Attributes that a Great Entrepreneur should possess
Today, it’s important for aspiring entrepreneurs to understand the necessities that are required of them to run a business successfully. Competition is very high in many industries and it is important for an entrepreneur to have a few skills that will help them scale their startups faster.
We analyzed a few of the skills with a few entrepreneurs and found a few of them to be very contextual . They are:
1. Aspiring entrepreneurs should incorporate vision with execution:
A vision is definitely important. An organization can never grow if the entrepreneur does not have a vision. However, we found that successful entrepreneurs blend their vision with the ability to get things done. Likewise, every aspiring entrepreneur needs to avoid spending too much time only on developing business ideas. Rather they must be highly goal-oriented, blending their big-picture strategy with a deep focus on execution and results that will follow.
2. They are capable of making decisions that are time and fact-based:
Budding entrepreneurs always have an abundance of passion in them to achieve things. On the other hand, they are a bit inexperienced to handle the realities of evolving market trends, customer needs, and financial constraints. The way they make crucial decisions must be rational and decentralized to a greater extent. Such decisions can be successful if they are based on data and also sensitive to their competitors.
3. They can either build up or sell a plan:
Every entrepreneur out there tends to fall into one of two types: the ones who can sell stuff or the ones who can build great products. Strong orientation in understanding customers’ needs, building something from scratch, and finally convincing the customer to adapt to the innovation is a skill very few of us will have. Some entrepreneurs have all the skills that will help them scale faster. In order to run a business successfully, you have to be able to have at least one of those abilities.
4. They are very effective while engaging their employees:
To grow a business from strength to strength, it is vital to hire the right people, providing the required resources, and getting them to work together. You also will not have the funds to be able to pay market salary to the good people. Employees join a startup with dreams in their eyes as well. So, great entrepreneurs should focus on being effective with engaging their people and giving them the organization’s vision.
5. They ensure harmony in the process, team and organization:
Workplaces are a microcosm of humanity. They are mixed with all types of people, all types of personalities, quirks, goals and challenges. And so, for everyone to get along beautifully, it takes effort. There is a saying that “Coming together is a beginning. Keeping together is progress. Working together is success”, which conveys the purpose of harmony exactly.
It is not easy to adapt all these attributes for an aspiring entrepreneur on day one itself. But gradually, they can keep developing each day. They should engage their employees and make them understand their role and are aligned on the same agenda of the company’s success. As they gain some experience in entrepreneurship, the great challenge for them is to retain the cultivated attributes for the long haul to success.
Keeping the success of your business as an elusive target, every individual in your company/organization needs to keep growing everyday, incorporating positive attitudes and learning how to make it happen.