In today’s world, lot’s of people think the “cool” thing to do is become an entrepreneur. The addition of the internet has allowed anyone from the stay-at-home Millennial to the seasoned vet to learn what it takes to start a business. But that doesn’t mean that everyone is fit to be an entrepreneur.
There are a number of traits or qualities that allows for the entrepreneur to succeed in their business, especially when times get tough. Graciously, we have compiled a list of important qualities that is a good foundation of what it takes to be in entrepreneur in today’s ever-evolving economy.
“Hard works beats talent when talent doesn’t beat hard work,” says Tim Notke about playing the game of football. But the same quote is applicable to the world of business, specifically in terms of tenacity. Tenacity is what it takes when you dig deep down inside of yourself and do what it takes to persevere and overcome what ever stands in your way of success. It is important to be tenacious when getting a product or idea off the ground because there are going to be tons of obstacles in your way that are going to have you contemplating if this was the right idea or not.
Friends and loved ones, particularly family, will tell you not to take the leap. This skepticism could have been because Uncle John tried started a business and he couldn’t make it work. But maybe, Uncle John was not fit to be a business owner or maybe he did not have access to the Internet and other technologies. Go for it, and don’t look back.
Elon Musk and many other successful entrepreneurs declare that “it takes 10 years to become an overnight success.” He couldn’t could be more right. Although when the going gets tough and your definition doesn’t come fast enough, remember that patience is the key to building something great.
To build a sustainable company, it takes the proprietor or team become an authority in their field and mainly their product or service, and in order to fulfill that level of wisdom, it takes time… If a new entrepreneur is dedicated to learning, testing, and executing their model on a full time basis, there is a general rule of thumb to how long it will take to entire the growth phase of business: First year- Learn and starve; Year 2- Moderate success, professional income; Year 3- Streamline and scale, wealth creation.
Business philosopher, Jim Rohn, insists that in business, “There are two types of pain you will go through in life, the pain of discipline or the pain of regret.” Nothing worthwhile in life comes without self-discipline. Want six-pack abs? It takes discipline to eat healthy and exercise. Want to own and run a successful business? Wake up every day and move the needle on the things you know you should be doing. A good reminder to not procrastinate and stay disciplined is that if you have the thought, act on it. For instance, “I should probably go to the office and respond to emails to they don’t get backed up.” If the thought comes to mind, it is usually the correct thought. So just do it! Success will come much faster.
Oh, and speaking of abs and personal health, taking care of your body is an essential component to maintain optimal success in your business. If you, the proprietor is sick and tired, the momentum of the business will fall by the way side take that much longer to get over the hump. Schedule time to exercise, cook healthy food, and get a minimum of six hours of sleep per night.
“The deepest craving of human nature is the need to be appreciated,” acknowledged William James. Gratitude is one of the most critical elements of being a hit as a business in today’s economy. Since today’s market is so heavily driven by gratitude because every human that purchases your product or service is able to write a review, and the business owner only has one chance to make a right impression. So from a business owner’s standpoint we should always deliver an abundance of value in our product or service, and thank them for their business.
Successful entrepreneur and BLU University instructor, Dan Vega, contends that “for a person to make a lot of money, they must first get a lot of people on board for their vision.” Essentially, there are very few businesses that can make a lot of money without having employees, partners, or investors. These are the people that must believe in you and your vision, and for that, the entrepreneur should be forever grateful. Employees must know when they do a job well done, and investors must know that they are humans and their money is an extension of them, and not just not a pile of money. Be gracious for their involvement, and soon you will have an internal army to keep pushing your vision forward.
They say, “Your network determines your net worth,” which means that, in most cases, a person’s income is correlative to their circle of influence. We must take the time to invest in relationships, both on an internal and external level. If there is balance between these two, the business will win.
From an internal standpoint, we’ve already mentioned that it takes a lot of people surrounded by a common vision in order to succeed. But let’s take this a step further. Employees are one of the greatest assets as an entrepreneur. So, be sure to keep them happy. Know their pains and frustration. What makes them tick? Every person is different. Each person may have a different “why.” When you know what that is, you can help them achieve through your organization, and it will become a key element drive productivity in the company. Additionally, learn how each employee prefers to communicate. Some will prefer email or text, while others are more apt to communicate face-to-face even in front of a group of people. Often the answer will be found be recognizing whether they are introverted or extroverted. Regardless, tapping in to their priority communication channel will allow the employee to drop their walls and become more vulnerable in expressing themselves.
In an external sense, here is a fundamental thought process that BLU University exemplifies on a daily basis: people make up (most) everything we have in the world. So if an entrepreneur isn’t seeing the results they feel they deserve, then they just need to meet more people. It is inevitable that you will run in to the solutions you need for your company to succeed.
Where can you meet these people? Check out trade shows in your industry or related industries where you can cut through the clutter. Contact your local Chamber of Commerce. Every city has one, and there you can connect with other business owners in your area. Also, don’t underestimate the power of networking groups, MeetUps, and live seminars. These are all communities where the entrepreneur can build relationships amongst all the channels relative to their business.
Do you have some or all of these traits? If not, that’s ok! Sometimes going in to a project we have confidence in ourselves and our strengths, but at the same time, maybe realize that we are not quite as entrepreneurial as we thought. That would be the time to offset your strengths by either hiring talent that compliments you, or being someone else’s second in command. And the only way to find out is to simply dive in, and self-reflect down the road. In any case, take in to consideration these qualities and you will be well on your way to growing a fun and sustainable business.