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Succeeding as an entrepreneur: key strengths

Starting a business begins as an idea, but succeeding as an entrepreneur can be challenging.  There is immense perseverance and determination needed to face the challenges of business head on.  For the serious entrepreneur quitting is not an option. But when passion is combined with effective and other key strengths, it is possible to soar above the stumbling blocks of defeat and cultivate the idea into a successful enterprise.  Below we discuss some of the key strengths that are essential to succeed as an entrepreneur.

Determination

The primary goal of an entrepreneur is to build a strong brand, while loving what they do.  This is not as easy as it seems on the surface, especially seeing that most entrepreneurs do not start off with a huge capital nest to market their brand.

This is where pure hard work, sweat, resourcefulness, patience and time prove to be invaluable as the foundation of the brand is laid.  Entrepreneurs are not put off by obstacles and they will not give up because necessary resources are thin or non-existent.  They push through and never lose sight of their goals.

Open-mindedness

Entrepreneurs are out-of-the-box thinkers that see things from a unique perspective.  They are not afraid, embarrassed or shy to reach out for support and advice wherever it is needed.  If pride gets in the way and they are closed to asking for help or guidance, then they may find themselves moving in the completely wrong direction.  By the time this is realised it may be too late to shift gear.

Rather than operate with trial and error or putting energy into climbing the wrong mountain,  have a , forum or group of advisors and other entrepreneurs who are willing to assist and are close to you.  These are the people you should keep in your circle; you can learn from them and vice versa. 

Confidence, not defensiveness

Strong entrepreneurs are confident enough to accept criticism or advice from those who have their best interests at heart.  During workplace interactions or outside networking, they remain approachable and inviting to valuable feedback.  A defensive position about your business may push away not only customers, but also relevant feedback that could save you costs, help your business’ revenue grow, improve service and plug some of the gaps you didn’t know existed.

Resourcefulness

Entrepreneurs often have and certainly develop a strong ability to source and maximise resources when building their businesses from the ground up.  They understand the importance of liquidity and manage with prudency.  They are not afraid to ask for business and are able to deliver on their promises.  This initial interaction with first-time clients is important as it boosts cash reserves in the new business.  This means that operational reserves are increasing and gradually funds can be allocated into a growing marketing budget too.

Flexibility

Successful entrepreneurs are able to adapt to changing market needs and other trends.  They are responsive in this way and as such can build strong brands that last.  In other words they have a keen awareness of the internal and external influences on the business.  When something crucial changes, or when a weakness is identified they are able to act decisively isolate what needs to change and implement the change.  This represents a massive competitive edge in today’s fast expanding marketplace.

Foresight

In a nutshell, entrepreneurs are intuitive.  They apply foresight, have contingency plans, pre-empt shifts and basically prepare in advance.  This essentially means they can often make decisions down the line without much deliberation.  And while some may view this as looking rather risky, the reality is that such decisions were actually calculated moves.  This is also why successful business owners have medium and long term business plans at their disposal.

As an entrepreneur you need the skills, character and strength to face the challenges that come with building a business.  See how your profile compares to some of the traits highlighted in this article, and look out for more releases on this topical subject.

Proudly brought to you by the National Small Business Chamber (NSBC).

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