What does it take to be successful in business? A frequently asked question by the aspiring ‘Alan Sugars’ and ‘Richard Bransons’, eager to build successful companies. The truth is that many characteristics are required to succeed and being an all rounder is no bad thing. But if I had to name 7 of the top characteristics I’d probably go for these.
Tenacity
Starting a business is a marathon. You have to be able to live with uncertainty and overcome obstacles for years on end. Perseverance, persistence, determination, commitment, resilience — call it what you will but it’s really just old-fashioned ‘stick-to-it-iveness’ ‘Tenacity is so important’ according to Tony Williams who runs one of the largest domiciliary care companies in the North West. ‘So much of entrepreneurship is dealing with repeated failure. It happens many times and when failure happens, you have to start all over again. I have been close to losing my business a number of times but I have persevered and worked hard to ensure its survival’.
Passion
It’s commonly assumed that successful entrepreneurs are driven by money. But most will tell you they are fueled by a passion for their product or service, by the opportunity to solve a problem and to make life easier, better or cheaper. Passion based on your company’s specific goals is a drive that can provide the internal reward that sustains you when times are tough.
Tolerance of uncertainty
This classic trait is the definition of risk-taking. It’s the ability to withstand the fear of potential failure. The ultimate entrepreneurial test often takes place on the mental battlefield. and often boils down to being able to successfully manage your innermost fears.
Vision
Entrepreneurship is often seen as the ability to spot an opportunity and imagine something where others haven’t. They imagine another world and have the ability to communicate that vision effectively. One of my favorite quotes is the classic Henry Ford one ‘If I had asked my customers what they wanted they would have said a faster horse!’.
Self-belief
Self-confidence is a key entrepreneurial trait. If you don’t believe in you 100%; who else will?
Flexibility
Business survival depends on adaptation. Flexibility that allows you to respond to changing tastes and market conditions is essential. You often have to have a willingness to be honest with yourself and say, ‘This isn’t working.’
Ground-breaking abilities
Simply starting a business breaks the rules. Its a minority interest and not for the feint hearted Doing what the majority isn’t doing is the nature of entrepreneurship.
Do you have what it takes?
Written by Kevin Begley for the South Warrington News.
