Now is the time with unprecedented opportunities. It is not difficult for anyone to become an entrepreneur in this internet era. But at the same time it is not an easy thing for everyone to become successful in the business. Studies show three out of four startups fail to become successful. Apart from hard work, luck and circumstance, there are some traits which would take an entrepreneur ahead of the game and for building small businesses into empires. Below are the qualities that makes a person a good startup entrepreneur.
It is not an easy thing being a non-conformist when there would be a lot of people saying ‘no’ to one’s ideas and effort. It is not very easy to get support from others. As a businessperson, it is very important to be confident with one’s own ideas and be one’s own supporter. Find someone who shares similar views and visions and shares the same perspective to be a supporter. His/her ideas should be unique and crisp but should not be one among the crowd where there are many players already. If one does not goes by what others say and enjoy being a trailblazer, then you are definitely for startup.
Being passionate may sound to be an obvious trait for run a startup, but not everyone who starts a startup is passionate. There are many who start their own company and become entrepreneurs to get rich but not because they enjoy what they are doing. When one is passionate about his/her business, exerting hard work and time for it may not seem to be tiring and would be less burdensome. One does not have to be a workaholic or type A personality to look into every detail and be energetic to run behind the business all the time. But when what one does is what one is passionate about, he would enjoy what he/she is doing.
“No plan survives contact with the enemy.” This quote by German Field Marshall Helmuth von Moltke’s could not be more true. Person intending to run a startup has to be flexible. He cannot be rigid with his plans and should be able to alter as when time situation demands. As and when the business moves forward the person may have to face many situations where he/she has to change lot of things, so the flexible the person and the company, better it is for the business. It is better if the business model itself has spaces to be flexible. There are some companies which had to change its core strategy itself due to competition and other things. Changes has to be done without getting stressed or angry or emotionally weakening one’s stability. As these emotions can crush the entrepreneur in a person.
In a startup there would not be any direct push factor like in the corporate where there would be an immediate boss who would set deadlines and set targets to work. Being an entrepreneur, one has to be his own boss. No deadlines and no immediate consequence even if he decides to take a day off. Though the consequences for it may not be immediate there may still be aftermath. The company will survive and function just as its owner do. So it is very important to stay motivated always. Because that motivation factor whether intrinsic or extrinsic is what makes a person committed to his business. Procrastination should be a strict no-no for entrepreneurs. For an entrepreneur, success should be a drive force and it should come from oneself to make him/her committed to the business always.
5. Staying away from comfort zone:
While running a startup, one has to learn to live without the medical or dental benefits which one may easily get when working in a corporate. It is expensive to have a health insurance, if the business does not let for it, one may have to let go of it. Guarantee to enjoy all the benefits is close to nil. One may have to ask it out if he wants something. Nothing happens to those who would not ask, whether it is the money one owes or for a project partnership. Despite of knowing that he/she can hear a ‘no’ for the answer, the person has to ask for it coming out of the comfort zone. If the person can ‘ask’ anything loud and clear, then startup can work for him/her. Same applies to time or travel. If the business demands travelling to office by bus and waiting for long hours to meet client, the person has to go by it coming out of the comfort zone. A successful entrepreneur may not be able to enjoy his comfort zone until he reaches a point in the business.
6. Calculate everything:
It is very very important for a successful business man to calculate everything relating to business. It is important to plan quantitative goals for a day, a week or for a quarter. Defining the term success in the terms of quantifying goals would help a person know where he is right now and where he is heading. For instance, setting goals like in the first quarter business should sell 10,000 units per week or have more than 100,000 daily visitors for the website or have a user base of 50000. Because such short-term plans will work as milestones and prove to be an essence for the journey in business. Without such quantitative goals, the vision and the target would be vague and subjective. It is impossible to make a company profitable overnight, so these calculated smaller goals would ensure the person to be on the right track to reach the long-term goals. Person who is calculative and not careless are more met for business.
7. Financially strong:
Joseph McKeating, president of marketing and public relations firm Pulsar Strategy, said, “Only a fraction of startups ever get funded and if yours does, congratulations to the whole new world of pressure and problems.” If the person has financial resources and can spend several year working on the brand rather than worrying about the money, then yes! startup is for him. A company would not be able to generate revenue immediately and would require some time. Until it starts making money, the business as well as the owner should be patient and manage the mean time. If the person can face that period without much stress and fuss, startup is a good option to look into.
8. Several roles:
During the initial phase of the startup, it would not be possible to hire specialist and experts for every field. So the entrepreneur should be capable to wear many hats that includes content designer, marketer, accountant, manager and of course, social media strategist. The person has to be a multi-tasker to manage all the duties during the initial phase. “With startups usually short on resources, the personal desire and discipline to wear and own different hats in order to build the business is critical, says Fred Cannone, director of strategic alliances and channel development at Telehouse America, a global data center services provider. He also added, “But equally important is having the strength of character to recognize that when the hat does not fit. Do not force it.” Startup entrepreneur should be able to juggle between tasks.
9. Not being a ‘know-it-all’ person:
The most intelligent and accomplished person never reaches the point when he believes he knows everything or there is nothing he does not know. There is always a thirst to know more and more for such people. They have a network of peers who are experts in different fields and with whom many ideas can be shared and discussed. New articles, news and books serve them to understand the world happening and staying ahead of the game. For instance, Bill Gates one of the world’s renowned entrepreneurs is a voracious readers. It is not possible for all to be like him but such successful businessman are always open to new ideas and would never feel they know-it-all. This character is a must for a person to run and build a startup successfully.
10. Readiness to work 24/7:
The comfort of working from 9 am to 5 pm ends with the corporate. During the initial stages of the startup, the person has to be flexible to work anytime of the day and should not be hesitant to attend calls even if it is past midnight especially when he/she has clients living abroad. It may be quite difficult but the person has to bear with it and work hard for his/her business. Person who is ready for this could move ahead with starting his startup.
11. Good recruiter:
Person who knows to find, select, hire, train, motivate, reward and retain his great employees would succeed in his business. Such persons can build the best team possible. Person who can hire the right individuals for the right task can ensure that the task is half done. It is definitely a talent that comes from within. Also, at the same time the person has to be good at evacuating the person from the company if he is of no use to the firm. Firing is actually even more difficult task than hiring for it is a very sensitive thing. There are many CEOs who are good at hiring, but not good at firing, such business could be doomed very soon.
Communication is one of the most important aspect for a person whether it is with his employees or his investors or clients. Communicating effectively would not only help them connect with one another but also benefit the business. Selecting the right mode of communication along with the right words to communicate can take a person to heights in business.
13. Positive Spirited:
A positive approach and a strong mindset is a must for a great leader. It is very difficult to survive as an entrepreneur if the person does have bulletproof mindset of positivity. Business has its own booms and depressions, only a positive minded individual can be able to tackle both in a same manner. His positive vibes should be able to influence others around him too. Entrepreneurship is not meant for pessimistic people and one who is hesitant to take risks. Being positive itself will give the person a confidence that can help him face the failures. If the person is an optimist, startup is the field for him.