Who is an ‘ideal’ entrepreneur? What is the right personality and the right attitude needed to be a successful entrepreneur?
There isn’t any “ideal” entrepreneurial personality for a successful entrepreneur. However, there are some experts who say that entrepreneurs who have become successful have some common traits & qualities.
There are actually quite multiple opinions on this among the various stakeholders in the start-up eco-system. With different perspectives and opinions about entrepreneurial spirit, there isn’t any IDEAL entrepreneurial personality. However, to be a successful entrepreneur it needs certain common qualities and traits.
Here are the five distinctive and essential traits.
- Being Organized
Being organized is something that goes beyond maintaining files, records and documents immaculately, though it is also key to an organized system. Disorganized entrepreneurs may miss deadlines and fail to be online with the projects/assignments. They may not pay attention to Key Performance Indicators, track customer/vendor payments and have proper tax planning. Above all, non-maintenance of adequate records may lead to complications in statutory compliances. Successful entrepreneurs will be structured with an apt system in place to maintain their business responsibilities.
- Finance Management
Managing cash flow of a start-up is key survival factor as there will not be enough money at the early stages. A founder has to set the priorities before budgeting. Normally, for a start-up, marketing and manpower are the major expenses. An entrepreneur must be able to ascertain what works best for the start-up. To identify the requirements at an optimum cost is a vital factor in ensuring right value at right budget.
- People Skills
People management includes hiring, motivating and retaining talent. Hiring for a start-up without a brand is one of the biggest challenges for an entrepreneur. It’s the entrepreneur’s responsibility to induct and lead a right team. The employees are to be given freedom to make decision on their day-to-day activities. Micromanaging may dip the employee morale. Trusting the employees, delegating crucial assignments, not domineering and devising the right recognition programs will help in leading the team.
- Good Listener
“Nobody learned anything by hearing themselves speak,” wrote Virgin founder Richard Branson. Good listening skill is not just hearing what the other side is saying but also understanding what it really means. Listening to investors, co-founders, customers, employees and other industry players is important to understand their expectations. By active listening an entrepreneur can learn new and diverse viewpoints and information that could be successfully applied in business.
- Making Sales
Most aspiring entrepreneurs believe that a great product or idea alone will assure business success. Mentors advise on having a great business plan, hardly a few refer to sales acumen. But, in the prevailing current hyper-competitive environ, in every domain, entrepreneurs are to be master salespersons. A disruptive innovation, impressive business plan, multi-skilled founder or highly motivated team, whatever it may be, if the founder of the start-up is not willing and able to make sales, the start-up will not succeed.