Have you ever asked one of these questions?
“What does it take to become an entrepreneur?”
“What do I need to do to own my own business?”
“Do I have what it takes to run my own company?”
If so, I’m going to give you a few surprising answers! It’s not about your education, your bank account or what’s on your resume. Your success is greatly impacted by how hard you work and how quickly you bounce back from failure. Because learning to Be Your Own Boss involves a lot of making mistakes and learning how to rebound.
Here are, in my humble opinion, some of the top things you must possess to be a successful business owner or entrepreneur.
- Hard Work
Should this even have to be written down? If you’re not willing to persevere, you’ll never make the big money. Owning a business 101: You don’t get a “day off”, even if you’re not physically there, your mind will be.
- Never Giving Up, No Matter the Obstacles
Even the biggest entrepreneurs faced failures and obstacles.
Colonel Sanders – his recipe was rejected 1009 times before becoming a hit.
Steve Jobs – forced to resign from Apple in 1985.
Bill Gates – first start up was a complete failure.
Yet, when we think of innovative entrepreneurs, these guys are some of the first to come to mind. Successful entrepreneurs don’t quit when faced with failure or an obstacle. Successful people maneuver, they adjust, and they learn from their failures.
- Question Everything. Right?
Where would we be as a society if we never asked questions? Plumbing, electricity, phones, basic democracy would never have become what they are today if someone didn’t question a better way. The world’s greatest innovators never stop asking questions and approach uncertainty with curiosity instead of fear. Admitting that you don’t know something and therefore, being able to ask someone else the simplest question can change the course of your life. Not knowing the answer isn’t the end of a conversation or situation, it’s the beginning. How do you embrace the unknown?
- Be Flexible. React Quickly.
The world, people, the market has constant movement and change. The business world is unpredictable, from social movements to pandemics, inflation and competitors, you must be flexible, adaptive and ready to make a decision and act on it. Successful business owners are able to combat internal and external factors with innovative and out of the box thinking. Do external factors influence your productivity in your personal life?
- Be Good to Your Employees
Never underestimate the power of valuing your employees’ work. How do you value your employees as a startup or new business? Feedback! I know this seems too easy or too cheap to work but it does. According to LinkedIn, 60% of those surveyed about their work reported that they would like to receive feedback on a daily or weekly basis. For employees under the age of 30, that number jumped to 72%! We all just want to hear that we’re doing a good job! If we’re not doing a good job, having constructive dialog or training is feedback that makes that employee feel valued as well, because it shows that their time and effort is important to the company. Not to mention that for small business owners there is a true passion in teaching someone so that your business succeeds.
This list only encompasses some of the immeasurable traits you’ll need to be successful as a business owner. For more insight, information and skill building, take a look at my Entrepreneurial Academy. charlesmalexander.com