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What qualities/habits are required to succeed as an entrepreneur

Discussion in 'General Business and Entrepreneurship' started by lrs1995, Apr 20, 2016.

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  1. lrs1995

    lrs1995 Member

    What do you think are the qualities that are required for a someone to be a successful entrepreneur in your opinion?
  2. Isaac Kieffer

    Isaac Kieffer Member

    Personally, Consistency, persistency, and a WHY. If you want something bad enough and know why you're doing what you're doing. Along with doing it consistently and being persistent, you'll be successful.
  3. bob1978

    bob1978 Member

    By successful, you mean consistently starting new ventures, and successfully profiting from them? Probably several - a keen eye towards discovering opportunities (and not just any opportunities), experience managing teams of people to build mechanisms to take advantage of said opportunities (apps, SaaS solutions, companies, etc..), and finally resources (monetary and connections) to fully realize the venture.

    A lot of wantrepreneurs focus on the wrong things to be honest. Yes, getting adequate rest, working out, eating right, working hard, grinding, having a positive attitude, etc.. are what most successful entrepreneurs do. But that's not the end all, be all path to success that many make it out to be. At best, it helps a little.

    If you want to be successful, probably the best way is to learn how to consistently discover opportunities. Not hopes and dreams here, but actual verifiable opportunities. Either through whatever background knowledge in your industry you already possess, or through thorough/in-depth market and business research. So it doesn't matter if you didn't get enough sleep, or if you have a poor attitude to life. It doesn't matter if you failed the venture due to those either. Those are easy fixes. What really matters is if you can find targets consistently. That's probably one of the most important aspects of being a successful entrepreneur.
  4. Pejman Ghadimi

    Pejman Ghadimi Member

    Self control and self accountability more than anything else.
    T J Tutor likes this.
  5. Corazon

    Corazon Member

    There are no hard and fast rules for being a successful entrepreneur. My standpoint on this thread is a formula - success depends on a combination of factors like the traits that we read in books. What I can suggest for new entrepreneurs is to make a thorough study of the business. As for the traits that I mentioned, it is important to have the passion and perseverance especially when a crisis hits the business. So many successful businessmen would tell you that they also experienced a slump that they had wanted to surrender. One actual example is the owner of Jollibee, the largest chain of fastfood in the Philippines. The owner said that he and his friends who established the business were almost discouraged when the sales wouldn't go up. But then history tells us that perseverance pays.
  6. Valerie

    Valerie Member

    For me, I found most success in pursuing my passions adamantly. You can't remain motivated with the drive to keep pushing forward with tenacity (or pigheadedness) if your heart's not truly in it. The other thing entrepreneurs need is, as already mentioned, responsibility, accountability and time management skills. If you don't know how to set your schedule, put aside time to do your work, or be a leader, chances are you're not going to get very far.

    Lastly, I'd say geniality. Entrepreneurs don't necessarily have to be glib socialites, but knowing how to connect people definitely comes in handy.
  7. Goldstandard89

    Goldstandard89 Member

    A balance between stubbornness and adaptability to achieve your dreams. You need to stubborn enough to keep chasing your dreams even after you've failed a couple times. But right now the most important trait for businesses and entrepreneurs is to be adaptability. With technology constantly changing you can't afford to get stuck in with old ideas and you need to know when to change to keep your business successful. Did you know that Kodak invented the digital camera but because they have so much invested in film and film cameras that they failed to transition and stayed in the old format. When's the last time you bought a film camera or a Kodak? They were on the top but refused to change despite the fact they invented the very thing that destroyed their empire. If you refuse to change what you're doing and how you do something, it's the ultimate death sentence for you company.
  8. rz3300

    rz3300 Member

    Well the list is certainly long, but of course there are some qualities that are more important than others, and some that lead into others. I think that there is one quality that beats them all out though, and that is determination. If you are determined to do what you set out to do, you will succeed. Of course what you want to do has to be doable and reasonable, but if those two criteria are met than you will be set. I have seen too many people plan and say they are going to do this and that, but that determination is not there and it never happens.
  9. Nathaneal

    Nathaneal Member

    You won't find all of the answers in one place or one persons mind. Try Books, they will give you an advantage and are sure to produce results
  10. FreelancingQueen

    FreelancingQueen Member

    I think determination, creativity and being willing to do lots of research are very important. You have to be determined to succeed or it will never happen for you. You also need to be very creative in marketing your product or service in order to continue to attract a steady stream of customers. If you are not willing to do a lot of research before starting your business, you might as well forget it. Knowing what products and service are popular in your area is key.
  11. T J Tutor

    T J Tutor Member

    Independence from the rule of others requires us to be:

    • Skilled in self discipline.
    • Have a regimen of self reflection.
    • Skilled at networking.
    • Knowing how to bring people and their skills together for a common cause or project.
    • Open mindedness.
    • Able to recognize one's own weaknesses and either develop them into strengths or have them covered by another.

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