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Title : Profile of Successful Entrepreneurs - Rich in Business
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Profile of Successful Entrepreneurs - Rich in Business
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Entrepreneurship is popular these days, but do you have what it takes to be a successful entrepreneur? But to be a successful entrepreneur requires planning, creativity, and thorough hard work.
Many personality traits needed to succeed in one's own business must be known; hard work, desire for risk, integrity, competitiveness, growth oriented mindset, reason. However, there are other subtle and less talked about characteristics that are just as important to succeed in the highly competitive world of entrepreneurship and we give them a little light here.
Successful entrepreneurs are not afraid
All successful entrepreneurs are fearless. One of the most common things that stands between a successful entrepreneur and someone who will be kicked all his life to be what others want, is the fear of failure. Entrepreneurs know that this is not an insurmountable obstacle. They face it, embrace it and celebrate it.
Successful entrepreneurs are perceptive
It takes a lot of intelligence, high awareness and good judgment to identify viable business opportunities and find out how they can be transformed into high growth business models. Entrepreneurs are therefore very perceptive individuals who can see the potential in solving problems they have experienced themselves or reported by someone around them.
This same insight also serves to ignite their desires and lay the foundation for a startup. Entrepreneurs use their perceptive power to dream and create visions that will guide them through the rest of their entrepreneurial journey.
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Successful Entrepreneurs Be Informed
After identifying viable business opportunities, entrepreneurs need to gather intelligence about their businesses. Market size, customer preferences and behavior, competitive landscape, pricing options, decision makers, and key influencers in the market as well as potential customers, potential partners, distribution options, legal and regulatory landscape, etc .; all such things need to be known to succeed in this high-risk and high-reward business.
This information needs to be validated by actually getting out of the building and interacting with potential customers. Bad entrepreneurs are informed by hypotheses that have not been tested. It is good to extract intelligence from market-validated results.
Successful entrepreneurs are charismatics
Entrepreneurs must be charismatic. It takes a lot of charm and appeal to sell one's vision to fellow founders, employees, partners, investors, and early customers. Entrepreneurs aren't necessarily the best at talking in a public setting but they are still very good communicators and very passionate about their vision. Good people need to learn to connect with people and infect them with that desire, energy and vision of the future.
Successful entrepreneurs are Creative
Startup is not a cheap business, but a business that is more methodical and scientific about growing organizations with a sense of order and sharp priorities. I have seen so many entrepreneurs begin to develop products in a vacuum only to find that there has never been a market for what they have built. Conversely, a creative entrepreneur recognizes the value of customer discovery and validates his hypothesis about a business model early on in the business life cycle.
Successful entrepreneurs are Resources
Growing a business requires reason too. Not only to build a world class team but also to reach investors, partners and customers as well. A good network is one of the most important assets of an entrepreneur, but more importantly, the ability to utilize that network effectively can be the difference between a failing and successful startup. An entrepreneur must utilize a network of friends and family to raise initial money for the business.
He needs to utilize a network of colleges or professionals to recruit good talent. He must have knowledge of the tools and resources needed by his business. He will use his contacts to approach business partners and investors for startups. Entrepreneurs are constantly putting out fires and improvising and making the best of every situation. All of this requires reason, ideas, people and assets.
Successful entrepreneurs are tenacious
A high-growth business needs a strong, strong-willed driver with nerves of steel. Although they need careful planning, even more importantly, they need leaders who have the ability to quickly react and adapt to constant market feedback. Good entrepreneurs have the tenacity to absorb all the shocks and protect the entire organization from the travel shocks.
Successful entrepreneurs are patient
Building a business is not the same as building a product. While products can be built in weeks or months using many open source tools and frameworks out there, businesses are built for years, without exception. Successful entrepreneurs are not bullshit shooters, they are chess players and think and act long term.
It is important for a good leader to be aware of the fine lines in which he must endure and beyond that he must spin and adapt. The only way to find out where the line is interesting is to always be in touch with the market and customers.
Successful Entrepreneurs Caring
Successful entrepreneurs know how to love! He needs to take care of his company, its employees, its business partners, its investors, and most importantly, its customers. The hallmark of all successful, long-lasting, and profitable businesses is the customer service and loyalty that accompany happy customers. Successful businesses generate 25-40% of their income from regular customers.
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