When people talk about the qualities of an entrepreneur, they often mention about leadership, visionary, self-confidence, organization and coordination. But in this article, I would like to mention 5 more important qualities that shape a successful entrepreneur.
Just ask yourself the following 5 questions...
1. What is your personal mission statement in life? As Stephen Covey wrote in his popular book "The Seven Habits of Highly Effective People", the second habit he talks about is "Begin with the End In Mind". He recommends formulating a "personal vision statement" to document one's perception of one's own vision in life.
What do you want to accomplish in your life? One effective way to write your personal mission statement is to visualize the day when you die. What do you want your loved ones and friends to say and remember about you? Another approach is to write your own obituary. Without a clear personal mission statement, you will quickly lose focus and direction in your business.
Without a personal mission statement, you won't be able to find a passion or desire for success.
2. Are you self-motivated? Perhaps one of the most crucial qualities for people who are self-employed to succeed. Without self motivation, you will always find yourself putting things off. You won't be able to accomplish anything as there is no one there to motivate you or watch over your shoulder when you're your own boss. So if you are not a self-motivated kind of person, working for yourself or being an entrepreneur is definitely a NO-NO for you.
3. Are you persistent? Understand that there is no "instant gratification" when you're doing your own business. You won't get a paycheck every month like you do in a 9 to 5 job. Initially, you may need to work very hard for little rewards.
If you're not persistent or don't believe in yourself and the business, you will have find yourself given up very quickly. Of course, it is possible to earn good money by running your own business, but you need to remember that it will take hard work, time and persistence to achieve success.
4. Are you financially responsible? A very important quality for all business owners. When you're your own boss, you're a CEO, accountant and finance manager. You're responsible in managing and controlling your business budget. When you start making profits, you need to know how to manage it wisely. Often times, you will want to put a portion of your profit back into your business to help it grow and expand further.
5. Are you hungry for success? If you want to be an entrepreneur, you have to think and behave like one. Understand that business is not the same as hobby where you can take it lightly. If you treat your business like a hobby, you will never be able to achieve true success. A business needs to be worked at seriously and professionally, you can't allow personal things to get into your business. Remember what the headline in Donald Trump's Apprentice show say? "It's Not Personal - It's Just Business".
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