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7 Traits that are Essential to Entrepreneurship

23 August 2017 No Comment

There seems to be a debate over the definition of an entrepreneur. For some people, an entrepreneur is someone that works for himself and owns his business or brand. For others, an entrepreneur is more than just a business owner — they are innovative leaders that took an idea and transformed it into a business.

While there doesn’t seem to be a concrete idea of what an entrepreneur is, there are several defining characteristics that all entrepreneurs seem to have. Let’s take a look at some of the characteristics and traits that make up a successful entrepreneur:

Passion

If you were to sit down with an entrepreneur and ask them why they do what they do, they would tell you it’s their passion. Their business or brand is why they get out of bed, why they run their business and why they strive to succeed.

Entrepreneurs spend many long days and nights working, so they have to be passionate about what they do — otherwise, the stress and hard work may not be worth it in the end.

Confidence

If passion is why your run your business, confidence should be how you run your business. Confidence in yourself and your business can help you push through failure and focus on your goals when things become stressful.

Millennials have been called The Entrepreneurial Generation, which is why those aged 35 or younger show the most determination about started their own business. However, confidence in one’s entrepreneurial abilities peaks with those between the ages of 35 to 49 years, according to the Amway 2016 global entrepreneurship report. Working to improve your confidence in yourself and your business can help you look past a possible challenge and see an opportunity instead.

A Good Networker

Networking is more than just collecting business cards and knowing who is who in your industry. Focus on learning how to build relationships that have value and can lead to potential business opportunities or a long-term relationship. The key to being a good networker is to know what value you can provide to someone before you begin evaluating how the relationship can benefit you and your business.

Knowledge of Money Management

Poor financial decisions can hurt your business. Whether you have investors or are financing your business yourself, money management skills are key to keeping your business afloat. You should have a clear financial plan and know how to budget for items that aren’t essential to your business.

How to Sell and Promote

Knowing how to sell your product or service is essential to being a successful business owner. You should be able to explain what makes your product or service better than your competitors and why it’s a solution to an existing problem.

Extremely Adaptable

While it’s important to go into business with a well thought out plan and strategy, industries are constantly changing, so it’s important to be able to adapt to new situations and environments. Being highly adaptable will help you to respond quickly if things turn sour.

Thirst for Knowledge

Entrepreneurs are constantly learning to keep up with industries that constantly change and evolve. Learning more about your industry through industry publications and books can help you stay sharp and ahead of the competition. However, entrepreneurs don’t just focus on what’s going on in the industry — they use their thirst for knowledge to learn how to be better leaders, better marketers and better business owners.

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