So after the forbes list was announced yesterday, i couldnt help but think about those entrepreneurs that were worth billions, i thought about some of their qualities as an entrepreneur, those qualities that has taken them to the top.
Qualities that takes an average entrepreneur to the very top, i decided to quickly write down the first 10 qualities that came to mind.
Here is the list, i decided to stop at 10, but i'm sure they are much more that i have missed, Let me know your thoughts in the comment section.
Successful entrepreneurs remain focused on the task at hand, focused at all times, even in the face of adversities, they still keep motivated on the goal and above all, they just never take NO for an answer, they simply never give up on their dreams. Persist, persevere, keep at it!
Successful entrepreneurs work extremely hard in getting to that point of success, dont let entrepreneurs that say they dint work that hard, especially those with top connections/contacts fool you, I'm not saying having connections or contact is bad. But don't live in dream world, be realistic and work hard.
I'm sure we all want to start businesses/companies that we are passionate about, so be passionate about the business you're starting. Remember! Be realistic also, passion will not pay your bills, make sure you choose a niche which will in return be profitable.
Being passionate about your business will definitely come in handy during the start-up phase, before the money starts rolling in, you know..the challenging period of the business, the building process.
A successful entrepreneur must be able to look outside the box to inject some form of creativity into the business, solving difficulties in the business, especially turning setbacks into suuccess stories. The ability to create a product, a company has an edge over its competitions e.g Steve Jobs of Apple. Successful entrepreneurs are constantly innovating and thinking outside the box.
A successful entrepreneur should know when to delegate workload in the company in order not to be burn-out or spend valuable time working on less-important tasks in the company. Delegation also keeps everyone in the company interested, busy and connected to the same goal.
A Successful entrepreneur is a good communicator, able to easily pass information to staff and customers, to help them understand the exact nature of their job and the results you expect, and also to encourage customers to buy. Communication is a two-way thing, which means an entrepreneur must also be able to listen to employees and customers.
Communication is also a sales tool constantly being used by successful entrepreneur to explain concepts effectively and persuasively to influence bankers or investors to supply money.
Planning is an essential part of starting a business, it is the very first step in setting up a business. Planning helps successful entrepreneurs understand the industry they are about to enter, to make decisions, which is made clearer by research and compilation of data, in which the facts are revealed.
It is also used to writing down goals for the business, like a road map for the business which is used to measure the stages of the business compared to its success.
Motivation and energy
Lack of motivation in a business is like a match-stick before it is lit on fire. Successful entrepreneurs are always filled with motivation and energy which can also be passed down to the workers, everyone is fired up for the day's job.
Especially during adversities, a successful entrepreneur must be able to motivate oneself, to bounce back stronger, to motivate employees and assure investors that the company will bounce back stronger.
A company must ask itself this questions? Do we have USP? Do we have anything makes our employees choose our products/service over our competitors? What makes our product/services stand out? Successful entrepreneurs are able to quickly answer these questions about their businesses by making their company competitive, re-evaluating their position in the marketplace, their products/service and moving forward to become more competitive.
Open to advice &having the right people around him
You don't want to be the only person you listen to right? You possibly can know everything about business? Successful entrepreneurs do not only give orders, but also listen to advices from mentors, industry friends, not necessarily using the advices but listening to them. Successful entrepreneurs have successful mentors, they have people that have (or are) been successful around them, they have the right employees e.g Facebook employs the best candidates in vacant positions needed in the company. E.g Warren Buffet is Bill Gates mentor.
It doesnt always have to be people that are successful because of the amount of money in their bank account and the trophies of success they have, that definitely doesnt hurt, but it sometimes comes down to the quality of advice that they give, the impact, the input they make on the individual. E.g Batman and his butler.
Let me know your thoughts...