Transforming an idea into success is a hard task, which only the most well prepared entrepreneurs are able to do. Implementing an idea isn’t only a sequence of mechanic activities to be performed by the entrepreneur. The main differential of the people you see in the television talking about the success they achieved are their personality’s traits.
In this article, I am going to scratch the surface of these essential abilities the entrepreneur might have – and develop – over the years in order to be prepared to sail in the entrepreneurship ocean.
Before any other characteristic, it’s extremely important that the entrepreneur knows himself very well. This might seem like a loose sentence from a self-help book, but yes, it’s fundamental to know what are your well developed abilities, what are the tasks you easily do, which aspects of your personality need to be improved and which are really your weaknesses. You won’t have a manager on your back to give you feedbacks and you will often have to take very important decisions by yourself, in a short period of time. Self-knowledge generates leadership and builds confidence so doing a constant exercise of “self discovery”, be it by yourself, with the help of books or with professionals, it is fundamental for an entrepreneur who desires to be successful
Reasons to undertake are not missing. It might be for money, pleasure, opportunity or lack of it. But the motivation to believe in your enterprise and it’s success is the other side of the coin. It’s needed to see your life goal in it, along with a big purpose for the society, so it produces in you the energy you need to wake up every day excited to chase this goal.
This inner energy, as explained above, is the reason, the purpose. To be sure that this energy is always flaming, the entrepreneur shall search for a healthy life, with no negative addictions, enough time to rest and a nutritive eating. Along with that, mental and emotional balances are other essential ingredients to maintain an elevated self-confidence. You need to love yourself before loving any idea.
Every entrepreneur in the phase of business development has certainly gone through those terrible days in which nothing works out; you present your business plan to investors and is smashed down, people disbelieve in your potential and even your partners don’t seem to be in the same atmosphere as you. Given the amount of obstacles an entrepreneur finds in the process of implementing ideas, scientific research dedicated to study the essential characteristics of an entrepreneur points out resilience as a fundamental trait to handle all the challenges, however, it’s needed to understand that it is a strengthening factor to your motivation and ability of stand the adversities. The so called blind resilience can cause substantial damages to the management of your business.
To dare and not be afraid of making mistakes
Many successful entrepreneurs made mistakes before becoming victorious. Steve Jobs, founder of the giant Apple, did even abandoned the company and created another one. Besides, he also made a mistake when:
- He approved the hiring of John Sculley, president of Pepsi, to executive director of Apple in 1983, so that new marketing strategies could be executed. Two years later Sculley would be one to propose that Jobs should be fired;
- After leaving Apple, Steve Jobs founded another company, named NeXT. Despite the creation of an innovative operational system, the computer sales were too low because he didn’t define a market niche to sell his new products;
- He considered Pixar as a hardware manufacturer company. In 1986, when he bought the computer animation studios Lucas Films’, later renamed to Pixar, he believed that this would be a big hardware company. He was not wrong for betting on the potentialities, but on the specialization area. Pixar quickly became a success, but in the cinema.
- He tried to sell his Pixar stocks many times, due to the elevated investment the studio required during the 80’s. However, in 1995, he created the first feature film made by computer. In 2006, Disney acquired the studios.
- The search for innovation in the technology market led to product launches which revealed authentic failures. That’s the cause of Apple III (launched in 1980 and discontinued in 1984), of Apple LISA (too expensive when compared to the IBM products), of Power Mac G4 cube (too expensive) or Macintosh TV (an attempt to mix television and computer that didn’t pleased the public).
R.H. Macy, founder of the Macy’s, opened and closed seven stores before finding the right strategy which would make him a successful entrepreneur. Making mistakes and learning from them is a consequence of people who innovates. Making mistakes is part of the innovation process, working out is the result of a good job, that’s why entrepreneurs should understand that the lack of audacity and the lack of risk makes the business stop. An entrepreneur should not give up after a mistake. Instead, should look for evolution and learn from it’s own failures.
To be patient with the results
Entrepreneurs aim to profit, to consolidate a sustainable company and to create commercial and social value. Establishing a business which reaches all goals requires entrepreneurial maturity and a well executed management over the time. The results might take longer to come, and that’s why it’s needed to be patient with the profits without losing agility; otherwise the growing curve of the enterprise might establish. Elevated anxiety results in premature decision making and shallow analyses, that’s why every entrepreneur should keep in mind that it’s needed to keep the feet on the ground and build the results over time.
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