From Cher Wang to Jeff Bezos, Terry Gou and Bill Gates, if you know any of these names, you might know that they are one of the most successful entrepreneurs around.
But, what do these top entrepreneurs all have in common so we can learn from them? Let’s look over the ten (10) qualities that all successful entrepreneurs have now.
1. Ability to take a risk
There are certain characteristics of entrepreneurship that will make your ventures successful – and one that is on the top of the list is the ability to take a risk. Starting any business involves a considerable amount of risk of failure. The failure rate of entrepreneurial ventures is high and only the toughest hang on. But, at times, it is absolutely fine to take the “practical” exit route and try something new, instead of continuing to keep your investments sinking in time, money, or energy. Many famous entrepreneurs weren't successful the first time around. But they had the foresight to know when to cut their losses. Therefore, the courage and capacity to take the said risk are essential for an entrepreneur.
2. Being Able to Adapt
As you roll out your business venture, you’ll discover that things you expected to work well may not work at all. You could stumble into things that you did not expect to work that will. You’ll see others in your industry doing things that’ll work well for your organisation and you’ll emulate them. Even if you are one of the lucky ones and your initial ideas work perfectly, the world is constantly changing around you. This is why being able to adept is crucial to many successful entrepreneurs.
To help you become adaptable to changes, try to improve your coping mechanism. Find your best way to accommodate difficult moments and master it. The way you handle setbacks is critical for business success.
3. Can Sell
An entrepreneur must be comfortable at selling and this is one of the most important skills of successful entrepreneurs. Even with a sales team, the team lead must be an expert at networking and be able to promote themselves and their business to customers, donors, suppliers and staff. Their business is bound to fail if the entrepreneur does not know how to sell. Even if you have little to no sales skills, be smart enough to partner with someone who excels at it and can show you the ropes.
Another way to improve your sales approach is to learn how to build trust. Trust is the first reason others would buy from you. We also recommend learning from television programmes such as Shark Tank and Dragon Den. Both offer examples of first-rate sales pitches and some very poorly done pitches.
4. Constant learning
One of the qualities of an entrepreneur is the ability to adapt the “The more I learn, the more I earn” saying in the entrepreneurial lives. Continuous learning will help you develop your skill set in responding to the ever-changing environment, redefine the way you communicate with people and innovate the way you lead.
A lot of people would usually think that creativity is connected to arts, but that may not be entirely true. Creativity identifies solution or an out-of-the-box approach that could benefit the team or the organisation. The ability to be creative and innovate characterises the success of an entrepreneur, because being observant to changes and always reinventing the way they operate is very important.
Take CC Chang, the co-founder of FunNow, an app that allows users to book entertainment and leisure services at the last minute. Unlike competitors such as Klook, which is aimed predominantly at tourists, FunNow targets locals who want to find something fun to do in their own city. The app gained 600,000 users within three years and tripled its number of user interactions in 2018.
6. Goal Oriented
Entrepreneurs are all about setting goals and putting their all into making them real. Leaders must set ambitious targets, translate them into specific metrics and milestones, make them transparent throughout the organisation, and discuss progress frequently. To be goal oriented, entrepreneurs are always planning and organising – dedicating themselves to the discipline of being task oriented.
7. Motivation & Passion
If there is one important trait in an entrepreneurship, it would be passion. It is also the drive behind something that you have built and want to continue to improve on. Motivation will inspire you to enjoy what you are doing and want to continue doing it for a very long time. Your demonstration of passion and motivation will determine your success in any entrepreneurial venture.
Nobody is born with unlimited self-confidence. If someone seems to have incredible self-confidence, it’s because he or she has worked on building it for years. To gain self-confidence, it helps to visualise yourself as what you want to be. Practice visualising a fantastic version of yourself, achieving your goals. Remember, self-confidence is understanding that you trust your own judgement and abilities.
9. Staying organised
It’s a rare person among us who doesn’t feel the need to get more organised. Every entrepreneur spends some time to plan and organise the activities he has to do. The secret to being organised is to start with identifying what are your most important tasks for the day and listing out an easy workable task list.
10. Strong communication skills
One of the most important traits of an entrepreneur learns is how to communicate with others fluently; Even when transmitting new ideas to your team you should sound credible, compelling and easy to understand. For an example Shirley Kao, Chairman of Uni-President, the food-and-beverage conglomerate in Taiwan, realised very early that communicating with people you work with, to keep motivating the workers to provide quality services.
We hope that these characteristics of successful entrepreneurs can help you pave your way in your entrepreneurial venture. It is very rewarding to be a successful entrepreneur and to become a successful entrepreneur, learn and implement as many of these effective traits. We hope these would help you to increase the likelihood of being a successful entrepreneur. Write to us at email@example.com if you feel there’s any trait you think we should include next time!