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Thursday, 3 August 2017

ENTREPRENEURSHIP: YOU NEED THESE 26 QUALITIES TO BECOME A WINNING ENTREPRENEUR



The Winning Entrepreneur has so much attribute that sets him on success path, but before discussing some of these qualities, let’s have an understanding of who an entrepreneur is.

Entrepreneurship is a process through which an individual identifies opportunities, allocate resources, and creates value. This creation of value is often through the identification of unmet needs or through the identification of opportunities for change.

How do they get solutions? Solutions come through ideas, research, experience, observation, experimenting, etc. Ideas come in various ways. Some Entrepreneurs are born with super ideas while others develop their capacity over time, to nurture ideas.

Being an Entrepreneur has always been a demanding job in any given environment; they are the major driving force of any economy. Having an understanding of what it means to be a driving force in an economy leaves the Entrepreneur with no other choice than to possess some winning qualities that can facilitate the journey.

Want to be an Entrepreneur? Before going into any business venture, ask yourself the following questions:  what purpose or need do I want to meet? Do I have what it takes to meet this or these need(s)? A just answer to these questions puts you on a safe plane. Anybody can be an Entrepreneur, as long as the desire is strong. 

To be a success in business, there are some winning qualities you must possess. These qualities can be inborn or cultivated.

These are highlights of a 24 qualities you are expected to have or develop for you to be a success in Entrepreneurship. Each point will be further elaborated upon as we journey through our lessons. 

1. Never ending ideas: How often do ideas come to you? The flow of ideas in an entrepreneur should be a continuous experience.  Never run short of ideas. An entrepreneur cannot be ‘lame’ because his idea was stolen; you must always get around circumstances. 

Without a continuous flow of ideas you cannot remain relevant in the market; ideas become obsolete over time. Fresh ideas will always place you ahead and save you the embarrassment of being a copycat in the market. Also, you’ll barely get stranded in the market.  Train your mind to always be in the frequency of continuous flow of ideas.

2.Vision: Are you vision oriented? Where are you heading to? Where do you see yourself and your business in the near future? Have a definite picture of where you are driving your business to. It will also direct others joining you.

3. Passion: Are you passionate about your business? If your answer is no, you may not succeed at it. Passion is the most important trait of a successful entrepreneur.Genuinely love your business. 

When you are passionate about your business, you’ll always look for ways to surmount every obstacle. Passion brings about enthusiasm and excitement.  With enthusiasm and excitement, you will attract things that will move your business forward.

4. Self -Starter: Do you always wait for people or someone to join you in igniting anything? An entrepreneur, in most cases, is a one-man-army. You must be a pace setter. Waiting for someone to push you around or remind you before getting things done in your business shows you’re not a self-starter. A self-start does not wait to be pushed around because there’s an inner drive that propels him/her. Set the parameters and make sure the business follows that path.

Be proactive, not waiting for someone to remind you of what should be done. If you don’t have an inner drive, you can cultivate it over time. Cultivate the drive to make things happen for yourself, rather than waiting for things to happen to you.

5.Quest for knowledge: Do you have an insatiable quest for knowledge? To be a winning Entrepreneur you must be hungry for knowledge at all times. Be a continuous learner: Be studious. Get into the library and study the footsteps of successful Entrepreneurs.  

There are people all around the world that have succeeded in your industry or similar businesses. Go study how they did it, through the internet, books, magazines, journals, one-on-one contact with them, and the like.

6. Disciplined: How disciplined are you? Successful entrepreneurs are disciplined enough to take steps every day towards the achievement of their objectives. When you set up tasks for the day, ensure you accomplish them. You must be focused to make your business work, not giving room for distractions or hindrances to your goals. Have a plan and follow it through.

7.    Hunger for success: what is your hunger for success like? Success is a relative term. What you see as success may not be success to someone else. But there are standards, just like beauty, there are generally acceptable standards. You must be able to define what success means to you and go for it with all vigor. Without a personal definition of success, it may be difficult to achieve it. Train your entire being for success.

8.    Confidence: How confident are you in daring things? Don’t entertain doubt or fear. “Man is a victim of his own fear” Be confident about the fact  that your business will succeed. Apply this confidence in everything you do.

9.    Be Open Minded: Are you open to new ideas? As an Entrepreneur, realize that every event and situation is a business opportunity. Develop the ability to look at everything around you and tend it towards your goals. If something is not working, simply make a change. 

 Know the importance of keeping on top of your industry. Be up to date with the latest technology or service techniques. Be always ready to change when you see a new opportunity arise.

10.    Excellence driven: Are you excellence oriented? Excellence is a never ending journey. Develop a winning attitude. Always think of being at the top, ahead of your competition, by doing it better. Play to win; not just for the fun of it. 

11. Creativity & innovation: Are you a creative person? Have a creative mindset. Your creativity will flow more during your quiet time. Cultivate the habit of reading and researching ways to make your business better.

12. Determination: How determined are you to make your business a success? Someone once said “Determination is a more potent factor than the energy of youth”.  See defeat as an opportunity for success. Be determined to make all of your endeavors work.  Try and try again, until it works.  Don’t believe that something cannot be done. Have an inner drive to succeed. Have a ‘can do’ attitude.

13. Strong people skills: Do you easily get along with people? Someone once said “wherever you see people, you’ve seen money”. Develop your people’s skill so as to easily connect with people. 

Whether or not you like it, you need people skill in almost every area of your business, such as marketing/ sales, fund raising, coordinating your workforce, coordinating your suppliers, and so on. Develop strong communication skills to sell your products and motivate employees.

14. Strong work ethic: What is the maximum hour you can put into an endeavor in a day? If you cannot work long hours, then your business is bound to suffer. Anyone coming in to assist will follow your footstep. Business requires long hours from the originator, especially at start-up.

 Be the first person to resume and the last to leave. Work during off-work days. Your business should be your priority.

15. Observe breaks: Learn to take some time off your business, so as to renew your mind. You can choose a day between Monday and Saturday. Continuous work without break, at least once in a week, kills creativity.

16. Commitment: Are you committed to success? You must be committed to making your business work. Commitment takes time, energy, skills, creativity, etc. This is one trait I just saw myself portraying, meaning it’s inborn. I am always committed to the success of whatever I set my heart to do.  If it’s not in you, it can be cultivated.

17. Perseverance: Are you a die-hard person? Whatever business you might be setting up, there are times where you will face challenges. At such times, you will have to believe in yourself and your products or services in order to succeed.

Stick to your dreams through the peaks and valleys. According to Steve Jobs “I'm convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.”

When challenges persist, you must persevere to stay on top of situations. Do you easily accept defeat? How do you react to the storms of your life? You must be dogged, to see your business through. ‘Develop thick skin and be a hard nut to crack’.

 In passing the Perseverance test, you need to be dogged. Having passion, plans, goals and all that, is not enough when it comes to starting and growing a business. There are issues that will arise to challenge your passion, plans and other things. Your level of doggedness is what determines your continuity in business.

Some challenges are shadows while others are actual rocks. How you perceive and handle them will make all the difference in your life and business.

18. Time management and consciousness: Do you have value for time? Time is more than money. Anytime lost is gone forever; you cannot recover it. But you can recover money lost. You cannot play with time and build a successful business. Deal with procrastination and beware of time wasters. One way of using time profitably is having a to-do-list and stick to it.

19.  Plan: How often do you plan your life and activities? “He who fails to plan, has planned to fail”. Be a good planner and follow your plan through. No one can achieve anything tangible without a plan. If you want to succeed in life and business, you must be a good planner and execute as planned or better than your plan.

20. Have goals: Do you always work with goals? Yes, it is good to have passion, while working on your passion, you must have a goal, else, you will be like “a ship without a ruder”. In the market, you will just be working and working without a direction and other players in the market will take advantage of you.

With your goals in place while working on your passion, you know where you are heading to. Learn to set goals and how to accomplish them. Have short and long-term goals for yourself and your business – 1year, 2, 3, 5, 10, 20, 50yrs… Break them down for easy understanding and operation.  

21. Accept criticism: How do you handle criticisms in your life? Whether or not you like it, people must criticize you, but don’t let criticism weigh you down. Develop a thick skin. Reject things like "You can't do it, forget it”. “You have failed, drop the idea"." Your product is poor, leave this business for experts”. Only accept constructive criticisms.

22. Risk taker: Are you too conscious of you comfort zone? Come out of your comfort zone and learn to take risks, because life itself is a risk. Business is all about risk, but you must take calculated risks. To be a winning Entrepreneur, you must develop a shock-absorber.

23. Be Consistent: Consistency is what has built a lot of businesses that we celebrate today. How consistent are you in seeing your tasks accomplished? This trait will help you in the course of starting, developing and sustaining your business. Keep at it continuously, no matter the odds.

24. Patience:  How patient are you with the issues of life? Are you seeing business as a get rich quick scheme? If yes, you’ll miss it. You need patience to grow your business to a desired level. You must be patient with almost everything around you, such as patronage, staff, customers, vendors, With patience, you can be easily mentored; you’ll be teachable. 

25. Be spiritual: How spiritual are you? The value of spirituality in business cannot be overemphasized. Your business cannot grow beyond the level of your spirituality. Learn to build your spirit man and always take your God/god to the market place.

This is the hardest, but the most important quality you must have as an Entrepreneur. No matter what you know, if your spirit man is in jeopardy, your business will have no other choice than to follow suit.

26. Believe in Mentorship:  Learn to use Mentors in your Entrepreneurial journey. Mentors are people that have taken the route you are about taking and have succeeded in it. Mentorship enables you to stand on the shoulders of successful people and that makes the journey easy for you.

Conclusion: These and many more qualities will make you a success in your journey. If you already possess some of these qualities, you need to keep using them to make them better. In case you lack some, there is room for learning and improvement. With the zeal, over time you can develop them even better than someone with the inborn skills.  

Make success your watch word!



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