What does it take to become entrepreneurs?
Do you have what it takes?
Find out here.
Here are five attributes that set successful entrepreneurs apart:
1. Passion and Motivation
Although many traits make entrepreneurs successful, perhaps the most important are passion and motivation.
Can you handle the frustration when your ideas fail? Remember, success is a function of passion and determination.
2. Risk Takers
Entrepreneurs are risk takers, diving into a future of uncertainty. But just because you take risks doesn’t always make you successful.
Successful entrepreneurs are willing to risk their time and money on unknowns, but they also keep resources, plans and bandwidth for dealing with “unknown unknowns” in reserve.
When evaluating risk ask yourself, “Is this risk worth it?”
3. Market Knowledge
Most become successful because they came up with something revolutionary or fixed a problem that most if not all users experience. It is essential that entrepreneurs have a good sense of the market.
- Who is the target market?
- What do they need?
- What makes my idea different/ better than the rest?
Remaining unaware of changing market needs, competitor moves and other external factors can cause even great products to fail.
4. Making Money Moves
It takes time for any venture to become profitable. As such, capital is a limited resource and needs to be utilised wisely. It is essential to plan for present and future financial obligations and set aside an emergency fund. Even after securing funding or going fully operational, a successful businessperson keeps a complete handle on cash flow, as it is the most crucial aspect of any business.
5. The Right Connections
No man is an island. No man stands alone.
Having friends and colleagues is great but what I’m talking about is knowing the right people who can help you bring your ideas to life.
Such as a mentor with extensive networks to seek valuable advice.
Do you have what it takes to be an entrepreneur?
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