7 Key Attributes Successful Entrepreneurs Must Possess
Every time you are fed up of your daily 9 to 5 routine, you come to think of the magic word ‘entrepreneur’ which conjures up images of the likes of Bill Gates, Steve Jobs, and Mark Zuckerberg in your mind. The prospect of entering the realm of business ownership by abandoning a well-paying corporate job seems intimidating to most of us. Still, we idolise the stalwarts who started from scratch and made it big like Larry Page and Sergey Brin, the co-founders of the most popular search engine named Google. We perceive them as extraordinary humans with superpowers who had the gene of entrepreneurship built in them. However, the reality is that they are normal people from humble backgrounds who had the passion and motivation to succeed. While some of these rode to the top on the back of a revolutionary formula, others managed to take forward the legacy of existing business models. There is no doubt that established businesses for sale in Australia are in high demand because of their low-risk factor.
Indeed, becoming a successful entrepreneur is not rocket science. However, there are certain key attributes that put your zeal to become a tycoon in the right perspective. Rupert Murdoch is one such example who started from a small company to become the world’s most prolific business mogul. He began his career at the age of 21 when he inherited his father’s company, News Limited and grew it by acquiring dozens of newspapers across Australia and New Zealand. Between the 1960s and 80s, he moved to the global stage by acquiring the renowned newspapers, The Sun and The Times. He moved further into the US media industry and took over Star Magazine, got the controlling interest in 20th Century Fox, and a plethora of other television channels. His company News Corporation has continued to grow over the years making him a global media magnate. At 87, he is technically the richest Australian with a personal fortune of $26 billion. The world is filled with such praiseworthy stories that have reshaped the face of their respective industries. Australia has no dearth of such talented individuals. From Alan Bond to Kylie Minogue, the inspiring lives of these entrepreneurs are no less than a Hollywood movie filled with ups and downs. Let us take a look at the seven common attributes that are shared by these industrialists which can put anyone on the path of success.
1. An All-Consuming Passion
Whether you call it self-motivation, determination, commitment, or perseverance, an entrepreneur has to be filled with unbridled motivation and tenacity to launch a venture or take forward an existing business. The road to the hilltop is filled with steep gorges, boulders and undulating paths. However, the achiever is never deterred by obstacles. The relentless pursuit of accomplishments keeps driving them towards their objectives. The master of ingenuity and vision, Walt Disney’s Mickey Mouse was rejected by 300 bankers, and he was even fired from his job for lacking creativity, but his belief in his work persisted. If he had given up at any point during those rejections, we would have never seen the beauty of the iconic animation characters that he brought to life.
2. Ability To Adapt
When you decide to don the cap of the owner, there are times when your ideas will work and times when they won’t. In both cases, the entrepreneur should be ready to take responsibility for his actions and move forward. It is very crucial to change with the changing technology and keep innovating to come up with the fresh ideas that help to solve the problems of the consumers. Bill Gates started out with a company called Traf-O-Data, which did not find much success as the machine that was built to process the traffic data didn’t go down well with the authorities. The failure didn’t dissuade him from trying once more, and he launched Microsoft which took the world by storm. Intelligent people are receptive to ideas and opinions that work in favour of the consumer.
3. Financial Management Skills
To make a start-up or a business operate profitably, the capital needs to be managed in the most efficient way. A wise entrepreneur keeps a tab on the cash flow and utilises it judiciously in the initial phase of the business when the capital is limited. They draft a proper business plan for the future and have a contingency fund in case they are not able to reach the break-even at the time decided in the business plan. They envisage the sourcing of funds and revenue generation in advance to make the most of the available capital.
A visionary individual can become a seasoned entrepreneur because of the inherent desire to make a change in the world. Such people can identify an opportunity in places where no one else seems to look such as an existing business. They are the pioneers and flag bearers of an upcoming field that revolutionises the whole industry. The continuous pursuit of evolution led Elon Musk to launch the cutting-edge businesses SpaceX and Tesla Motors. Though both the companies faced bankruptcy in 2008, he emerged triumphant with Tesla outpacing Ford and General Motors in profit margins and NASA choosing SpaceX to develop systems that will take US astronauts to the International Space Station.
5. People Management Ability
The two important characteristics of a veteran entrepreneur are networking ability and leadership quality. They are known for building long-lasting partnerships with influential people who can advise and support their endeavour in the business world. Additionally, they are adept in bringing out the best in their employees by motivating them with their gift for leadership. They are people’s person who can communicate effectively and make others work for their goals in a synchronised manner.
6. Discipline and Hard Work
The importance of sincerity towards work cannot be understated when you are trying to catapult a company into the ambit of success. Dedication and hard work are the essential traits that can take you places. They bring in the much-required persistence to excel and innovate and defy all the odds to achieve the desired goals. They act according to the business plan and adhere to the procedures stipulated in the documents to maintain professionalism.
7. Business Planning Skills
Preparing a foolproof business plan that foresees the potential challenges and defines their solutions is a vital ability that can help an individual in accomplishing his/her goals. Whether it is a start-up or an existing business, the owner needs to plan effectively to chalk out the desired future for the company. Though an entrepreneur is equipped with a well-designed plan, he/she is not averse to acknowledging new ideas and immune to dealing with unforeseeable circumstances.
Whether you are a corporate veteran, a single mother, or a college drop-out, anyone can be an entrepreneur if he/she has the skills, business acumen and the passion for excellence. If you wish to join this league of extraordinary gentlemen and women, then cultivating the traits mentioned above will turn the journey into a smooth ride.