Here are a list of traits that all entrepreneurs have. Do you have these traits? If you only have a few or none listed. That is OK. These skills can be learned and implemented. Follow along to know what is important for success. These skills are not only applicable to business, but life as well.
1: Take Action
Entrepreneurs often only have a concept. They don’t have a detailed strategy. They don’t spend a lot of time writing a well thought out and researched business plan. During the research of a business plan anyone can potentially get bogged down in too much information and data. Then fear sets in wondering if enough research was conducted to determine all of the factors of the business idea is viable or not. The what if this happens scenarios pop up. So the false sense of more information and research is needed. This can be cycle which is hard to get out of. Which leads to “analysis paralysis”. The inability to make a decision or take action based on the false assumption that more learning and research is needed.
Research is conducted, but entrepreneurs often times just invent as they go. They get enough information to know that their ideas have merit and take inspired action. In other words, the business plan is written as they go through the process of building their business. You must take action by making a decision to either forge ahead, modify the idea, or toss the idea and start over with a new idea.
2: Entrepreneurs are scared.
Even with fear, they take action. That ability to make a decision and take massive action is sometimes judged by others as being ambitious, but entrepreneurs are extremely scared and insecure about their decision. They hold doubts about their decisions. However, that fear is used to create focus to achieve their goals and bring their ideas to life. They are fully aware of the risks going in and face their fear. There is a huge learning curve from making a decision to take action to achieve their goals and dreams. Success or failure could result. Either way they go face their fear and conquer their fear.
3: You must have laser focus.
Entrepreneurs totally focus on their business growth. Time is not wasted on distractions. They know the business has a huge to do list. During this stage, momentum is being built. What they do now will reap rewards now and in the future for the business. Businesses will have endless challenges. Focus on the most important urgent potential challenges. Don’t forget the top priority is cash flow.
President Trump has discussed in many of his books about the power of momentum. I was reminded of the power of momentum while I was listening to the audio book version of President Trump’s book entitled Think Big and Kick Ass. He provides in this book as well as his other books personal examples of business setbacks when he was no longer focused on his momentum and got derailed from his goals by not focusing on his momentum. He also gives examples of other people in his social circle that had similar experiences. Here’s a quote from “The Donald”. “To gain momentum, you must first focus on a specific goal with passion and intensity. Once the momentum starts to build, you have to continue to push ahead.” According to President Trump’s books, when you lose your momentum and focus businesses can suffer and or fail. Keep focused on your goals and build momentum continuously.
Regardless if you love or dislike the current President. Mr. Trump is one example of an entrepreneur who found his passion and became mega successful and wealthy. He shares much knowledge, skills needed, the learned mindset for success, and experiences gained that are highly regarded and sought out by other aspiring real estate developers and business people who know that to be successful you have to learn from someone who has already accomplished what you want, so that you are successful. Success breeds success.
4: Don’t Ask For Permission.
Entrepreneurs are rebels according to society. When issues or opportunities arise, they address the issues immediately. They make decisions and take action. These traits are not tolerated in large bureaucratic companies and are not taught in schools. This skill is learned at home by having to do chores and be responsible for their actions and time. The entrepreneur knows that opportunities wait for no one and issues become larger over time.
5: Don’t Seek Approval of Others.
Entrepreneurs don’t concern themselves about how others perceive them. They don’t conform, want to fit in, or seek acceptance of others. They blaze trails for others to follow. They carry the trait of “Don’t follow the herd”. They don’t do what everyone else is doing. They don’t follow along without question. They think differently. They question everything. They take nothing at face value. They analyze on a deeper level all information provided with their own research which results in their own opinions formed.
6: Recover Quickly.
Businesses do fail. Barbara Cochran gives outstanding advice in these situations. “The trick is to speed up the recovery. The recovery being the mourning process of having a failed business. If you fail, resist the urge to mope or feel sorry for yourself. Don’t wallow in self pity or fall into a state of depression, what ifs, or anything negative. Move on to the next big thing immediately.”
Starting a new business idea will take the focus away from the loss and pain while you start again and become mentally stronger. During the new start up, you can begin to understand where you failed in the last business. Those failures are tremendous learning curves of experience and knowledge gained that prepare you for your next adventure. The lessons learned far out weigh anything that you could learn in a text book.
7: Great Listeners
Entrepreneurs surround themselves with other people who are smarter, more talented, and experienced. They ask questions and are open to listening to ideas, suggestions, and opinions that come from a different point of view. A good example of this is Henry Ford the founder of Ford Motor Company who only had around an 8th or 9th grade education who built a major corporation that changed the way the world travels. He is often quoted as saying that “I am not the smartest, but I surround myself with competent people.”
They listen and analyze what others share and make the final decisions and actions needed. Self starting entrepreneurs know a successful business needs a strong team with laser focus on the same goals creates tremendous momentum for success.
If you would like to read more on the subject of entrepreneurship, you may like another article we wrote called Thinking About Becoming An Entrepreneur?
Entrepreneurs who become successful create jobs and strengthen the economies of the countries they choose to start up in or expand into. The world needs many more of these people.