one day it’s all gone! That’s where adaptability comes in handy. Business often encounters uncharted situations and many a times difficult decisions have to be made. A successful entrepreneur is aware of this fact and is ready to mould himself according to the situation and go extra mile to make things happen. They not only adapt themselves but also help others follow suit. So when you have the ability to adapt according to the situation, you are more likely to success as an entrepreneur.
You are Passionate About Your Work!
When you are passionate about something, you put extra effort into it out of love and it does not make you stressed. If you are not passionate about your work, you’ll never succeed. If you are selling something, there will be days when all doors will be slammed on your face, it will be your passion for the work that will make you knock on a few more doors! Entrepreneurs don’t start up just for money; unless making money is their passion. Most of the times the passion towards addressing an existing problem, the zeal to give society something new is what defines them.
You are Confident!
Entrepreneurs are a rare breed and even rarer when we consider the confidence they show in their work and ideas. They have to be so because if they don’t believe in their vision and mission, who else will? This confidence is very different from over-confidence as it comes from carefully analysing the weaknesses and working on them and from being fully aware of the situation. When they are confident about their product, it becomes easier to convey the value to customers and the investors. There is no room for doubt, as doubt is contagious! As an entrepreneur you might introduce something unheard of and people might question and even criticise you for that. It will be your confidence in yourself, in your work and your goals that will win them over.
You Have a Competitive Spirit!
Entrepreneurs love competition. They are always thriving towards betterment and outdoing their competitors. They are not afraid of the already established “Big Guy” in the market. Rather they would throw challenges at them like, “If you could do it, we can do it better!” They are ready to study their competitors and find it how they can beat them. Competition helps them learn; struggle helps them grow. They know when to put the cards up their sleeves and when to unfold them.
Also Read: Skills every James Bond Entrepreneur must have
You are Curious!
Entrepreneurs are curious. It is their quest for knowledge that makes them restless. Most of the innovations come from the entrepreneurs who challenge the status quo and prescribe a new solution to the existing problem and they are always up to date with the latest trends in technology, demand which gives them an edge over their competitors. Entrepreneurs ask questions like “What is that the customer wants?”,”How can the need be fulfilled?” etc. And in the process of finding the answers, they create value for all the stakeholders.
You Like Constructive Criticism and Feedback!
Entrepreneurs welcome criticism because they know that constructive criticism is only going to make them better. As entrepreneurs are their own boss, they don’t have senior person to evaluate their performance and give them feedback. Entrepreneurs need to evaluate their performance periodically to make sure they are always improving. They also sought feedback from their colleagues, friends, subordinates about themselves and their business so that different view points can be taken into consideration giving rise to a win-win situation.
You are a Team Man & Have Good Communication Skills!
Entrepreneurs have to be good and effective communicators to convey their vision to their partners, subordinates, customers and investors. It becomes even more important while selling and negotiating with vendors or customers. Apart from this, an entrepreneur has to be a complete team player. Entrepreneurs are people who understand the difference between “Boss” and “Leader” and they show “tough love”-knowing when to pat someone’s back and when to snub them!
Do you have these traits in you? Is entrepreneurship your thing? Sit back and analyse your own character to see if you have the above mentioned traits!
