No matter how success is defined or measured aside from of course profits and return on investment there are increasingly common qualities that successful entrepreneurs embody. It is alright if you don’t have all of the qualities of great entrepreneurs as these qualities can be developed and learned through the entrepreneurial state of mind, spirit, or mindset.
Entrepreneurs who are successful are well rounded and versatile at a number of different business aptitudes but this did not happen overnight. Rome wasn’t built in one day and neither were the aptitudes of successful entrepreneurs. After all practice makes perfect as the more you do something the better you get at it.
Develop entrepreneurial muscles through exercising these knowledge, skills, and abilities. Would be or nascent entrepreneurs should develop realistic and measurable benchmarks in doing so through aims as well as obtainable goals which must be worked towards in order to become a successful entrepreneur. While this list is not exhaustive, here are some qualities of successful entrepreneurs.
1. Do what you love and you will never work a day in your life
Well this is not entirely true, the entrepreneur will still have to work hard at what entrepreneur does however evidence based research has proven that successful entrepreneurs enjoy their work, some even love what they are doing. The greater the personal intrinsic value held by the entrepreneur for their work the higher the likelihood for entrepreneurial satisfaction and enjoyment which ultimately translates into extrinsic financial gain.
2. Take cash flow seriously
Successful entrepreneurs take business seriously and believe in what they are doing proving this by placing cash flow at the forefront as a priority of work. Without cash flow which gives life to business for sustainment and growth of the entrepreneurial venture and organizational operations it is not likely that the entrepreneur will be a success. The exchange of money gained from providing products and services from the entrepreneur’s organization is needed for income which is also used to pay salaries, operating expenses, and consume needed resources in the supply chain.
The successful entrepreneur does not spend money without regard for the future of the business. The successful entrepreneur is a prudent manager of money demonstrated by keeping good records and books on business transactions to ensure proper functioning, sustainment, and growth through cash flow of the entrepreneurial venture.
3. Close in on the sale
Sales are the perhaps one of the most important factors influencing entrepreneurial success. Relationships with customers and clientele are very vital for business success however entrepreneurial ventures must be actively seeking sales of their product or service. Great salespersons, marketing geniuses, advertising experts, and skillful public relations persons are very valuable to this end.
Never prejudge a sales prospect as the goal is to make money by close in on the sale and nothing else. The benefits that come with owning the product and service must be actively communicated in the advertisement, printed materials, packaging, websites, newsletters, exhibits, signage, marketing campaign, and social media to the customer.
The successful entrepreneur is not ashamed to promote the business or themselves after all if no one knows who entrepreneur or business are as well as what is being sold then they have no information from which to decide if they want to purchase the product or use the service? Nonetheless, at the same time don’t become overly obnoxious with self-promotion.
4. The customers is always right
Customer and client relations with the organization ultimately decide the success of entrepreneurial ventures. The entrepreneurial venture must be customer centered and have a focus increasing customer satisfaction which makes customers and clients know that their business is wanted, appreciated, and valued. Know the customer and client base make a personal connection by reaching out to them.
Draw in new customers and clients with an outstanding socialization program that impresses and excites them as doing so will make them repeat and regular customers or clients. The ability to do business easily with the organization is also very important for customers and clients. People like convenience, so make it easy to do business with them so they can get products or services when they want it as successful entrepreneurs want the money of customers and clients.
5. Positive business image and impressions
Customers and clients like all people are informed by their perception of the impression and image of the business. Many customers and clients are likely to make decisions based on what they feel in their hearts then based on data or logic. Therefore use a creative and imaginative coupled approach which leverages virtual and psychical professional images and impressions of the business that communicates a positive and favorable message to the world.
A good reputation earned through honorable and positive business with customers and clients is crucial to entrepreneurial success. An organization abundant with good ethical, authentic, and moral values attracts and sustains clients or customers and even employees to the business. While if the converse is present in the business the opposite occurs.
6. competitive advantages and recent advancements
The internet connects people in ways just a few decades ago which would have been thought to be unimaginable. The internet gives small and medium size enterprises the capability to have the same level of quality in a website that a large size multimillion dollar enterprise possesses. Thus utilizing the internet and information technology for competitive advantage is vital to entrepreneurial success.
Leveraging the recent advancements of technology is a must for the successful entrepreneur. The way a product or service is separated from others in the marketplace environment is an important characteristic of successful entrepreneurial ventures. The innovation of the product or service must somehow provide people with a better means or tool to exert a contextual force not previously present. This in turn creates value for the customer or client which leads to profits for the entrepreneurial venture.
7. Expertise of the entrepreneurial team
Just as the body has many parts which work together to complete a task, teams in an entrepreneurial venture too must possess what is needed to accomplish entrepreneurial success. Team members are stakeholders with a vested interest in outcomes of the entrepreneurial venture. The right mixture of knowledge, skills, and abilities of team members depends on the entrepreneurial venture.
However what is of utmost importance is commitment and work ethic of team members for the success of the entrepreneurial venture. Expertise of the members of the entrepreneurial team can be powerful way to attract customers and clients to use your product or service ultimately increasing sales. It is also important for the entrepreneurial team to continuously improve performance and quality of themselves through getting better a needed knowledge, skills, and abilities while investing in education and professional development.
8. Community involvement and networking
Involvement in community is way to fulfill human social needs as well as communicate support and investment to others. It is a way of telling others I am here for you and everyone else. People tend to hold others in high regard which is involved with the community. They want to do business with organizations that are liked, respected, known as helping others in the community. Meeting other people also provides a way to transfer information from once source to another.
As long as people walk this earth there will always be a political agenda in place. Getting involved with communities and networks may provide the business with a way to establish strategic alliances to tap new markets or promote sales. Every opportunity must be harnessed to maximize profits as networking and community involvement serves as a way of building awareness through guerilla marketing and sales. Stay in touch with prospects, clients or customers, other allied businesses this ensures consistent sales and retention of customers and clients which sustains the entrepreneurial venture.
9. Multitasking and limitations
Successful entrepreneurs are organized and have processes and systematic approaches to working on priorities of work to ensure they are on schedule staying abreast with accomplishing tasks needed for the organization. Doing so also provides a way to account for time and not work around the clock. After all being an entrepreneur is also about lifestyle.
A regular work schedule helps to develop a routine to enjoy time off as well as work. Entrepreneurs who are successful are able to multitask but also know their limitations and where they must seek help, delegate, and rely on others to accomplish certain needed tasks for the organization.
10. The entrepreneurial mindset
The entrepreneurial mindset emphasizes an action oriented approach is sometimes called the entrepreneurial spirit, or state of mind is essential mindset for people to have in organizations in this modern day and age. The entrepreneurial mindset encompasses creativity, resourcefulness, courage, resilience, and passion to engage in profitable entrepreneurial ventures. Successful entrepreneurs are doers who enjoy creating something new and seeing it develop by out witting and outmaneuvering competition in order to win. Creativity can be described as clever or inventive approach to whatever the entrepreneur does.
Resourcefulness is defined as a way to make something out of nothing, or a dollar out of fifteen cents as a famous person once said. Courage encompasses the belief that one can achieve whatever the mind conceives. Resilience is the ability to overcome any challenge. Passion is noted as the boundless enthusiasm for whatever the entrepreneur does. McGrath and MacMillian, in there book entitled “The entrepreneurial mindset: strategies for continuously creating opportunity in an age of uncertainty” describe habitually successful entrepreneurs as having a template for decision making through the entrepreneurial process. The entrepreneurial frame forms a criterion from which to consider their own goals and communicate ambitions with others in order to pursue the business. Opportunity sensing through market resegmentation, product redifferentation, and the development of innovative competencies are techniques for seeking opportunity.
Opportunity sensing is also accomplished through the relational and process mapping of attributes through the exploration and examination of features pertaining to products as well as customers perceptions. The assessment of service and product desirability gives a methodology for redesign which increases value to customers. The selections of the most promising opportunities are seen as a portfolio of options from which the entrepreneur pursuing a reasoning which evaluates each option as resources and conditions allows.
The adaptive execution enables the entrepreneur to capitalize on opportunities through discovery driven planning in which over analysis during competitive situations is avoided as the aim is to execute adaptive plan or possess an orientation for performance by converting and reducing assumptions to knowledge while pursing the innovative opportunity thus reducing risk and uncertainty.
Entrepreneurial leadership of followers is considered to be the most important fruit of the entrepreneurial mindset. As it is the job of the entrepreneurial leader to create an organization with followers who find new opportunities or identify the critical competitive insights as a matter of course through work climate, orchestrating opportunity seeking and selection, and moving particular ventures forward personally.