As a serial entrepreneur, I was asked this question in the book "The Eventual Milionaire", and this is what I said. A study was done by the University of Pennsylvania to try to figure out if they could predict success. They studied every possible area from West Point cadets to national spelling bee finalists to professional golfers, to teachers to salespeople. They found that IQ was not the most important thing: there are plenty of very smart people that do not accomplish very much. Neither was it EQ, a person's raw talent (for example in sports), or how well the person communicated, or how attractive they were, etc. They found that the most important thing was a quality that they called "grit", which was the ability to persevere when things are not going well. It's also the quality that allows a person to work on things that are difficult, rather than gravitating towards things that are easy. For example, the children that did best in spelling bees are not the ones that went over the words that they already knew (which is easy). The ones that won, are the ones who did the really hard practice of words that they didn't know over and over again. The same was true for golfers. Persons raw talent that golf didn't matter as much as their grit and perseverance in choosing to practice over and over again the skills that they weren't good at, and were most difficult to do. So my advice to you, is to develop your perseverance/grit, and you will find that you can actually accomplish what you are only dreaming about today. I wish you the best of success.
A laser focus.
As an entrepreneur, you will experience responsibilities that go well beyond your traditional areas of expertise and interest. You will have to manage all your limited resources (time, money, energy, and people) to get the job done as efficiently as possible. Often times, you will need to let go when things are just good enough because something is more important that demands your resources. That laser focus is only possible if you are able to have discipline, flexibility, and humility. It definitely is not something you know before embarking on the journey but it gets easier everyday once your mindset finally shifts.
I would be happy to share personal experiences and other recommendations having started my own business as well as having worked for some brilliant founders during my career.
Salesmanship built on a solid foundation of quality (in what you sell), desirability and trust.
Regardless of what you do, if you can't sell it, you won't be in business for long.
I have found that when I was truly passionate about my business (and its products/services), selling was easy. On the flip side, when I was trying to grow too fast and trying to "hard sell," I failed miserably.
Asking the right questions of every body involved. Ask the right questions of prospects to find what the market needs. Ask yourself, your employees, someone sitting next to you in a bar, but don't ask anyone who might hold you back.
Be prepared for times with a roller coaster of ups and downs financially and emotionally. I believe that when you are doing what you are meant to do and what you love to do, that really helps carry you through the tough times. Never stop creating, thinking outside the box and improving your skills. Strive to continue to find new ways to improve the lives of others with your skills or product. Be okay with the fact that some of your great ideas will turn out to be not so great, and that's ok . Don't give up. Good luck!
Well, there are certainly no shortage of answers out there. If you do a search on the Web, you will find many articles and comments about this.
So with that in mind, I will just leave you with one nugget – when you become an entrepreneur in any business, you are no longer working in the business but rather working for the business.
There are endless answers to this question. Each successful entrepreneur and self-made millionaire will give you their story and how they rose to their level. But that model does not work for everyone.
There are a few values that come to mind:
- Team Building
- Communication Skills
- Mentorship / Continuing Education
- Negotiation Skills
I think Ian was right. It's this really difficult concept to put your finger on. It's like hustle, but not so phony. It's like resourcefulness, but not so basic. It's like grit, but not so "take the stairs."
I think it's working smart, not hard. Telling a story that others can get behind and having the resourcefulness to make everything work. No matter what.
Business is created for the sole objective of profit and profit is the reward of risk, therefore risk bearing capacity is the most important quality in an Entrepreneurs according to me.
This is such a tough question to answer because there are so many important qualities and skills that need to go hand-in-hand to be an entrepreneur.
If I was to pick only one quality, I would pick "Grit". To me, grit is the perseverance and resilience to relentlessly pursue a goal. To have grit means that you're going to continuously learn from your successes and most importantly, your failures as well and keep on continuously improving to achieve your goal(s). Without grit, it may be easy to fall into discouragement or lack of drive to learn and put in the work to succeed as an entrepreneur.
Hopefully that makes sense!