You may be one of the many people who dream about being their own boss. The premise is simple; you start trading and become good at it. From there you move to starting a company and building a brand that is known across the world. Once established you will have wealth and power!
Unfortunately the majority of the business start-ups which happen every year end in failure. What my surprise you is the reason for this; personality. Studies suggest that you need the following five personality traits to become a successful entrepreneur:
Determination
There is no doubt that you must be determined to succeed in any walk of life. There is very rarely an easy option to take you to the top and this is actually a good thing.
Dealing with all the obstacles along the way makes you better able to refine your product and your goals to create something which is really needed and valued by you and millions of others. To get through all of this you must be determined to succeed; no matter what.
Confidence
You must also be extremely confident that you will make it. This is not the same as believing that you are always right! Confidence stems from knowing your product, your market and your capabilities. This allows you to delegate the things outside of your remit and focus on the pieces you can deal with.
A confident person can do this, if you are not confident you will probably not trust others to do the task properly and your project will never progress as it should.
Risk Taking
You need to be able to take risks but this does not mean financially. If you see an opportunity in the market and are convinced, after appropriate research, that it has potential, then you must be prepared to take the risk.
It s this type of risk taking that will set you apart and allow you to beat the competition, by getting their first.
Learning To Fail
Of course, not every risk works out and not every business is a success. If you listen to any successful entrepreneur you will quickly realize that they have all experienced failure. It is their attitude o failure that is important.
Things can fail, even the best projects but providing you accept this fact and learn from the experience it will make you better prepared for the future.
Financial Management
Finally, it is essential to have good financial management skills. Especially when you first start in business you will have limited funds and will need to ensure they are put in the right places. Underfunding valuable research is as bad as overspending on projects.
Good financial skills will carry through your business life and help you to deal with all the issues you face in order of priority.
Becoming an entrepreneur is easy; turning your business into a successful one is harder unless you have these personality traits. The good news is that you can teach yourself to become more confident, determined and even financially savvy!
Photo Credit: Pixabay
