Do you think you have the entrepreneurial skills to be in the exclusive club of successful entrepreneurs or are you happy working for a boss?
Not everyone has that special type of entrepreneurial spirit, or skills, that drives you to wanting to own & run a profitable business.
But if you think you have the qualities to pursue the dreams of becoming a wealthy entrepreneur there’s nothing to stop you.
Or is there?
Often, one of the main characteristics of entrepreneurship presents itself in a burning desire to be in charge of your own financial destiny
Entrepreneurship is a road paved with many obstacles, and whilst it may seem like an easy way to making money, it’s not for the feint of heart especially if you don’t have the qualities of an entrepreneur.
Believe me, I know.
I’ve started and run a few businesses of my own, and have learnt many hard lessons along the way.
It’s easy to be inspired by the stories of successful entrepreneurs who have made a fortune, but it’s wise to also understand the risks, hard work & difficulties that have to be endured
If I had to ask you whether you’d be committed, willing to persevere in the face of adversity, work really long hours and so on, I bet you’d say you were up for it.
But the reality is that most start ups fail because of cash flow problems, mismanagement, business competition, unreliable staff, incompetence and other issues including a lack of entrepreneurial skills & expertise.
Do not be blinded by the wealth & bling of entrepreneurial success stories without being aware of the time & money invested in entrepreneurs improving their skill-sets for example
Being a successful entrepreneur, or business owner, often requires you to risk your own money by investing it in your business as well as dedicating a significant amount of time & effort into making it work.
It’s not only the sacrifices you have to make but often you won’t see a salary for awhile despite the amount of effort you’ve put in to it.
So in spite of the appeal of being your own boss, the reality is that not everyone is cut out to be a successful entrepreneur.
5 Typical Qualities Of An Entrepreneur
1. Instant Gratification
If you’re looking for instant gratification as an entrepreneur you could be lucky and hit the jackpot quickly with your new business.
Furthermore, it doesn’t take much effort to get lucky but it’s highly unlikely that it’ll happen, so it’s definitely not something to depend on.
On the other hand the more work, planning & effort you spend on developing a successful business, the more “luck” you’re likely to have.
Whilst some entrepreneurs have been lucky from the outset by snaring a lucrative contract, I would not bank on luck for entrepreneurial success.
2. Bling
Are you attracted by the fancy cars and other bling that successful entrepreneurs like showing off.
If so, you need to know that reaching the bling stage of the entrepreneurial journey, besides the hard work & other sacrifices, takes a certain amount of investment (time & money) in acquiring the requisite knowledge & skills to run a competitive business in your chosen industry.
For instance, improving your skill set in terms of financial management or understanding how to stretch your assets & extracting maximum performance from them (including staff) or learning how to get a competitive advantage over other suppliers in your niche.
3. Jack Of All Trades
Most entrepreneurs operate on a tight budget and therefore need to be pretty versatile to perform all sorts of different functions yourself.
Unlike working in a corporate, where you have support functions to take care of recruiting, HR issues, invoicing, creditor & debtor control, procurement and so on, you need to be able to do this satisfactorily with your own resources.
With my first business, which I started with a few bucks, I had to do everything from answering the phone to deliveries (and everything in between) myself. After 5 years I had grown it into a viable, sustainable business that I managed to sell for a healthy sum.
Whilst you need to be a jack of all trades in the initial stages, but as your business grows you can begin recruiting the appropriate competencies to help you business achieve its objectives.
4. Money Management
If you are not good with money you will definitely need a partner, or a mentor, who can give you good financial advice to keep you cash postive.
So many businesses have failed, not because of lack of sales, but because of poor cash flow mangement.
Once you cash dries up and you can’t pay your staff or suppliers, you’ll find that it will be almost impossible to operate without a business loan or other cash injection.
So, in my book, this is probably the most important facet to having any chance of being a successful entrepreneur.
5. Resilience
The one thing that’s certain in business is that nothing is certain, so being tough & resilient is crucial for longevity.
An entrepreneur’s business life can be an emotional roller-coaster that will have seasoned business people throwing in the towel & scurrying back to the safety of a corporate job.
Imagine walking into the office one morning and feeling pretty good about how the business is going, only to be told that your biggest client has jumped ship and that your best salesman has gone to your competitor.
This can be a total disaster for a small business, but a tough, savvy entrepreneur will assess the situation & come up with a plan to counteract it or move on with a new plan to target even bigger & better clients.
So if you can’t handle drama, whether it’s from your clients, staff or a rapidly changing business environment, perhaps you should stay in a stable job where you’ll get your monthly pay cheque without the entrepreneurial hassle.
Conclusion – Successful Entrepreneurs
After reading this you should have a good idea as to whether you posses the qualities of an entrepreneur.
If you’re not sure whether you check all of the boxes in terms of having the requisite entrepreneurial skills, an unwavering urge not to be limited by a monthly salary is certainly one of the main characteristics of entrepreneurship.
I really hope that after reading this you decide you’re ready to take the entrepreneurial leap into the liberating and financially rewarding world of successful entrepreneurs.
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