The word “entrepreneur” is associated with those people who start and initiate their own businesses, are owners of the capital and expertise that they lend to kick-start it.
When one hears of the word entrepreneur, the first image that forms in many people’s minds is that of a businessman sitting in an office, directing the work to his employees.
A good entrepreneur is much more than just a businessman.
The success of an entrepreneur depends on his abilities to manage his available resources in such a way so as to maximize the returns he gets from his business. In doing so, a successful entrepreneur would invest his time to understanding the customer needs and wants, focusing on utilization of resources, and minimizing the risks associated with the business, ultimately leading to profit maximization.
But who exactly is a “successful” entrepreneur? We take a look at some of the skills that the most successful—the likes of Bill Gates, Steve Jobs, and Mark Zuckerberg—possess.
Resilience
This is a tough world, and the world of business is even more so, with millions of companies clamoring for top market shares. In this business environment where even the slightest mistake in analysing the customer sentiments and needs could cost a business the entire reputation and market share, the need to steer ahead of the competition is even greater.
A successful entrepreneur understands that resilience and consistency is the key to attaining a strong footing in the market. He understands that this resilience enables him to keep going when the business outlook is bleak and there are few options other than giving up business entirely.
This is why it is extremely important to be resilient and constant in the face of business-related adversaries and a successful entrepreneur has all the means to ensure he stands his ground when the circumstances does not favor his business.
Focus
Take a look at the history of successful businesses in the past, the efforts that their entrepreneurs went through, and you will notice one thing that is common in all of them—focus. This focus is one of the primary things that is seldom kept into consideration by many business owners. When an entrepreneur is done with drawing up a vision and mission for his business, one of the fundamental things that he forgets is “focus.
This focus means not letting the vision of the business go out of sight during the struggling times. It is the laser-sharp resilience that must be shown when the business goes through ups and downs. A successful entrepreneur understands that there are many distracting forces and tough hurdles that come in the path of a business journey, and only consistent focus can ensure that a business is able to cross these barriers.
Creativity
One of the most important skills that a successful entrepreneur must possess is creativity. Creativity is not just thinking “out of the box”. It is a different way to look at things as well as a different way to approach matters of business importance. Not all of the entrepreneurs that started their own businesses had this skill of looking at things in a different way, and not surprisingly, many of the business ideas die a slow death even before they are launched in the market.
Take the example of translation agency, one of the main bridges for companies that want to step into foreign markets to gain international customers. These translation agencies are responsible for tapping into the key markets, and are equipped with all the knowledge of these areas and their people. An entrepreneur who wants to reach out to the international markets would of course take the help of these agencies, using their services as stepping stones to gain access to international audiences.
This is a creative way to approach unchartered territories, and not many of the entrepreneurs who want to make it big take this approach.
Risk Taking
A risk is defined as any unforeseen event or condition. A risk for a business might be related to the decision to invest in a new project or the decision to diversify into a new segment. The nature of these risks may vary with the nature of the business and the market position that it occupies, but one thing that cannot be denied is the risk that comes with all these critical decisions.
A successful entrepreneur understands that risk-taking is part of the journey to success, which is why a resilient and consistent entrepreneur will not back down when it comes to taking big risks for the business.
The Last Word
An entrepreneur is a person who is at the forefront of all business decisions and undertakings. While it is not easy to take risks and be consistent in the face of tough competition, success comes only when an entrepreneur possess all the required skills and abilities to steer his business in the right direction. There is no denying that every business goes through some rough patches, but the right attitude goes a long way in ensuring a business outshines others in these tough times.
