“I have not failed. I’ve just found 10,000 ways that won’t work.”
Whilst there are always exceptions to rules, successful entrepreneurs do tend to share certain personal characteristics. Whilst some are fairly obvious, others are often under-appreciated. Here’s Truelegal’s list of the six top requirements for a successful entrepreneur:
Ability to identify good business ideas
Without this, you’ve got no hope!
Persistence and independence
Entrepreneurs are extremely dedicated and focussed. You will have to make sacrifices in other aspects of your life if you want to achieve your goals.
Self-belief and passion
With many hurdles to negotiate, successful entrepreneurs maintain confidence and never give up faith in their ideas.
Willingness to take risks
By definition, new business ventures are risky. Exploring and implementing new ideas carries with it uncertainty and challenge. You will need to be comfortable in taking calculated risks.
Strong financial acumen is critical to entrepreneurial success. You will need clear strategies if you are to achieve profitability and generate sustainable cash flows. You’ll also need to understand how best to take advantage of available funding options and critical resources. And if it all goes pear-shaped, a carefully considered exit strategy is crucial.
Manager of people
In the early days you might effectively be operating as a one-man-band but, with success, a whole raft of other skills (such as team building, coaching and delegation, direction setting and negotiation) will be required if your company is to develop. As an entrepreneur, you will have to take the initiative and be willing to make quick decisions.