7 Essential Traits of Successful Entrepreneurs

 

Successful Entrepreneurs stand out, they are a bit different than the rest of us. They have those key traits that make them succeed when the rest of us shudder at the thought of launching our own startup. Below are some of the most essential traits of successful Entrepreneurs.

1. Never Stop

Never give up and always keep trying. A good entrepreneur will not stop pursuing a goal because of failure, he or she will stop and look at what caused the failure and learn from the mistakes. An entrepreneur will constantly be thinking through his or her ideas and how they can be improved and implemented in the best ways, sometimes this can only be done through trial and error.

2. A good communicator

When pitching and selling ideas, entrepreneurs are constantly talking to people. This could be anyone from a mentor or family member to a big investor or potential customer. Good communication will make a person come across as more serious and will build trust with the people surrounding the business.

3. Willingness to learn

Any good entrepreneur constantly wants to find out how things work. Good signs of an entrepreneur is someone who likes to takes things apart to see how they work. As adults you will see these kinds of people asking questions about how things are done and why it was done in that way. They will pull apart ideas to see how they were built and what made them fail or succeed. This constant testing and questioning generates ideas and questions that lead to new startups. Many entrepreneurs attend seminars and events simply to stay educated as an investment in themselves.

4. Promote benefits not features

A good entrepreneur knows what people are truly interested in. Features are interesting but it is not what wins customers. Good entrepreneurs realize that it is the benefits of their product or service that wins the customers.

5. A good negotiator

An entrepreneur will be presented with many decisions which he or she will need to make. When it comes to both selling and buying it is good to be a great negotiator to land the deal that will set the business apart from the rest. Perhaps an entrepreneur will need to negotiate the cost of a new office location or the price at which the startup will sell its new product or service.

6. A leader

Leadership is an outstanding quality of many entrepreneurs. People will need someone to follow and someone who can make the necessary decision when it counts. As a leader, an entrepreneur needs to know when to take risks and when not to.

7. Ability to look ahead

The ability to see the future, to look past the now and plan for 1 year or even 10 years in the future is crucial. Even if the business is small at the moment an entrepreneur will understand what needs to be done and what can be done to get it to the next level.

 

About Markus Tenghamn

Markus Tenghamn is a programmer and entrepreneur currently studying computer science at Mälardalens University (MDH), Sweden, in addition to being a big part of several new and innovative startups. Markus has pursued web development for over 10 years and started his first ecommerce website at the age of 17. At the moment Markus is responsible for developing MDH Schedule iPhone app (unofficial) and sync server which let’s students see their course schedules right on their phone. In addition to other projects, he is a volunteer for SFSFUM (Meeting for student unions in Sweden) where he developed an app for iPhone, Android and Windows Phone 7 which gives participants maps with direction and event information. He has also been a finalist for the Rising Star scholarship awarded by Östsvenska Handelskammaren for course projects at MDH.Markus’s latest startup is called Anveto AB (Anveto.com), an innovative analytics and marketing platform which will bring truly unique and new ideas to companies looking to increase revenue. A beta is planned in the fall.In his spare time Markus prefers to write about web development, app development and startups on his blog at MarkusTenghamn.com. When he is not doing that he loves to read about AI, chaos theory, space and quantum mechanics.

15 Helpful Tips to Become a Successful Young Entrepreneur

Posted Thu, 08/29/2013 – 10:09 by admin

What is entrepreneurship? Is it a choice or an option? Young generations of today should know the significance of entrepreneurship. It can be an endeavor and career path to pursue. The country is facing serious problems on present economic conditions, job scarcity, and high unemployment rate. Entrepreneurs play an important role in the economy for they are willing to take the challenge and are full of courage and dedication.

The following are 15 helpful tips to become a successful young entrepreneur. Following these guidelines may help an entrepreneur to survive despite ups and downs:
1. Discover the self
Every individual is unique, having distinct mind and special gifts. Identifying one’s intelligence level and properly utilizing it can bring prosperity.
2. Plan…plan…plan…   
Before starting a business, a would-be entrepreneur must have a concrete business plan.  The plan would serve as his map, a blueprint in order to succeed and to know every step of the way. Having a plan, one is able to clearly identify the objectives to be achieved. (wikihow.com)
3. Begin small
Dream big, but take one step at a time. All big businesses started from being small. A young entrepreneur is usually driven by a strong desire to make his business well-known in a short span of time. But there must be a careful understanding on what to do in every leap. One should not be in a hurry. As the saying goes, “Slowly but surely.”
4. Understand the business
Know the “in and out” of how to run the business. As Stephen Covey (Seven Habits of Successful People) said, “Sharpen your saw.” A would be entrepreneur acquires knowledge and ideas from experts. Researching, reading, attending seminars, trainings, and workshops will help a lot to really understand the business world.
5. Manage the finances wisely
Once your business starts, learn how to manage the finances, allocate funds for all the working expenses of the business including the taxes to be paid. Keenly monitor the sales, expenses, and the earnings. Separate the personal money and never use the revolving capital for personal interest. Avoid impulse buying. Be disciplined. (mxk10.blogspot.com)
6. Love your work
Getting stress, experiencing over-fatigue, and suffering related health problems sometimes go along with one’s work or job. The key is to consider the work as a therapy or an exercise—not merely as the bread and butter to survive for daily necessities. The key to love the work is putting your heart into it.
7.Learn from the past experiences     
Past experiences can be a tool to know whether or not you are doing the right thing. Others’ experiences on how they survived some problems are also helpful.  Mistakes can be avoided by learning from past experiences.
8. Maintain good quality product
The quality of the product provides customers’ satisfaction. See to it that the product is competitive and meets the needs of the customers. Be customer oriented.
9. Share your blessings
Doing business is not just earning a living. Sharing is another key. Using part of the earnings to help others is like multiplying the earnings. Blessed ones are cheerful giver. If one’s hand is always closed, it cannot received any blessing. If it is open enough for sharing, the more blessing will come.
10. Keep on the track
Entrepreneurs should be fast. Assume that you are running on a race track. While running, your focus is to reach the finish line no matter how hard it may be. So just keep on running to win the race.
11.Build a rapport to your customers
Improve your relationship with the customers. Customers are the blood of the business. Cultivating a nice relationship with them will keep the business growing.
12. Grab opportunities
Look for opportunities and be a keen observer. If opportunity comes, be open-minded. Good opportunities and good ideas come in a snap. Like bubbles it suddenly pop-up and will disappear. (mxk10.blogspot.com)
13. Be diligent
Hard work is a prerequisite. You must be willing to work under time pressure, not counting the hours but rather the value of your accomplishments.
14. Live a simple lifestyle
Being simple is practicing a modest lifestyle. Sometimes, it is easy to become a millionaire, but to maintain being one is hard. Usually when a person already has possessions, he tends to buy things he wants, though they are not necessary.
15. Learn on-line business
We are now on the 21st century dealing with cyber generation. A successful entrepreneur should learn the power shift. Being online business is a way to reach out customers. Through this way, you can reach out big market.
I personally believe that entrepreneurship is the key to success for financial freedom and ‘time freedom’. It also plays an important role in the economy because it creates employment and revenues for the economic stability of our country. To be a successful entrepreneur is not an overnight matter, it takes courage, determination, discipline, and open-mindedness. The way to success may be narrow. It is up to God to bless us financially but we should always do our part as proper stewards of God’s grace.
About the author:
Cerina Vicencio-Galoy, the contributor, is a Technology and Livelihood Education teacher in Pinagbuhatan High School, Pasig City, Philippines. She believes that all things works together for good to those who trust and love God and walks according to His purpose. She professes, “We are sojourners on this earth, we will pass this world once so we must always walk with God.” (Facebook account:cerinavicenciogaloy@yahoo.com)