So, you have decided to quit your job and start your business! But do you have what it takes to be a successful business owner? Not all entrepreneurs are the same; they come from various social and economic background. While there is no blueprint to entrepreneurial greatness, there are certain leadership traits that they all possess.
Below I will share ten leadership traits every entrepreneur should possess.
Trait #1 – Determination
When you decide on owning your business, it requires a plan inclusive of clear goals throughout the process. Whether it is finding ways to grow the business, improve sales, or bring on new employees, you will need to set objectives to ensure successful execution.
This type of detailed planning and day to day workload can be very challenging and is often the basis why many companies fail. However, become a ewful entrepreneur then you must possess the determination that is required to press through the challenges without quitting.
Trait #2 – Not Afraid of Risks
If you were to talk to other entrepreneurs, they would tell you that they took some significant risks in their quest to start and grow their business. Additionally, you will come to realize that it is these risks that resulted in the biggest payoff. For example, Barbara Corcoran, the real estate mogul of Shark Tank took a $1,000 loan and turned it into a multi-million-dollar business.
You might be saying that Corcoran’s $1,000 loan was not risky. However, a risk is not only limited to the financial aspect of business. Risk also includes the time and effort you are willing to invest and your 100 percent devotion to your business even with a small capital injection. Many others with $1,000 would think it too small to start a business, much less to have it become a successful empire. But when you are not afraid to take risks despite what others may think, that is one leadership trait that can lead to a profitable outcome.
Trait #3 – High Confidence Level
As an entrepreneur, there is a lot to be done daily amid challenges and roadblocks. Your confidence will be the leadership trait that will give you the energy you need to get through these stressful times. The confident entrepreneur understands that the biggest rewards stem from the greater challenges.
It is this same mentality of confidence that will give rise to an opportunity when everyone else sees a problem. A successful entrepreneur must focus on the end objective and press towards the finish line, knowing that there could be a big reward at the end.
Trait #4 – Desire to Learn
As an entrepreneur, you operate in a world that is ever changing with new business techniques and strategy emerging often. If you plan to be in it for the long haul, you will notice that as soon as you get familiar with one thing, the next big thing is on the rise. Because of this, you must display a consistent desire to learn. With this leadership trait, you can stay ahead of your industry and business competitors.
As an entrepreneur, you want to stay sharp by taking up all the opportunities to learn. Learning in today’s information age is not limited to a college classroom. In fact, there are tons of reliable online courses and books that you can read to access information that will take your business to the next level.
Trait #5 – Understand that Failure is part of Business
As an entrepreneur, you must begin to see failure as part of being in business. The objective is to take those failures and transform them into learning experiences. The world of business is a classroom and failure is a part of the lesson plan.
Trait #6 – Passion
Passion is the fuel that drives the determination that an entrepreneur needs for success in business. Whether you're starting your venture from the ground up or you are investing in an existing enterprise, passion is critical to the process.
If you do not derive a deep sense of enjoyment from what you do, each day will be a struggle. It is the passion that gives you the zeal to stay up late and find the solution to the problem. If you lack passion as an entrepreneur, the success of your business will be the victim.
Trait #7 – Adaptability
Entrepreneurs do not possess special glasses to know the future. Despite the implementation of the best thought out plans and strategies, there are always surprises awaiting you around the corner. Your ability to adapt is the trait that will separate you from those who are just not ready to be in business.
Adaptability gives you the aptitude as an entrepreneur to respond to situations quickly. With this leadership trait, you can make decisions and thrive in a highly competitive marketplace.
Trait #8 – Money Management Skills
Whether you have a strong financial investor or you are using your credit card to fund your business, excellent money management skills are a trait you will need going forward. Overspending or inappropriate allocations are poor financial decisions that can ruin your business. It's absolutely imperative that you possess a clear financial plan and exercise the discipline to stick to it.
Trait #9 – Networking Expert
Networking is critical in business. The art of networking is building business relationships that are meaningful and foster long-term business opportunities. Do not make a mistake of having a bunch of business card and handing them out to everyone you meet is effective networking. The entrepreneur who possesses the leadership trait of being a networking expert understands that it is a two-way street.
Trait #10 – The Ability to Sell
Whether you are the owner of the business with the next big thing or you are amongst the thousands of others with the same product, you must know how to sell. Mark Cuban of Shark Tank reminds entrepreneurs on the TV show and indeed, around the world that one of the most important skills you can have, as an entrepreneur, is knowing how to sell your product or service.If you don't already have these traits, don’t worry! Look at it as an opportunity to cultivate traits that can define your success as an entrepreneur.