6 Essential Qualities of Great Entrepreneurs

Originally published here

Do you have what it takes to be an entrepreneur

Entrepreneurship is a risky and rewarding venture. Entrepreneurs often face more risk than they do reward, but the rewards for success can be great. Entrepreneurs need to consider why they want to start their own business, who will work with them, what services or products they offer, and how much time and money are required before jumping on this path. Knowing these things ahead of time may help you avoid some of the stress associated with starting your own company!

1. Entrepreneurial thinking

You need to do Entrepreneurial thinking to start your own business. Entrepreneurial thinking is about asking questions and considering risks, rewards, and time schedules. Entrepreneurs need to ask themselves why they want to start their own company, who will work with them, what services or products they offer, and how much time and money is required for this venture. Entrepreneurs need to think of all these things ahead of time to minimize some of the stress involved in starting a company. For example, Entrepreneurial thinking is asking, “Can this idea be put into action with what we already have?” or “Would my idea require potential customers to change their purchasing behavior?” Entrepreneurial thinking could be the difference between success and failure for a new company!

2. Creativity to convert your skillsets and knowledge into a product or service

Entrepreneurship is “the process of bringing something new, such as an idea or technology, to the market.” Can you leverage your knowledge and experiences to develop a value-added product or service that people would need and pay for? Entrepreneurship is all about identifying opportunities, acquiring knowledge in the process of converting your ideas into reality, and ultimately commercializing your products/services. If you have a background in engineering, for example, you might start your own firm designing and manufacturing various types of equipment. You can also convert your passion for the arts into a business venture in a creative industry such as a fashion design, art gallery, or even a wedding planning business. Entrepreneurship is not just about conquering new territories but also about being innovative!

3. Entrepreneurial personality type

People who are successful in entrepreneurship usually have a specific personality type. This personality type is generally characterized by risk-taking and an innate desire to be their own boss. These individuals are often creative and enjoy working on their own schedule. They also tend to be self-motivated and driven to achieve their goals. Of course, this is not always the case, but most entrepreneurs will generally fit this description.

Entrepreneurship can be very rewarding, but knowing what you are getting into before diving in headfirst is important. This includes knowing your strengths/weaknesses, understanding your entrepreneurial personality type, and considering all of the costs involved. Entrepreneurship is an excellent fit for certain personality types, but it might not be the right choice for everyone.

4. Being an entrepreneur or creating a job for myself?

Are you one of those creative-type or a well-organized type? What’s the difference between Entrepreneurs and Independents? I am asking because if you want to start a business to be an entrepreneur or create a job for yourself. There is no “right or wrong” answer — just different perspectives on starting a business. Entrepreneurs are the risk-takers, and Independents are the well-organized types who like to plan their work and work their plan. Entrepreneurs make things happen; independents make plans happen.

If you want to start your own business because you are fed up with working for someone else, that’s totally OK. But note that there’s a difference.

5. Entrepreneurs need patience — many of the most successful entrepreneurs had failures before finding success

When it comes to entrepreneurship, patience is definitely a virtue. Entrepreneurs are constantly putting themselves out there with their ideas, even though it sometimes seems like nothing will come of them.

This doesn’t mean that entrepreneurs don’t have an idea or goal in mind when they start something, but it does mean that they know that success won’t happen overnight and can take time to build. Entrepreneurs need to be able to maintain a level of patience when things aren’t going according to plan because, in most cases, they know that eventually, it will work out if they stick with it. Those who believe in themselves and their ideas are more likely to continue with their company and eventually succeed.

6. Your passion matters.

Aligning your passion with your business is the key to success. Entrepreneurship takes a lot of blood, sweat, and tears to make it work, but if you do not love what you are doing, it will be hard to keep going when times get tough. Entrepreneurship can be lonely. To stay motivated throughout this challenging journey, you will need to make sure that your passion lies within your business model. Entrepreneurship is by no means an easy task, and you’re going to screw up big time sometimes. The key is not letting failure affect you too much because it will happen. The only way to deal with failure is to confront it head-on and allow yourself to learn from your mistakes. Entrepreneurship is a journey that you have been set upon, but as long as you learn from those horrible experiences, then you are going in the right direction. Aligning your passion to your business is definitely not a must but definitely helps.

Obviously, this is not an exhaustive list. Perhaps this has given you a pause or extra motivation to start your business. Entrepreneurship is not for the faint of heart, but it can be extremely rewarding if you are up for the challenge.