So you want to be an entrepreneur? Do you have what it takes? Starting your own business (or businesses) isn’t just sunshine and rainbows while you rake in the cash. It’s a lot of hard work, sleepless nights and passion for what you are trying to achieve. In entrepreneurship circles there is a fierce debate about whether or not entrepreneurs are born or made. Some argue that some people are just born with the skills to start companies. While others think you can be taught and learn how to develop your own talents in order to achieve your dreams.
According to Entrepreneur.com and Forbes, regardless of your position on the born or made argument, there are several traits that unite all entrepreneurs. Fostering these traits in yourself will make you much more likely to succeed.
- Tenacity. Being resilient is an important part of being an entrepreneur. You have to be able to deal with uncertainties in your business, frequent failures, and going at it for the long haul. The real test of an entrepreneur is not giving up. Learning from your mistakes is a part of the job description, going into this business you have to know that there are times you will fail. But what you do after those failures is the real representation of tenacity.
- Passion. You can’t be in this for the money. Sure, some entrepreneurs have more money than they know what to do with, but at the core, entrepreneurs are trying to solve a problem. And because of that they often take little to no salary for an insane amount of work. Wanting to change the world is what will allow you to stay in the game regardless of the hard times.
- Tolerance of ambiguity. Having high risk tolerance and being fearless is crucial to success. However, that doesn’t mean gambling on your future. Instead it is more like taking educated chances using vast amounts or research. But ultimately, entrepreneurs have to take a leap of faith at different parts of their venture’s lifetime.
- Vision. Similar to passion, entrepreneurs are able to see opportunities in spaces where others either have not or cannot. This means seeing solutions to problems others haven’t thought about, or have settled. Being creative and innovative allows the entrepreneur to take advantage of different opportunities.
- Confidence. Confidence. Confidence. No one is going to take a chance on you, if you wouldn’t take a chance on yourself. You are your best cheerleader and your number one fan. Many times investors choose where to put their money based on the confidence and skills of the entrepreneur, not the actual idea. It is much more important to be an entrepreneurial person than to have an idea better than sliced bread.
- Flexibility. Your final product isn’t going to look anything like what you start with. Being able to adapt to changing markets, consumer data and regulations are crucial for any business. In order to make your concept feasible you must be willing to be flexible as you innovate.
- Rule-breaking. Entrepreneurs are rebels. That doesn’t mean you need to start drag racing in your neighborhood, but starting a business rather than joining one is rule breaking in itself. You are going against conventional wisdom and practices to do something new and exciting.
Do these seven traits describe your personality? If so you may be ready to take the leap and start your own business, in fact many of you probably already have. It doesn’t matter what kind of business you want to start: tax consulting, a food truck or the producer of the newest tech gadget, entrepreneurs of all types tend to have these traits in common. Let your passion lead you and go out and change the world.
If you are interested in starting your own business, consider earning the 100% online management and leadership degree from Coventry University College Online.