Qualities to become a successful entrepreneur

successful entrepreneur

It is a common phenomenon among people to think that when you want to be an entrepreneur, there must be a Godfather who can help you excel in the business world. The reality is there is no Godfather, but you and your mindset. It takes courage to come up with business ideas and think of starting a business.

Business entrepreneurship is the capacity to develop and willingness to organize your venture into a profitable mode keeping all the risks and problems aligned with the flow. There will be many obstacles and hurdles to develop your dream venture, but once you have made your mindset, it will take death to keep you apart.

The following will help you know how to grow as a leader and excel in your business plan.

Be ready for failures

It is obvious that when you begin with small business, you ought to get obstacles. There will be times when the bigger markets may take away your chunk. There will be competitors who have been in the market for a longer time than you. You might get disappointed in looking at your business graph. However, the first secret to developing your mindset as an entrepreneur is to accept the disappointment. Don’t expect the profit at the beginning. Give the business to grow. Be ready to accept failures. Work on the business ideas and you got to nail it.

Keep your focus

There will be many distractions that will distract you from your goal. However, your aim must be to focus on your business plans. You must create positive energy around you so that there is undivided attention for your business. Keep everything aside and determine to build your business. One of the leadership skills is to ‘never say die attitude’. Keep it focused. Irrespective of the kind of business, whether it’s an online business or small business, or a Fortune 50 company; a business cannot run unless it stays focused.

Learn the leadership styles of leading the business

If you wish to climb the ladder of success, you got to imbibe in you the leadership qualities. It means the ability to remain focused and use the opportunities to act in favor of the business. You must be able to think like a business man. Thus, take the advantage of the business opportunities no sooner it knocks your door. Even if there is 1% chance of you to excel than others, take the plunge. Study the market well. Create a business plan sample where you see yourself and the business growing. Take the risk if you have to. Don’t get disheartened even if that fails, at least you tried. There shall remain no regrets of you not taking the chance.

Study the market and put down your goals in black and white

The key to successful entrepreneurs is that before going ahead with the business plan, study the market well. Understand your business genre, check your target audience, and develop your business with a mindset of reaching your target goal. It is not an overnight procedure. Starting a business, will require you to understand what your market is. You got to believe your abilities and what value are you going to give to your audience. There are nine common types of leadership .From transactional leadership to autocratic, servant to democratic, Laissez-faire to Bureaucratic, charismatic to situational. You must be able to combine all the forms in order to get qualities of a good leader.  

Anita Lucia Roddick, the name behind ‘The body shop’ and renowned name in the famous entrepreneurs’ list, has put forth all ideas upright after studying the market well. Today she is the leader in the world of skin care products.

Be a team leader of your thoughts

Entrepreneur ideas work when it is blended well with passion, the right attitude, pro-activeness, resilience, and perseverance. Remember it was you who has the startup business ideas; you will have to excel in it by putting your entrepreneurial skills. By entrepreneurial skills, it means the ability to manage finance, raise the required budgeted amount, look in for productivity, ability to be in a circle of social entrepreneurship, hiring the effective people for your start up business, and so on. Challenge yourself that you are ready to take the risk, be ambitious and persuasive. Self-confident trait plays a massive role in pulling off an effective leadership hence.

Keep your goals on the dart

Just like the bull’s eye on the dart game, your goal should also be crystal clear. Identify the strengths and weaknesses, a successful businessman can make even small business ideas big. The idea is you must be able to think like a businessperson.  But how do you develop your mind towards your goal, so here is the plan-

Keep it in form of the following, whichever is easy to keep a track of –

  • Pie chart
  • Doughnut chart
  • Exploded doughnut
  • Line chart
  • Area chart
  • Stacked bar chart
  • Bubble chart
  • Decision tree
  • Pyramid chart
  • Radar chart
  • Mindmap
  • Scatter plot
  • Sankey diagram etc.

It is true business leaders are not built in a day. There are inspirational leaders who set an example for the key to success in life and business. From small business plan to business success, the road may be narrow but not impossible. All it needs is an entrepreneurial mindset to get a profitable business.

Mehul Panchal, an entrepreneur, business adviser, mentor, speaker, writer, gym lover and tennis player. Also founder and Chief Managing Director of Filter Concept Pvt. Ltd. For more about me visit my website, Mehul Panchal.

Leave a Reply

Your email address will not be published. Required fields are marked *