Are you tired of the rat race and want to go into business for yourself? A person who turns a great idea into a successful moneymaking business is what most of us call an entrepreneur. Entrepreneurship is the process of developing the spark of idea into a finished, marketable product or service and then successfully selling the final product(s) to a pool of customers.
Unfortunately for many people, turning an idea into a business isn’t as easy as it looks. While a lack of money is one reason why so many good ideas never amount to anything marketable, another reason is that not everyone is cut out to be an entrepreneur in the first place. Having been an entrepreneur myself for the past 30 years, I’ve discovered that it takes a special kind of mindset to succeed in this kind of business. Here’s ten traits that define a successful entrepreneur:
1. Energy. Energy is the driving force behind the idea. Energy keeps you working nights, long hours and weekends, and keeps you moving forward even when you’d rather be in bed sleeping.
2. Persistence. Along with energy is persistence, the ability to keep moving forward even when encountering setbacks. If you’re the type of person who gives up easily, entrepreneurship definitely won’t work for you.
3. Flexibility. Flexibility is the willingness to change your product or business plan to meet the needs of the market. Successful entrepreneurs are those who aren’t afraid to improve their product or try different marketing strategies.
4. Vision is the mental instruction manual that takes you from the idea to the finished project. Everyone has great inventions knocking around in their brains, but not everyone has the ability to figure out how those inventions can actually be built.
5. Belief in your product. If yourself aren’t convinced that your great new idea is the best thing since sliced bread, then you’ll have a tough time convincing others as well.
6. Willingness to take risks. Entrepreneurs who believe in their products are willing to put their careers, finances, and everything else they own on the line to finance their dream.
7. Pays attention to detail. As the saying goes, the “devil’s in the details” which means that sloppy looking merchandise will get left on the shelves and sloppy service industries will quickly find themselves without clients. Successful entrepreneurs recognize that paying attention to detail keeps a business afloat and will result in a superior product that people will buy.
8. Ability to learn from mistakes. Learning from past mistakes is also important trait of successful entrepreneurs. Rather than making the same mistakes over and over again, an entrepreneur will use past mistakes as a springboard to continue bringing those business concepts forward.
9. Outgoing personality. Entrepreneurs aren’t a shy bunch of people at all. They know that to sell any idea a person must be willing to overcome any shyness to make cold calls and to socialize with strangers, all with a great deal of enthusiasm.
10. Pays attention to customer satisfaction. Lastly, but certainly not least, successful entrepreneurs recognize that it’s a satisfied customer who ultimately will keep a business in the red. Paying attention to how customers are treated and righting any wrongs will ensure that profits continue to roll in through the door, especially in a competitive market.