Not all entrepreneurs are born equal. Some have qualities that set them apart from their peers. With the economic climate being what it is, we are encouraged to “start our own business” – as if it’s that easy. It takes far more than the idea of becoming an entrepreneur to actually succeed as a business owner.
This blog takes a look at the three defining characteristics that all entrepreneurs share. Sir Richard Branson has them, and most likely so do the business men and women you admire.
Keep reading to discover if you already have what it takes to succeed. Perhaps you will find some qualities you need to work on to reach your business goals.
Why it’s all about entrepreneurs
Before we explore each of the qualities, let’s take a moment to discuss why they even matter. Surely if you have a great product or service, suitable funding and bucketloads of enthusiasm, your business will be a success?
Not so fast, Bill-Gates-wannabe.
Without the right internal compass, you will lead your business to disaster. Much like a ship sailing the ocean, without a compass it will drift aimlessly, suffering harsh storms until it eventually sinks.
We’ve spoken before about some great characteristics of business owners, but this article goes goes even deeper into the psyche that determines success.
1. Grit
No doubt about it, grit is one of the linchpins of all successful entrepreneurs. You might call it drive, determination or sheer staying power. Either way, the ability to “tough it out” is essential if you want your business to flourish.
Whenever you have a setback, be it personal or professional, grit is the spark that keeps your fire burning. It is the voice that declares: “I will NOT quit!”. Tenacity encourages you to keep going.
One advantages of having grit, is that it converts you into a problem-solver.
It’s no use enduring setbacks, unless you can find solutions that last. Grit not only keeps you moving forward, it combines with hindsight and foresight to help you resolve the issue at hand.
Without tenacity, one would simply give up after a really stressful hurdle. Or one would push through, but then find themselves encountering the same problem over and over again.
If you don’t correct the mistake or problem, you will lose time and money repeating the same mistakes and this is the definition of insanity!
Use your tenacity to solve problems.
To develop your inner grit, or tenacity, work on persisting when things get tough. This strategy works great for your personal life too. When you find yourself getting frustrated, breathe and calm down before making any big decisions.
Realise that you cannot control external forces, but it is within your power to adapt and respond to them.
Leverage your capacity to withstand tough circumstances to push through and find creative solutions to your problems.
2) Confidence
Picture some of the business owners you might admire. Perhaps you look up to Jeff Bezos, Adriana Huffington or some South African entrepreneurs. One thing is certain, these individuals are not lacking in confidence.
There is a big difference between inner confidence and arrogance though. It’s easy to show off, act tough and boss your way around but this behaviour, conversely, is a sign of weakness.
True confidence does not rely on the admiration or approval of others. It springs from a place deep inside us that is untarnished by criticism.
Genuine confidence also seeks to inspire the best in ourselves and others.
It is not enough to have a business strategy, you have to believe in your business. If you doubt the usefulness or value of what you sell, how can you expect others to buy from you?
If this point hits a nerve, take action. There are many resources from coaches, mentors and online sources that can help you build your confidence. It is worth investing in resolving this weak spot, because your business cannot thrive with an insipid leader.
Increasing your confidence will disperse positive benefits across your company. You will be a better boss to your staff and a more engaging service provider to your clients.
Don’t be fooled into thinking your product is so good, it will sell itself.
At the end of the day, you are the face of your business, so you need to confidently put your best foot forward.
3) Support
Ok we lied. The final quality is not a characteristic you can possess internally, but it is something just as vital to success. We’re talking about support.
Many entrepreneurs start off as soloentrepreneurs. The do-it-all-themselvers.
You know what we’re talking about. The business owners who bring in business, perform the work itself, deal with customer queries, post on social media, run all the marketing and generate the monthly invoices. Yup, this is how most businesses start and there is nothing wrong with it.
But there comes a time when you want your company to scale, and that, my friend, you cannot do alone.
Support from friends and family
Support comes in many forms. Often, entrepreneurs derive great support from their life partners and children. We might need our friends to understand that we work late on Friday nights and can’t always meet for a drink.
As your business grows, it seems to take over more of your time and energy, so you need the people closest to you to understand.
Support from your peers
You also need support from your peers. Join a local small business networking group and attend the meetings. This is a great opportunity to find like-minded individuals who can help you with a range of problems. Why struggle all on your own as an entrepreneur, when there is a wealth of information out there?
Lean on others, because they will help you get through the tough times.
In addition to joining a networking group, be sure to attend conferences or seminars related to your field. Say abreast of the latest developments, and mingle with the best in the business.
Remember, they do not have to be your competition. This is an opportunity to connect with people with whom you could form a partnership or collaboration. Keep your options open and don’t stubbornly insist on going it alone.
Find a mentor
Likewise, one of the best forms of support is a mentor. You need to find someone who is already successful in what you want to do.
It’s like that old adage that you won’t invest your money with a poor broker. Similarly, you aren’t likely to take nutritional advice from someone who battles with their weight and struggles with health problems.
Find someone who is already good at what you want to be excellent at.
If you can’t connect with them in person, see if you can follow them on social media or subscribe to their mailing list. Find out if they have any talks posted on YouTube. Buy their autobiography and immerse yourself in how they think and behave. Emulate them and derive support from how they operate.
Invest in quality staff
The right staff can catapult your business to new heights.
It goes without saying that you will need to employ exceptional staff. Find staff who are just as invested in your business as you are. You want your team to work for more than just their pay check; they must really care about the service they provide.
Delegate tasks that you don’t enjoy to individuals who do. If you aren’t a numbers person – hire an accountant already. The money you think you are saving by doing everything yourself is an illusion. Doing tasks you hate takes you twice as long; rather outsource these irritations! Better to use the time you’ve saved on the things that you love and get you paid.
Develop your support systems to help sustain you and your company. You can be a great business owner, but to achieve real and lasting success, you need the support of others.
The Takeaway
It takes skill, guts and a little craziness to grow a business from the ground up. If you are running your own company, we take our hats off to you because it’s not easy to fight price wars, inflation, traffic, high overheads and setbacks.
But if you have grit, confidence and a good support system, you are paving the way to your success.
Has this article has reminded you that you need to keep pushing when the going gets tough?
Maybe you’ve realised that you need to work on your confidence if you intend to nail those pitches and close sales or deals.
Perhaps you’ve realised that you’ve taken on too much and need some help.
Above all, we hope that you’ve seen that there is more to being an entrepreneur than selling. True entrepreneurs have a deeper drive, and they cannot stop what they are doing even if they tried.
Take the time to nurture these three strengths and they will serve you and your business in time to come.
