At some point most people will dream about becoming an entrepreneur. After all, the idea of being your own boss and setting your own hours is appealing!
In fact, statistics show that in the US alone there were 8,751,000 self-employed people by the end of 2016! Unfortunately statistics also show that nearly half of these will fail within the first four years.
So what makes the difference? It doesn’t matter how good your idea is, your personality and approach to starting a company will play a huge part in whether you are successful or not.
Here are the 5 traits you need to be successful as an entrepreneur:
1. Confidence.
Every entrepreneur must be confident in their own ability to succeed. This confidence will help you to find a solution to any problem and will instill confidence in the people that work for you.
This s not something you can assume will happen as you start to trade, you must already be confident that you’ll make it.
2. Open-Minded.
No matter how well prepared you are for success there will be unforeseen challenges and complications to your success.
Many of these situations will be beyond your control but being open-minded will allow you to adapt to every situation and find the right opportunities. This will also ensure you can find inspiration in everything.
A good entrepreneur will accept suggestions and ideas from others; after all, no one has the answer to everything!
3. Passionate.
When you create a new business there will be many issues you have to face and some of these will seem insurmountable. However, if you are genuinely passionate about the service you are offering or the product you have created you will have the necessary drive to find a solution.
Without this passion it is very easy to give up on an idea at the first hurdle.
Passion for the product will also ensure that you are always aware of the latest developments and what your competitors are up to. This will help you to gain an edge when needed.
4. Communicative.
It goes without saying that you need to be able to talk to people. But, being communicative is about more than just the ability to talk. You need to connect with your customers and your staff. This means having the ability to listen.
Listening will allow you to build relationships with these people, which will encourage loyalty to you and your brand.
In addition you’ll be able to identify what they really need and provide the right product for them.
Ideally you should also be a good public speaker as you’ll need to motivate and convince people from time to time. Fortunately, if you are already a good communicator and have confidence you can learn the art of motivational speaking.
5. Competitive.
Finally every marketplace is extremely competitive and you need to be able to compete with the best. You need to want to be the best to really succeed in business.
The competitive streak is what will drive you to the top of the business world. Without it you can build a successful business but are less likely to be at the top of your game.
