When we talk about the term “Entrepreneur” which is most widely used in today’s scenario, we must understand the importance of the term and responsibilities which come associated with it. Entrepreneurship is not restricted to any age and requires a person to find a solution to the problem which exists in the market.
The main qualities of a successful entrepreneur are that he needs to be creative, must be willing to work hard especially in the initial days and must have a never give up attitude. He might also be requiring funds to be raised during the initial period and hence he needs to decide what method to be adopted regarding the same. Though there are many things which an entrepreneur needs to know about here we will discuss 11 things which are of prime importance for them:-
1., Ability to work for long hours
Just look at any top startups in India and see the work culture there. You will see that initially, the founder of the startup along with his team needs to put extra efforts and work overtime to ensure that after a few years they can reach a break-even position. Since the team will be small, so they need to commit working for long hours and must be ready from inside that their work-life balance will be all chaos at the starting stage. They must understand that they are starting their venture and they need to put in a lot of efforts to make it a big empire.
Anyone who wants to become an entrepreneur must understand that you must be motivated from within and ensure that you lead from the front. They must understand that all famous startups founder take it upon themselves to set certain benchmarks and make sure that they work accordingly. Only when the founder will be proactive, will they be able to inspire their team to move forward and get work out of them.
The entrepreneur’s responsibility is not just to come up with an excellent idea. An idea which does not solve the market problem will be of no use no matter how great is it? They must also take into consideration whether that particular idea which they have come up with solves the needs of the market.
Hence, it is the responsibility of the entrepreneur to lead from the front and encourage his team to come up with wonderful ideas regarding the problem at hand. This will build an atmosphere where everyone is participating together and taking the initiative to develop together as a team which is only possible with a proactive approach of the founder himself. Continuous mentoring and training is required by the staff also to keep up to date with technology.
3. Desire to make their idea a reality
Most of the entrepreneurs fail in their journey as they do not feel from inside that their idea will work. As a result, they lose all the hope and motivation and hence most startups we see get closed within the 1st year itself of starting. Hence to answer the simple question that is how to get success in business is simple. One needs to have conviction and confidence that yes my idea his great and I will make it work and bring it into existence, you need to have a burning desire that your idea will solve the problem of the customer.
4. Confidence and discipline
One of the main tips for a successful business is that the entrepreneur and their team should have discipline in their working style and must be confident from within that they have the power to make a difference in the world. An entrepreneur must ensure that he has set certain standards for himself and his team which everyone must follow to ensure the smooth working of the operations. Most of the interesting startups in India have inculcated a disciplined approach by breaking their long term goal into smaller weekly and monthly tasks and have assigned responsibilities to person based on their skills and expertise.
This way everyone knows what is expected of them and by when they need to deliver their work. Thus documentation for everything is the key as not only it ensures that work goes on smoothly but also it builds confidence as and when the concerned person see that task is getting completed on time. This way the entrepreneur ensures that together they can achieve much more and remains confident of this approach that they will take their venture to new heights.
A person who wants to be an entrepreneur or has already entered into his entrepreneurial journey must understand that they will get defeated several times. They will get to witness a lot of failures during their entrepreneurial journey. One must understand that “Rome was not built in a day”. Also, you can learn from the great Thomas Elva Edison story. He was thrown out of school as he was regarded as not good mentally but he did invent the bulb finally.
He too did not succeed the first time. But when he was asked why he failed many times, his answer was I did not fail but learned 100 different ways of not making a bulb. Hence just like him, this should be your attitude and approach. You must learn from every failure, consider it as an experience and move forward. You must have confidence in your abilities and must be determined to make your venture successful at any cost. This should be your approach. You will find this quality in every famous startup’s success stories.
6. Communication and people skills
One of the main qualities of a successful entrepreneur is his communication skills. The way you speak says a lot about you and your company. Only if an entrepreneur will have good communication skills will he be able to make the other person know what his idea is and how he plans to solve the problem through that idea. It is also very important for continuously motivating your employees to perform at their level best for their individual growth as well as the overall growth of the business. They must highlight the benefits which will come up by applying the idea thus ensuring that everyone contributes their best effort.
To get success in business, the entrepreneur must love what work they are doing. This is because only if he will enjoy his work, then only he will be able to run the venture for long. Also when he will be happy about his idea and would have passion in that domain, he can build a team of people who have a similar mindset like him. There is a joy in doing business this way which goes beyond money.
8. Researching ability
You see any top startups in India and you will find they invest and spend a lot of time in research and development. Research is an integral and important part of the entrepreneurial journey and hence one must be ready to do this for long hours.
9. Strong work ethic
A person who wants to become an entrepreneur must understand that what he will do his team will follow the same. Hence he should set the right example for his team moving forward. Hence, he should be the one to arrive early in the office and leave at last which will motivate the team to work hard when they see their boss working more than them. One must be ready to work on weekends also to ensure they meet the desired outcome.
10. Open mindset
One of the most important tips for a successful business is they find an opportunity in every event and any situation. They keep on generating ideas and even welcome suggestions from their team. Now, these ideas may pertain to anything it can be related to workflow efficiency, people skills, benchmarks set, how to acquire new business, how to enter a new market, etc. they are of open mind and expect the same from their team. They know from their experience that by generating a lot of ideas, they will have tons of ideas to see throughout which they can find the potential problem-solving idea to their current situation. They make sure to look around them and focus their attention on how will it help them to achieve their desired goals.
11. Risk-taking ability
Every entrepreneur of top startups in India understands that risk-taking is one of the important characteristics to be successful in your entrepreneurial journey. It may happen your business might get shut down after a year. But you have an idea and you have to be determined that I will make this idea work and will bring it into existence. All successful entrepreneurs know that though the risk will be higher I starting their venture, but it can lead to compounded revenue-generating opportunities shortly for them and their team as more the risk one takes, the higher the reward one gets. Hence, one should not be afraid to take risks and must be confident of their abilities and needs to have the self-belief that their idea will lead to a revolution in the market.
very entrepreneur of top startups in India understands that risk-taking is one of the important characteristics to be successful in your entrepreneurial journey. It may happen your business might get shut down after a year. But you have an idea and you have to be determined that I will make this idea work and will bring it into existence. All successful entrepreneurs know that though the risk will be higher I starting their venture, but it can lead to compounded revenue-generating opportunities shortly for them and their team as more the risk one takes, the higher the reward one gets. Hence, one should not be afraid to take risks and must be confident of their abilities and needs to have the self-belief that their idea will lead to a revolution in the market.