When you say the word ‘entrepreneur’, what springs to mind? For many people, it will be David Jason and his unforgettable, much-loved Del Boy, wheeling and dealing and living by the hope that “this time next year, we’ll be millionaires”.
For others, it’s someone with an almost inexhaustible supply of ideas, capable of juggling many roles and able to rise to pretty much any challenge. The reality, of course, falls somewhere between the two, and we are lucky enough to work with some truly inspiring business people.
With that in mind, we thought we’d take a quick look at the qualities and characteristics that make a successful entrepreneur. Ready? Let’s dive in!
Success in business is all about maximising opportunities, but if they’re not on your radar to begin with, there’s nothing you can work with.
Really good entrepreneurs are able to focus not only on existing projects, but also have one eye on current trends and have a knack of always knowing which way the wind is blowing.
Be your own flexible friend
Many small businesses consider themselves nimble: able to quickly respond to market changes or adapt to new circumstances and get the most out of them.
A successful entrepreneur will combine their natural curiosity with an ability to be flexible, riding those winds of change, rather than being buffeted or blown off-course by them.
Confidence is key
It is very challenging to throw your weight behind a project you don’t have 100% faith in, and while some business owners do it and pull it off, we think it’s better to have full confidence in what you’re doing.
That means knowing precisely every aspect of your business, from your customer to your market, and also understanding when something’s not quite a right fit, and having the courage to walk away.
Daring to fail
Which brings me neatly to the next quality many successful entrepreneurs possess: they’re not intimidated by the thought of failing.
Of course, not every wannabe or actual business owner can afford to finance projects that don’t pan out (we can’t all be Jeff Bezos), but there’s no harm in dabbling in a sideline which could enhance your current operations or possibly take you in a new direction. If you never try, you’ll never know.
Be a leader
It almost goes without saying successful entrepreneurs have the ability to inspire other people or win over a crowd, whether they are customers, investors or staff they’re trying to recruit.
Tesla CEO Elon Musk is a great example. He may not be everyone’s cup of tea but where he goes, and it’s sometimes where angels fear to tread, others always follow.
We innovate, you innovate, let’s all innovate
New ideas, products and services are the lifeblood of any successful company (see Apple), but you don’t have to be a megacorporation to encourage innovation in business.
Whether you’re pivoting from one sector to another or taking an employee’s idea and running with it, maintaining an inspirational environment can be the key to being a successful entrepreneur.
If at first you don’t succeed…
If there’s a single characteristic that defines a successful entrepreneur, it’s resilience. Rudyard Kipling famously wrote: “if you can meet with Triumph and Disaster, and treat those two impostors just the same…” and it’s the same in business.
An entrepreneur who doesn’t allow successes to go to their head, likewise isn’t dragged down by things that don’t pan out is someone who has a long and largely happy road in business ahead of them.
We support lots of entrepreneurs as they strive to achieve their business goals, and we can help you too. Virtual Assistant Whiz offers vital admin support on an ad-hoc or regular basis. Contact us at firstname.lastname@example.org and let’s find out what we can do for you.