Wealth: Important Characteristics Every Entrepreneur Must Have

Are you planning to start and run your own business? Do you know the right qualifications and characteristics an entrepreneur must have to succeed? Does your profile match that of a successful entrepreneur? In this article, we will explore and discuss the essential characteristics that every entrepreneur must-have. There are several important traits and values that are common among successful entrepreneurs. Before you go and start your enterprise, it will be very helpful to think and reflect on whether you have what it takes to be a successful entrepreneur. If not, you can also start developing these character traits.

  1. Successful Entrepreneurs are Self-Confident – to succeed in the highly competitive business world, confidence and trust in oneself is an indispensable trait. Self-confidence means trusting your own powers and capabilities. The world of entrepreneurship is not alien to failure and disappointments. To survive in such a cutthroat world, an entrepreneur must have the ability to look within himself and find the drive and persistence to pursue his enterprise. An entrepreneur must have the gumption to face any adversity and tackle any problems that may be encountered in the world of business.
  2. Successful Entrepreneurs are Risk-takers – being an entrepreneur means having the ability to trust your hunches and acting on them. Great business ideas sometimes start as a hunch which enterprising individuals acted upon. There is always the risk of loss in any endeavor, and entrepreneurs have just the right confidence to take calculated risks to achieve their objectives. However, an entrepreneur’s risk-taking does not depend on luck, but on sheer effort and hard work.
  3. Successful Entrepreneurs know the value of money and are careful about their finances – to succeed in any business; an entrepreneur must understand the value of money and the cost of things. Typically, successful entrepreneurs learned how to earn and value money at a young age. Most of them started out by earning loose change as teenagers mowing lawns, doing groceries, babysitting for neighbors, etc.
  4. Successful entrepreneurs have the so-called head for business – many entrepreneurs are gifted with intuition: they know what product or service is going to ‘click’ next. However, this ability does not involve clairvoyance or extrasensory powers of some sort, but rather, keen observation and understanding of what is going on around him. A good entrepreneur is always on the lookout for new ideas and new ways to make money.
  5. Successful Entrepreneurs are competitive – the world of business is a very competitive environment. An entrepreneur must be aggressive enough to pursue his goal despite having many rivals and competitors. An entrepreneur must know how to stay ahead of his competitors, either by introducing new ideas and exploring new ventures, all in the spirit of expanding his business.
  6. Successful Entrepreneurs are honorable and have a good work ethic – although it is a fact that the business world is ruthless, the successful entrepreneur will strive to make every business deal honorable. The mark of a successful entrepreneur lies in a good personal work ethic that ultimately leads to good business practices, excellent reputation, and good association with industry peers and business partners.
  7. Successful Entrepreneurs know the importance of leisure time – hard work and determination are very important values every entrepreneur must-have. However, a good entrepreneur knows when it’s time to take a step back from all the rigors of business and enjoy some downtime with their family. Besides, we all do need a little relaxation to refresh the body and mind before plunging back into the challenging (and stressful) world of business.

These are just seven of the most important characteristics of an entrepreneur. Of course, the characteristics every entrepreneur must have are not limited to the ones mentioned. Having these characteristics is not a guarantee that an entrepreneur will be successful. But with these characteristics, an entrepreneur has just the right ingredients for success. All one needs to do is to find the right mix of these values, excellent timing, perhaps a bit of luck, and, of course, faith in oneself. So, do you have what it takes to be a successful entrepreneur? Go over these characteristics and values mentioned and reflect if you do have these.

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With Love, Gratitude & Grace,

  • Yvonne E. Venter-Louw
  • YEVL (Pty) Ltd.: Founding Director & Principal
  • Researcher, Advisor, Educator, Coach, Mentor, Keynote Speaker & Host of the Financial Independent Coach show on YouTube
  • Personal Thesis: The Psychological impact of past experiences (and the rehabilitation thereof) on daily driven financial decisions.
  • Naturally creating and experiencing Freedom, Meaning & Wealth!

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Guest Post: Five Rules when starting your own business

Published: NSBC 15 November 2016 By Werner van Rooyen

Many people dream of starting their own business. There are many people who actually go out and start their own businesses and then fail dismally. There are horrific statistics of how many start-up businesses fail within the first two years. Some say as many as 80% of all start-ups fail within the first two years, and of the remaining 20%, another 80% fail in the following three years. The four businesses that survive the first five years will most probably be successful and exist for some time.

The question is, why do so many businesses fail? There is no straightforward answer. What we need to focus on is what to do to make your business sustainable. You want to ensure your business survives the first two years in order for you to build a reputation as reliable and sustainable, enabling you to respond to that large tender that will provide you with financial independence.

There are many factors that one needs to consider when starting your own business and here are five rules that you need to adhere to when doing so:

  1. Location, Location, Location:

If you are going to sell goods, then you need to be at the best location. You can have the best product or services on offer but if people do not know of your existence, you are going to fail. Find the best place to put up shop so that as many customers as possible see the goods that you have on offer.

  1. Ensure you have sufficient funding:

There are not many businesses that you can start without money. Even the smallest of businesses will need some king of cash injection to get the ball rolling. There are many ways to get funds to start a business but the tricks is to have access to funds to sustain the business when times are tough. Always save money for tough times.

  1. Be committed:

The main reason you start you own business is because you want to be independent. The problem is that once you have the freedom, you lack commitment. When you work for yourself you need to be 110% committed, otherwise you are going to fail. The rule is to apply the same work ethic and commitments that you would have applied should you have been working for a boss.

  1. Advertise:

There is an old tale about the business owner who did not believe in advertising. Eventually his business failed and the first advertisement he had to place was advertising the liquidation of the business. The lesson is: advertise as much as possible.

  1. Be willing to grow:

There are not many businesses that start out as multi-million dollar operation. Ninety-nine (99%) percent of the time, small businesses grow into large businesses. The rule is to start out small and affordable, and then grow your business over time.

Learn today, earn tomorrow.

Thank you for sharing – NSBC 

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