Start Up Business - Should You Take the Plunge

successful entrepreneurWhen we hear the terms ‘successful entrepreneurs’, we usually tend to think of names such as Mark Zuckerberg, Larry Paige, Bill Gates, Steve Jobs, or Jack Ma. Regardless of who we think our ideal business leader or entrepreneur is, one thing is certain – they all possess the personality traits and skills of a successful entrepreneur that makes them leaders in their respective fields or industries. It is what makes them grace the front covers of business magazines and be the focus of news and events in their sectors.

Undoubtedly, treading the entrepreneurship path will require you to acquire or hone some of these skills if you are intent on taking your start-up or small business to new heights. Some skills you will want to work on:

Possess Strong Leadership

A business owner by default, should have the vision and resilience of a leader that should ideally manifest in inspiring others (employees) to reach a defined destination and outcome. Strong leadership involves having clarity on what the present challenges and difficulties, along with future goals and methods to achieve those goals.

Business leaders, such as Bill Gates and the late Steve Jobs are great examples of inspiring change leadership. They have been able to expand their companies by having a clear vision of how the technology industry will take shape and utilized resources, both human and technological, to reach their goals.

Be a Calculated Risk-Taker

What makes entrepreneurship a challenge is developing the ability to take risks in the hopes of reaping financial rewards. As an entrepreneur, you are required to not only risk your personal income, but also other things such as working overtime, trusting employees and suppliers, and even your health. These risks should be part of your entrepreneurial lifestyle that comes with consistently thinking of future gains.

More importantly, you will also be required to make risky decisions that have an element of failure. Some of these could be the decision to hire additional workers, expanding your business through opening multiple outlets, or diversifying your business to satisfy a particular market segment.

Have the Ability to Sell Yourself

Entrepreneurs are distinguished from others in their strong communication and presentation abilities. These are required for convincing the feasibility of your business idea to investors, negotiating with suppliers and vendors, and persuading customers to purchase your products and services. For many, the ability to sell them is an innate quality; others may need to acquire it by putting themselves out in the open to indifferent customers and experiencing rejection in order to sharpen their hidden abilities.

Be Able to Manage Multiple Tasks

When setting up your own business, you will unlikely hire the services of specialists in the form of fully-developed departments for your business to run smoothly. Instead, it is you who will need to carry out a range of tasks from purchasing, sourcing, and marketing to bookkeeping and operations. Being a jack-of-all-trades is crucial to thriving as an entrepreneur. It can allow you to cope with multiple tasks and responsibilities at once and ensure all aspects work proportionately.

The key to becoming a successful entrepreneur lies more than just having a good business idea. It requires having the right set of skills and qualities to set-up and expand your business.

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