Cultivate an entrepreneurial skill set
Entrepreneurship is a skill that seems elusive. Nobody seems to have a satisfactory answer to the question of whether an entrepreneur is born or made. Some people claim that there are people who are born with a set of special skills (ambition, business sense, independence, creativity) and that these are the ingredients of an entrepreneur. They point to cases like Rockefeller, Steve Jobs, and Bill Gates to prove their point.
However, there are other successful entrepreneurs who did not start out with an entrepreneurial streak. Many successful entrepreneurs started out in managerial positions, or even lower positions, before they caught entrepreneurial fever. These people are what might be called “made” entrepreneurs.
The question then is whether there are certain traits that are common to all entrepreneurs and necessary for successful entrepreneurship. The answer is yes.
First, a strong sense of independence is crucial. By default, an entrepreneur is independent. For someone to be willing to leave behind a secure position or even a promising career for the risk and uncertainty of going into business for themselves, there must be a fierce drive for independence. Any successful entrepreneur will value the ability to chart their own destiny over the value of being safe and secure in a regular job.
The ability to maintain focus is the second skill needed for a successful entrepreneurship. It is not easy to start your own business. There are so many little things you have to keep track of. Everything from finances to inventory to marketing to employee relations is your responsibility.
You have to be able to keep your focus on your goal. If you can’t, then your mind will wander and your profits will suffer. Business success requires concentrated effort. All successful businessmen know this and can be disciplined in matters.
The drive to succeed is the final key ingredient for a successful entrepreneurship. Without this strong motivation to succeed, of course, it will be very easy to get discouraged and let your business simply fall apart.
The start-up period is a difficult and critical period in the life of a business, and it can be very daunting. There is so much work to do, and so few customers at the start! A big part of the entrepreneur’s challenge is staying motivated during these dark periods. In addition, to keep your business moving forward, you must also safeguard employee morale.
These three components are what I believe are absolutely critical for anyone hoping to be a successful entrepreneur. That doesn’t mean that other qualities, like creativity, patience, or even luck, aren’t just as important. But, for me, the three I’ve listed above are the critics that will make the difference between success and failure.
