Entrepreneurship, certainly, is not for everyone. But there are some personality traits that, if you possess, will set you on the right path to achieving your dreams and doing way better in the business world.
According to a recent study by CPP Inc., the top two personality traits entrepreneurs possess are perception and intuition. This is because success does not necessarily come to those who are smartest but those that see key opportunities and take them. So do you think you may have what it takes to be a successful entrepreneur?
Here are nine other personality traits you must adopt:
Taking abstract thoughts and making them linear
It seems like everyone has an idea that they think is the next big thing, yet very few of those people ever take the steps to execute on it. Those that do often flail around while their ideas die a slow and painful death. The problem here is that you need to be able to take your idea and visualize the entire process, from creation through sales and beyond, in order to have a real chance at executing it effectively.
Function better under stress
Startups are a grind. If you’re one of those people that can’t operate well under stress when the stakes are at their highest, you will most certainly fail. You must be comfortable being a bit out of control because there isn’t a playbook for a startup — most of what you’re going to do is learned along the way and won’t be part of your plan. If, however, you’re one of the few whose performance actually step up under stressful conditions, you’ll be well suited for the startup lifestyle.
Be comfortable taking large risks
Startups are riddled with risks. The reality is that you’re going to make little to no income for quite some time. Sure, there are ways to supplement this, such as keeping your corporate gig while you’re in the early startup or pre-revenue phase, but at some point you’re going to have to take a leap off the income cliff and work for free. Clearly, the plan is that you’ll take on the risk in exchange for a potential greater payout down the road, but if you’re not comfortable stepping away from your cushy job and salary, entrepreneurship is most definitely not for you.
The reality is you’re going to fail a lot, but you have to be able to look at these failures as learning experiences and without emotion so that you can correct them, execute and move on.
Sir Winston Churchill once said, “Success is the ability to go from one failure to another with no loss of enthusiasm.” As an entrepreneur, you’re going to fail. That’s just an unfortunate fact. While something that drastic would be too much for most people to handle, an entrepreneur has the uncanny ability to get up and dust themselves off.
Being able to adapt to changes and challenges is crucial for any business. In fact, most entrepreneurs will inform you that their ideas or business plans are drastically different frim when they began. An idea may be brilliant, but ineffective in reality. Entrepreneurs are flexible enough to make the adjustments for that idea to be feasible. Furthermore, entrepreneurs are prepared and willing to modify their plans when new information arrives and when there are changes in circumstances.
Entrepreneurs see opportunities everywhere. They are innovators who are always on the lookout to either develop new ideas or improve existing products or services. And, chances are that is the main reason why they became entrepreneurs in the first place. At some points in their lives, they noticed things that could be better. But, just saying that things could be better wasn’t enough. They actually put plans in motion. In other words, entrepreneurs have the ability to see the future before it happens.
Strong people skills
A successful entrepreneur is someone who has excellent communication skills for selling the products to customers and motivating the employees. Yes, most entrepreneurs who have the power to motivate their employees can see their businesses grow within no time. These entrepreneurs are also great at instructing others to be successful and highlighting the advantages of any situation.
A successful entrepreneur never asks the question or keeps doubts in their mind about if they can succeed or if they are even worthy of success. They are normally confident enough that their knowledge and their know-how will help them make their business idea a success. And they radiate this confidence in everything that they do for the business.
Successful entrepreneurs always focus their energy on making the business work, and for eliminating the distractions or obstacles to their goals. Their overarching strategies help them to reach the goals they have while they outline the plan to achieve the final outcome. Moreover, entrepreneurs become successful as they are disciplined to always make new steps every day towards the accomplishment of their goals.
So, if you are about to embark on the journey to be an entrepreneur, have just entered the journey, or have been in the journey but have not seen success, you need to adopt these traits and make them a part of you for gaining success.