Being your own boss is an exciting prospect, but do you have the characteristics of entrepreneurs?
From Oprah to Zuckerberg, there are common characteristics of entrepreneurs. Before embarking on a business model of your own, ask yourself if you possess these qualities.
If you’re keen to strike out on your own, motivation is key. Without enthusiasm and commitment to your business model, your grand plans will collapse. Remaining motivated in the face of challenges is a unique skill. Of the characteristics of entrepreneurs, this is arguably the most important.
Ideas are vital, and entrepreneurs effectively recognise and pursue opportunities. Coming up with novel business ideas and that gain the interest of investors is crucial but challenging. One of the characteristics of entrepreneurs is that they are imaginative and unafraid to think outside the box.
Characteristics of entrepreneurs don’t get more straightforward than this one. Entrepreneurs are extremely focussed on cash flow. Your business skills and contacts will be the difference between your business flying or dying
Launching a business is risky. Although market research and careful planning can diffuse your chances of failure, there is always a possibility that things will flop. Successful entrepreneurs aren’t put off by the prospect of disappointment; they execute their plan with confidence.
There is little room for indecision when launching your own business. Failure to seize the moment and take the bull by the horns will see important opportunities pass you by. By having a strong vision and sticking to it, entrepreneurs don’t struggle to come to decisions swiftly.
Pursuing a business plan on your own will mean facing unknown scenarios. Approaching changes with flexibility is often vital to the success of new companies. There’s no need to compromise on your vision, but stubbornness can break your business.