Small Business Advice

These Are the Qualities You Need to Be a Successful Entrepreneur

Say you have a masters in health administration and your goal is to start up a healthcare organization that integrates AI and medicine. What are the qualities that will get you from idea to finish line?

Not everyone has what it takes to be an entrepreneur. Some people are better suited for life at a 9 to 5 job, where they report to a direct supervisor. So what is the difference between those who strike out on their own and those who prefer working for others?

The following qualities are what you need to make it big as an entrepreneur.

A willingness to take risks.

Starting up your own business requires the willingness to take risks. If it were easy, someone else would have implemented your Big Idea by now. The fact that there is a unique space for your business that no one else has filled shows that you are willing to take risks where others have not.

Those who are risk averse, on the other hand, do not rise to the occasion. When an opportunity comes knocking, if the proposition looks risky, they wait. Perhaps they are waiting for more favorable circumstances or more money in the bank. Or whatever other reason that keeps them from launching.

You do not need to be blind to your circumstances in order to take risks. Nor should you. But taking calculated risks and being willing to try new things is a quality that is necessary for someone who wants to make it big as an entrepreneur.

Delegating what you do not know.

Time and money constraints may demand that you tough it out as a solopreneur during the startup phase. But knowing when to outsource and get professional help on your side is essential to making it to the next level.

Thinking that you have what it takes to run all aspects of your business is a sign that your thinking is too small. You are not calculating for growth. Or you do not clearly realize your own limitations. Either reason will not get you to where your business could be.

Outsourcing at the right time means a team of subject-matter experts, helping you advance toward your goals.

A disciplined approach to getting stuff done.

If you can get yourself to do even your least favorite tasks, that skill is essential as a business owner. Launching a business comes with aspects that are probably enjoyable to you. But also some that are not.

For example, perhaps you love the creative process of coming up with your business’s goals or creating your product. But you hate anything that smacks of paperwork. Or perhaps you are an introvert and finding angel investors or networking for your Big Idea is your own personal vision of hell.

The quality that will save you? Self-discipline. The ability to do what needs to be done, regardless of your emo-inner child who wants to only eat cake.

Got grit in spades.

Entrepreneurs need grit to see the fulfillment of their efforts.

The book, Grit, by Angela Duckworth, outlines what the author believes is the key to success in life. Grit, Duckworth claims, is a combination of passion and perseverance. It is what keeps a person going toward their goals when others have already quit. Perseverance alone is not enough. Because without a passionate belief in what you are doing, you will not have the ability to persevere.

So where does it come from and do you have it? First, are you passionate about your idea? Is it the first thing on your mind when you wake up, and the last thing you think about at night? If you answered yes, you have the passion thing down pat. Perseverance follows when you refuse to give up on your Big Idea.

An optimistic outlook.

Being optimistic will aid you; being negative could derail you. As an entrepreneur, you are guaranteed times when you experience setbacks. Or when it feels like the whole world is against you and your idea. How you handle those moments determine whether you keep at it or whether you quit just before the finish line.

The thing that helps many entrepreneurs from losing their heads is optimism. The ability to look at the bright side and stick your dreams and your vision of success. If you fall, look at that mistake as a valuable lesson and then keep going. When confronted with an obstacle, see it as an opportunity.