Starting off with your very own business is one of the most difficult things to do. For most people it means sacrificing the security and comfort of their regular employment to chase a long-standing passion. If you are not to end up as one of the multitude that can barely make ends meet even after years of struggle, you need to perhaps conduct an honest self-evaluation to determine if you have it in you to achieve entrepreneurial success. Read on to know more about the typical characteristics of a successful entrepreneur.
The decision to turn entrepreneur should not just be because you think that you have an interest in a particular subject. Step out only if you have an overriding passion about it and you feel very strongly that you are the best person in the world to take it further with some brilliant ideas. It is a good idea to support your decision with technical qualifications or a thorough understanding of the subject from professionals in the sector to understand for yourself if you are really up to the job.
To be a successful entrepreneur, it is necessary that you do not get bogged down by having to physically attend to details of administration, marketing, technology, finance, et al. It is very important that you are able to stay focused on the big picture that was the very basis of your becoming an entrepreneur. If you are one who is easily distracted by many threats and opportunities that you are likely to encounter, it is perhaps better not to set off on your own.
One of the biggest challenges of stepping out of a normal work environment is that there are no bindings apart from the ones you make for yourself. Since you are your own boss, you will have to create a work environment for yourself and your staff that is practical. Unless you have a great deal of discipline, you are likely to be tempted to adopt a work ethos that is too flexible and end up not getting work done according to a schedule and creating a mess for yourself. Practicing effective time management will be crucial since at least for quite some time you will need to multitask between the roles of chief technologist, financier, marketing manager, etc.
As the big boss fired by the big idea, it is very easy to believe that you always know the best and fall prey to micro-managing the business. Since you will always have too much on your plate, decisions will be taken late and may not be the most appropriate for the business. One of the first things you need to do when turning entrepreneur is to build a core team around you and not be afraid to listen to them and take advantage of their experience. You must also be ready to delegate authority and responsibility so that all business decisions do not end by being piled up at your door. Empowering others in the organization also help to build team spirit and eliminate frustration among the rest.
Listening and Communicating
One of the biggest stumbling blocks faced by entrepreneurs is that they are so consumed by the work to be done that they stop listening to the voices of the various stakeholders in the market such as customers, dealers, financiers, etc. In the process they lose out on valuable feedback and tend to make mistakes that prove to be costlier than if the correction had been made earlier. A common trait of successful entrepreneurs is that they regularly take time to go out of their offices and listen to what the market has in terms of product or service feedback. It is also very important for entrepreneurs to have superior communication skills as they really need to be persuasive to make others believe in them, especially in the initial stages where there may not be anything much physically to demonstrate.
Author bio: Michele Williams is a professor of entrepreneurship at a prominent business school. She has also conducted many seminars for owners of small and medium enterprises on how to get out of debt and reenergize their businesses.
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