A Successful Entrepreneur
What separates a successful entrepreneur from the rest of the attempted startups is not a matter of education, or even skill. It is their personal characteristics. Some they are born with, while others are developed through life experiences. Here are the 10 most common traits shared by a successful entrepreneur.
Starting your own business is not for the timid. To be successful you must be willing to take measured risks – and live with the outcomes. While it is true that the greater the risk, the greater the reward, you will have to determine how much risk is too much.
Your life will be centered on your business. Luxuries of the 40 hour a week employee such as regular hours, scheduled vacations, and leaving your job at the end of the day, disappear. You can expect your business focus will go from 40 hours a week to 80 hours or more when success moves its way into your front office.
Success in anything depends on the consistent determination of the person, not just short periods of time when a significant effort is made. Failures, disappointments, and simply time itself can wear anyone down. Being worn down, and even falling down, are tests to see how determined you really are to be successful.
The smartest business people know they got where they are by the cooperation and help of other people. As an entrepreneur, it is a mistake to think you can do everything by yourself. Being able to delegate critical tasks to your key people, and believing they will get the job done, is essential for your success.
Presuming you know enough about your business or product is a serious mistake many startups make. Successful entrepreneurs instinctively have a nose for knowledge. They are always willing to learn from any number of sources, especially their mistakes, and are able to connect the dots of their acquired knowledge. Sleeping is something that does not come easy to them if there is a critical piece of knowledge that needs to be found. I believe that “Leaders are Learners” that the reason why I started PM Leadership in 2011. The beauty of becoming an infopreneur is I can learn and grow myself at the same time I help hundreds of people to the same.
What it means to be a creative thinker needs to be understood in the context of business. A person can creatively get themselves into trouble. The idea here is to be creative in the sense of using one’s creativity to solve a problem. That problem can be anything from how to make payroll for the week to how to make a minor change to a product that will gain market share.
This is another often misunderstood personal quality. Confidence is built through a series of failures and successes. It is not an “I can do anything” attitude. Nor is it arrogance. Confidence is best described as knowing that you can meet challenges head on with a reasonable expectation of success. Steve Jobs of Apple said that when he found out that IBM had entered the personal computer market, he was scared. When he passed away, Apple was still actively engaged in the personal computer market. IBM sold their interests to a company known as Lenovo.
Related: Six Ways to Build Self Confidence
What many startups fail to realize is that they are the company. Not the product or service, or the advertising or web site. If you do not promote you, who will? A second part of being a promoter is being a salesperson. This is something a lot of people, successful and unsuccessful, are uncomfortable with. The successful entrepreneur learns to become proficient in selling and finds a comfort zone they can live with when having to publicly promote themselves or the company.
Independence is the ability to act without the approval of others. This does not mean you are dismissing the advice and counsel given to you, but are willing to ignore that advice because you see a better way. In the early days of the Apple Macintosh, Steve Jobs wanted to build a mouse which, at the time, was a totally unknown concept. The counsel he received was that it would take months to create and cost hundreds of dollars to produce. He walked out of the meeting, down the block, and had a mouse design created in a few days that cost around $15 to make.
Everything about business involves relationships of one kind or another. You will have relationships with your customers, employees, suppliers, web designers, and your bank. The success of your business will depend on your ability to develop those relationships in a positive way. Instead of waiting for relationships to come to you, you actively pursue their creation. As a business owner you should also look for opportunity to build your network with other business owners. I personally benefit a lot from joining business network; one of them is BNI Cambodia CEO Chapter. At the same time I also lead a CashFlow Club Cambodia which purposely for financial education for business owner and investors.
From this list of traits, you can see that becoming an entrepreneur is for everyone. It is also true not everyone can play football or be proficient with a musical instrument. Before venturing forth and quitting your day job or investing money to start your own business, review this list and give an honest appraisal of yourself of whether you have the personal tools to be a successful entrepreneur.
Piseth is a man of vision. Known as an Entrepreneur, Leadership Strategist and Business Trainer. His opportunity to work with world-class experts and trainers has made him unique and different to other trainers in Cambodia. He is personally mentored by Rich Dad Asia Bellum Tan and The Guru to Gurus, Rich Schefren. He met Richard Branson, Robert Kiyosaki, Les Brown, Blair Singer, Ron Kaufman, just to name a few. He is famously known for starting his company with a few hundred dollars and turning it into a national brand within one year. Beyond that, he is a teacher and an educator. His corporate clients includes Virtus Group, 3 Sisters Clothing, Lotus Advertising, Marist Solidarity Cambodia, CRDT, CSUK and more. As a business networker, Piseth successfully helped to set up and launched a BNI Cambodia chapter namely “BNI Cambodia-Millionaire Chapter“. Piseth has appeared on famous media outlets such as CNC, SEA TV, TVK, Hang Meas TV, Bayon TV, Radio Australia, National Radio, Phnom Penh Post and others.