There is no one formula for success. In fact, its measurement varies from business to business and from one culture to another – depending on one’s values and beliefs. Regardless of these factors, success is definitely not just how much your business is making, but also how much is effectively saved and invested for its growth. These things are only possible with a great leader behind the company – a wise entrepreneur. No matter how great a business concept is and no matter how hardworking the employees of a company are, without the maneuver of a great entrepreneur, it can still fail miserably.
A great entrepreneur can lead its people to success. The process might take much time, but with perseverance and strong leadership, the business can thrive and survive, earning enough income and paying its expenses with ease – and that is what a successful entrepreneur can do. Although there is no specific formula in how be a successful entrepreneur, these are the five (5) characteristics which every successful entrepreneur generally has.
1) A GOOD LEADER
Especially in a fresh startup business, differentiating the two is very important – there is a difference between a “boss” and a “leader”. The boss orders his people and tells them what to do and what not to do. The leader, on the other hand, encourages his people to do the work needed to be accomplished – instilling in them the initiative to find ways to efficiently accomplish tasks. The boss cares about getting the job done. The leader cares about his people and how they are done. While the boss may burn-out most of the employees of his company, a good leader inspires his people to thrive hard for the business to succeed.
2) WORKS WITH PASSION AND MOTIVATION
When you talk to a successful entrepreneur, say for example, Gary Vaynerchuck or Timothy Sykes, you can clearly see that they love what they are doing and are properly geared up with the right motivation to continue to do their daily grind. Here are a few lines from the guy Gary himself:
“Skills are cheap. Passion is priceless.”
“Love your family, work super hard, live your passion.”
However, he explained that passion isn’t enough. It should be paired with execution. (source: Forbes)
When you work passionately, equipped with the right motivation, there is no stopping you from achieving the success you deserve as a businessman.
3) RESPECTS AND UNDERSTANDS CLIENTS/CUSTOMERS
A successful entrepreneur does not force his product and/or service to people. He asks questions and finds out why customers/clients were not satisfied. He respects their opinion and does his best to provide better.
4) WISE IN THE MANAGEMENT OF FINANCES
It takes time for a business to earn. A wise entrepreneur understands the concept of feasibility and accounting of cash flows. He carefully studies the liquidation of his assets and can identify the convertible quick assets. He knows that money should be managed wisely – from investment to the provision of products and services, to the purchase of these goods and services and their ability to be sold. A successful entrepreneur understands the operations of his business and its cash flows.
5) RISK TAKER
This is the most obvious characteristic a successful entrepreneur has. One cannot be an entrepreneur if, in the first place, he did not take risk. It is already a risk to invest in something which you do not specifically know what its future will be. You are investing in something you believe will flourish, but you are not guaranteed. Successful entrepreneurs, however, face this risk and take courage in something which they also know will have a possibility of success. He does his best to promote, without being dishonest. He patiently thrives hard, even in times of misery.
Starting a business is not easy. There are times which you will feel like nothing you have done have pushed your company to move forward. But successful entrepreneurs know these things – because they survived these trials. They patiently continue, helping themselves and the people around helping them. Being in a business is not an overnight success. It takes time, courage, and patience.