5 Traits of a Successful Entrepreneur
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.“Problems are an inevitable part in one’s journey” this saying completely holds true in every possible way. However with the tectonic shift in the universal technological landscape a lot of entrepreneurs are comitted to solve the problems faced by the population thus marking a sharp expansion in the growth of the start-up ecosystem. It is imperative to understand that the true success of an entrepreneur lies in the innovative product or the service that is being offered. It has also been widely observed today that the 21st century youth has moved beyond the stubborn approach of leading a steady life by having a job that would fetch them a stable monthly income. The influx of the digital world has created an easy access to a lot of diversified content and has also disrupted the thought process of the masses thus creating innumerable opportunities for entrepreneurship.
Being an entrepreneur is a new journey altogether and involves a lot of ups and downs. An important point that should be noted here is even if there are no specific barriers for an entrepreneur as to what is being offered, it should however be noted that there is no particular industry that an entrepreneur could break in easily. An entrepreneur in his journey is bound to commit mistakes that count as the most valuable lessons and help them grow and succeed. Listed below are some of the important traits of a successful entrepreneur
One of the most important steps that one needs to take prior starting a particular business is to do a thorough market research that would give an individual a valuable insights that are helpful in making a concrete plan for the venture. It is important to understand that research must be a constant process for an entrepreneur. Doing a constant research helps the venture in tracking sentiments of the consumers, competitor’s progress and accordingly assists in making necessary alterations in product/service.
Going with the saying that passion drives perfection, it is important to understand that the key to succeed in entrepreneurship is passion, and that gets completely reflected through the work done by an entrepreneur. It should be noted that not every business/start-up can attain success right in the first phase. A new business requires a lot of attention, time and patience to grow and succeed. Passion drives motivation allowing the entrepreneur to work with same zeal every day
There has always been a tremendous difference between working alone as compared to having a network that works with you. One of the most important trait of an entrepreneur is his ability to engage/network with variety of individuals. Networking has always been an important asset of an entrepreneur. Meeting people from diversified background and establishing a mutually beneficial relation with them always adds tremendous value to a newly formed venture. It’s imperative to understand that it takes genuinety and effort to establish a network. Networking enables in to leapfrog and allows easier and faster operations ensuring the growth of both the entrepreneur and enterprise.
Being a leader and a Team Player:
It has always been a misconception in the minds of the people that a person can only be a true leader if only he can get things done from people. However it should be noted that one of the most significant trait of an entrepreneur is to build a team in such a way that each and every individual working should believe in themselves and should always be motivated from within that would help them give their best. It is also imperative for an entrepreneur to constantly appreciate, motivate and provide a constant support to each and every individual of the organisation. This would help them to stretch themselves beyond their limits, go an extra mile to perform more than their own expectations and would also help in building a sense of ownership about the enterprise. After all leadership is all about developing people and help them rise.
For an entrepreneur to become successful it is of utmost importance that he/she should first identify the problem that is widely faced by the majority of the population. Once the problem has been identified it is imperative to find out an innovative solution that should be in the interest of the population.