Do You Have What it Takes to Be an Entrepreneur?
Discover 13 Qualities that help Entrepreneurs succeed
In this blog, we’re sharing 13 key characteristics that will help you decide if you have what it takes to be an entrepreneur.
Not everybody wants to work for someone else, spending their best energy and effort helping someone else’s business succeed. Some people have a strong desire to become an entrepreneur and create a thriving business of their own.
But making it as an entrepreneur, having a side-hustle or being a small business owner (however you want to label it), requires more than just having the will to succeed.
Do you have what it takes to be an entrepreneur?
Most successful entrepreneurs possess:
- Leadership skills
- Problem-solving superpowers
Truth be told, you need these same qualities if you want to succeed in a traditional job as well.
So what makes being an entrepreneur different from being an exceptional worker?
13 qualities of entrepreneurs
#1 You’re comfortable with taking calculated risks
Why do you think the most successful businessmen and women enjoy the limitless money, prestige and accolades they receive? Do you think their businesses were handed to them on a plate or easy to grow?
Of course not!
They took calculated risks, invested their time, energy and money into their dream. If you are extremely risk-averse, maybe becoming an entrepreneur is not right for you.
Entrepreneurs are willing to learn new things and are prepared to spend money (sometimes considerable amounts) on up-levelling their skills and investing in their new company.
They look for opportunities others might have missed and are willing to put it all on the line when they believe in what they’re trying to achieve.
#2 You never stop researching
To keep being the best you can be in the business world, researching and staying up-to-date with your industry and marketing trends is crucial.
When you do more research, you’ll know what best practices are taking the lead. In this way, you’ll always improve your strategy and you’ll always be ahead of the curve.
#3 You’re a dreamer and “in the box thinking” is not an option
A reliable trait of many business people is their ability to think in a creative manner.
They don’t stay within the confines of what lies right in front of them, but instead, venture beyond, and to greater innovation.
#4 You don’t have a problem getting the job done yourself
Sometimes it’s easy for people to assume that business owners have no idea how hard “working on the ground is”. This is a misconception.
Many successful businesses started off with the owner running all the operations. They start off wearing all the hats: sales, production, customer service and marketing.
It might be hard at first, but that’s how many successful enterprises started. Eventually, those people were able to hire staff and continued to scale their businesses.
#5 You are a natural leader
Taking charge in a situation is a common skill most leaders have. This is leadership. If you take the initiative and are able to lead and delegate tactfully as well as solve problems, then you’re a natural-born leader.
Remember that responsibility is also tied in with being an effective leader.
Entrepreneurs are leaders, even if they’ve started off as sole proprietors.
#6 You are self-motivated
If you run a small business, you’ll relate to it being difficult in many aspects. But, part of what keeps things running smoothly is your drive and energy to keep going.
Great business owners are often self-motivated. They need to be this way so that no matter the hurdles that lay ahead, they know they can still rise above it all.
Unlike traditional jobs where your manager is setting deadlines for your tasks, being a business owner means that you control your day.
If you are self-motivated, it shows that you might have what it takes to be an entrepreneur.
#7 You like competition and you can handle it
“If you can’t stand the heat, get out of the kitchen”.
An inevitable part of business is the fact that you’ll have to face competition. The key is to examine your processes and customer service and see how you can differentiate yourself from everyone else offering similar products or services.
If you can handle the heat and the constant challenge of showing your audience that you are better than your competitors, then you have the heart of an entrepreneur.
#8 You don’t mind working hard
There are very few successful business owners that are lazy. Many of them work hard and can also agree that it took a lot of hard work and sacrifice to get where they are today.
Sometimes late nights and dedicating more hours in your day towards business are needed to meet deadlines or finish a project.
#9 You see failure as part of learning
To be an entrepreneur, failing comes as a package deal. Research the top business people in the world, and you’ll find times when they’ve failed in the past. Sometimes they’ve lost everything and had to start again from scratch!
You won’t always be able to close a deal or land a new client. There are also bound to be some misunderstandings and even loss of finances.
But entrepreneurs know that running a business means that sometimes failure happens too, but it’s an opportunity to learn and innovate.
#10 Working smart is the name of your game
To have what it takes to be an entrepreneur, you need to be someone who constantly looks at how to improve efficiency.
Whether it’s your email service provider, delivery company or meeting agendas — you know that time is money and you’re always looking to optimize the situation at hand.
Your goal is to get more done in less time with fewer costs and less stress.
Implementing a working a to-do list, managing your time, and putting systems in place for all job functions and processes are a few ideas you can use.
#11 You’re thinking about quitting your day job
If you’re not self-employed, but you’re planning on starting a business, this might be your first step to entrepreneurship.
You feel capable and confident that you have what it takes and have already started a “side hustle”.
Your side-hustle for extra income and to do what you love is already the first chapter of becoming an entrepreneur.
But once you’ve managed to generate significant income for 6–12 months, you can consider taking your side-hustle full-time.
#12 You love technology
Running a business these days often relies heavily on technology. If you have what it takes to be an entrepreneur, chances are you embrace technology and change.
You are comfortable setting up email sequences, updating your website, running online ad campaigns and sales strategies.
And if you can’t do these things (and other technology-based functions required for running your business), you have no problem hiring high-quality professionals to do it for you.
#13 You value connecting with others
Not everyone is an extrovert, but to help your business survive and thrive, you are going to have to connect with other people.
You’ll need to connect with:
- Your service providers, such as your marketers
- Your staff
- Paying clients and customers
- Prospective clients and customers, especially via social media
- Like-minded business people
Having a collaborative, helpful and engaging attitude towards making new connections is one way to ensure you have what it takes to be an entrepreneur.
So, do you have what it takes to be an entrepreneur?
It’s entirely possible that you can liberate yourself from running the corporate or blue-collar rat race and start your own business.
But this is often easier said than done.
Bear in mind that market research is of utmost importance, as is reaching your audience.
By reaching your audience, you can work towards converting them to paying customers in the long-run. This is hard work and sometimes it takes a long time for a business to run successfully.
Challenges aside, if you have most of the above 13 qualities, then maybe you should look into starting your own business.
Originally published at https://blog.bigdomino.co.za on May 19, 2020.