Do you dream of becoming an entrepreneur and running your own business someday? You’re not the only one. Studies show that 90 percent of American billionaires are self-made.
But, what does it take to achieve success as a business owner? There are several characteristics of an entrepreneur that many CEOs, COOs, and owners all have in common.
This article has three top entrepreneurial qualities that you should know.
While entrepreneurs often handle strategic planning and math, creativity is a top trait needed to succeed. Creativity allows you to be opportunistic and take advantage of unique situations.
A COO like Jasdeep Singh CT must apply creative thinking when managing operations for his cannabinoid start-up. This can allow for more unique approaches to business issues. To practice your own creativity, start by tackling interesting projects and expanding your skills.
These projects might be learning how to make art, speak a new language, or a new trade. Not only will this improve your creativity, but it will also make you a more well-rounded, valuable asset to any company.
Simply put, being a task-oriented individual helps you and your business grow. If you don’t have a plan of action and a set of goals, it won’t matter the creative or genius ideas you might have. Being task-oriented is one of the most important entrepreneurial traits to have.
Once you have an idea, consider writing an action plan with clearly defined goals, timelines, and evaluation metrics. This will outline the mandatory sequence of steps that you must take to meet your ideal outcome.
This is a top strategy for even some of the best entrepreneurs of companies including Apple, Nike, and many more.
3. Risk Taker
Studies show that about 20 percent of all new businesses fail during their first two years. While this is a harsh reality, this cannot scare entrepreneurs away. Entrepreneurs of all kinds must be aware of potential failure and not afraid of taking risks.
Whether it’s deciding on a name for your brand or positioning yourself in a niche market, taking risks can come in many different shapes and sizes. As an entrepreneur, you’ll be responsible for adding your seal of approval to every decision. While you might feel apprehensive about taking risks, playing it safe can also work against you.
Brands that take risks often find themselves as leaders in their market. For example, popular shoe brand “TOMS” took a major risk with their “buy-one-give-one” model. For every shoe purchased, the company would give away one shoe to someone in need.
While this concept has since been adapted, the initial risk skyrocketed the brand to massive success.
Build the Characteristics of an Entrepreneur Today
Now that you know the three top characteristics of an entrepreneur, what are you waiting for? Grow your creativity, task-focus, and risk-taking skills today. These entrepreneurial qualities can help you achieve the success that you’ve always dreamt of.
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