Entrepreneurship Industry News

The Top 3 Must-Have Traits for Every Entrepreneur

Becoming an entrepreneur is the in-thing now – it sounds cool and trendy. That’s fairly good news for the world; hopefully the world is becoming a better place.

In a world where change is the only constant, the start-up scene is becoming more competitive. It is very important to understand the key traits necessary to become an entrepreneur that can deliver high-impact and meaningful results.

1. Put Your Ego Aside

Ego helps you make sense of your thoughts. It gives you confidence and helps you to differentiate yourself from others. That’s great. However, in certain activities, it is recommended that you don’t let your ego control how you think. This is so you can avoid feeling that you know everything, that you’re always right, and dismissing other people’s achievements because you think you can do way better than them. It’s highly likely these feelings can lead to you becoming more arrogant. If that happens, the ego will become your major blind spot.
We’ll borrow an example from Kodak, highlighted in an article from the New York Times dated 2 May 2008. Steven J. Sasson, an electrical engineer who invented the first digital camera at Eastman Kodak in the 1970s, shared his management’s response to him:
“My prototype was big as a toaster, but the technical people loved it,” Mr. Sasson said. “But it was filmless photography, so management’s reaction was, ‘That’s cute — but don’t tell anyone about it.’”
Check your ego before you listen and respond to anyone. This is key in discovering better ideas and tactics to improve your business. It is not a weakness if you admit you do not know about something.

2. Passion to Innovate

We are living in an ever-changing world. Innovation is a must at every level of organisation to respond to incoming business and technology trends. You need to be crazy about it because the cost of not innovating may be a big disaster for your business.
Nokia is a great example.
During the press conference to announce Nokia being acquired by Microsoft, the Nokia CEO ended his speech saying this: “We didn’t do anything wrong, but somehow, we lost.” Upon saying that, all his management team, himself included, teared up sadly.
Nokia was a respectable company. They didn’t do anything wrong in their business; however, the world changed too fast. Their opponents were too powerful.
Amazon is a great example of an innovative company that grew tremendously due to innovation.

3. Patience and Perseverance to Celebrate Failures

Google X – the secret Google lab is rewarding staff for failure.
“If you tell them that they’ve failed you because they didn’t find a mountain, no matter how diligently they looked for or how cleverly they looked for it, those scouts will quit your company,” said Astro Teller, Google X.
Tata Group started an annual competition with a prize for the best failed idea (failure is a “gold mine” for a great company) to encourage innovation in their business.
Sara Blakely, CEO of Spanx, shared a very interesting story about how she grew up in a family that celebrates failures.

People love recognition and to be valued for their contributions, no matter how small or big. Always find a way to appreciate your supporters (parents, friends, peers, employees) as a great source of feedback and to improve your business. Make them feel special for being part of your circle. Celebrate successes of all sizes. Do not wait for big milestones to celebrate; celebrate the small successes, too.
Celebrate failures as an effective teacher to improve your business. This will help you to improve patience and perseverance to achieve your goals.

Read More: IBM Developer Cloud