Top qualities of a successful entrepreneurChen Wan Lim
Entrepreneurship is an integral part of a country’s development as businesses drive the economy and create jobs. There are studies that show that entrepreneurship is higher in developing countries compared with developed countries. Possible reasons could be the abundance of opportunity that exists in developing countries and also the need for more innovation. Typically, entrepreneurs are not super humans with superpowers but these breed of people share these most observed traits:
Entrepreneurs are passionate people, with the genuine intention of innovating a certain product, creating a certain experience or offering some kind of service for the benefit of the consumers. One would almost always hear an entrepreneur talk about their product or service in the highest manner with passion – that’s because they simply believe in what they are selling. Passion is also a key trait that makes them a good salesperson.
Entrepreneurs are also very disciplined people. Do not be fooled by the odd working hours, cluttered workspace or even the same black t-shirt worn every day. Entrepreneurs often have a fixed habit and a routine which they follow and abide by. This form of discipline allows them to focus on the task at hand, eliminating distractions and also to work efficiently.
Strong people skills
Business people are often associated with being the most sociable person in the room – and that’s for a good reason. Entrepreneurs have to deal with people the most; be it employees, tough clients, suppliers and competitors. They have to be strong communicators, able to continuously motivate employees, handle disgruntled clients, getting the best deal from their suppliers and to manage their competitors effectively.
Entrepreneurs are also known to have a large appetite for risks. They do not blindly take risks, but rather taking clear calculated risks. They believe in the risk-reward principle where the larger the risk, the larger the reward.
Behind every success we see, there are perhaps dozens of failures and disappointments experienced by entrepreneurs. It is exceedingly rare for entrepreneurs to get everything right the first time. Every process is painstakingly fine-tuned and every decision made had been examined in detail.
Above all, entrepreneurs are always out seeking new knowledge, acquiring new skills or learning something unbeknown to them. Lifelong learning is in their blood. This is where expanding their knowledge base such as obtaining an MBA or a specialised Master’s degree becomes part of their entrepreneurial journey. Not only do they gain classroom knowledge, MBA candidates participate in real life case studies and to discover multiple solutions to multiple problems. Apart from that, MBA classes are beneficial for entrepreneurs as they are able to broaden their network and to gain valuable partnerships while fostering lifelong relationships.