Tuesday, 28 September 2010

Top qualities every successful entrepreneur needs

Being an entrepreneur doesn't mean you just start up a business. Being an entrepreneur means you must have the attitude to persevere and the will to thrive and survive no matter the obstacles. Being an entrepreneur does not mean you need to have as many degrees as possible, nor does it mean that you must have endless years of experience under your belt.
All successful entrepreneurs must have the following qualities:

Strong belief and inner drive to succeed
Every entrepreneur must believe in themselves. They, of all people, must believe in their ability to succeed. Every entrepreneur must be self-driven. They must see their future goals, chart out how they will achieve those goals and be utterly committed to achieving them. They set massive but realistic goals and put all possible efforts to achieve those.

Learn from their mistakes and open to change

Entrepreneurs must passionately love to learn new things. They must constantly search for ways in which they can improve and succeed. Entrepreneurs cannot be afraid to think 'outside the box' or try something new and different. Every entrepreneur must be open to change and not become 'stuck in a rut' refusing to move out of the way things 'have always been done'

Competitive and highly motivated

Without a competitive, driving nature, an entrepreneur will not survive for long. Entrepreneurs have high standards. They thrive on competition and are driven toward being the best they can be. Entrepreneurs are highly motivated and full of life. They can self-motivate and rarely, if ever, need to be told to get up and go. They high standard which make them stay motivated all the time.
All the successful entrepreneurs are motivated by achievement and not by power or money. They prefer to do new things and accept the most challenging tasks. They lead by example and always encourage people to achieve the objectives set by the company.

Respect constructive criticism
Without the acceptance of positive criticism, an entrepreneur will not survive for long. A successful entrepreneur knows that feedback and advice is crucial to his survival and success. A good entrepreneur will take even harsh criticism for what it's worth, evaluate it (if need be) and implement it accordingly.
An entrepreneur must dare to be different. He or she must stand out from the rest with self-motivation and true spirit of pioneering. They must love to 'do battle' with competitors. They must love to win no matter the cost.

Foresightedness and quick to grab opportunities
Entrepreneurs are quick in grabbing opportunities and can see future of any product or service more efficiently than others. They are also capable of identifying patterns and separating irrelevant information from a pool of data they have. This quality helps them in building structure of the company and making better strategies.
The new business owners also have the quality of knowing by instinct. They don’t give up even in the odd conditions and most often turn the table with their exceptional capabilities. In today’s scenario when the competition is like never before, one has to be quite futuristic and adopt a balancing approach between short-term goals and long-term goals.

Effective diversification and expansion strategy

The good entrepreneurs always evaluate all available options before going for expansion of their business. Partnership, Joint Venture, Merger are some of the strategies adopted by them. All these strategies are based on mutual respect and shared goals and a successful business owner understands these. Also, not studying the industry status and going for aggressive expansion strategy may lead to disaster for business, so the owner must do all the required studies in detail.

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