What makes a successful Entrepreneur?

Sabbir Ali Seikh | 09-Nov-2016

One thing we can all agree on is the fact that entrepreneurship is the coolest and the most satisfying thing in one’s life. Every person dreams of becoming an entrepreneur and achieves their own dreams. But as you might know that most of the startups and entrepreneurs fail within the first year of their venture. Suddenly everything they dreamt of becomes nightmare overnight. Only a few people can carry on and excel in their journey. Today, we are going to look at those traits that are likely to make a person a successful entrepreneur rather than an entrepreneur who failed.

What makes a successful entrepreneur

Source-https://goo.gl/J1uHc6? and https://www.entrepreneur.com

Self-Confidence – Unless a person has self-confidence and self-believe, he or she is sure to fail in short to medium term. If you have no conviction on your idea, how can you convince people that you are doing the right thing? It is your self-confidence that will let you survive in the hard times when everything seems to be going dead wrong. A successful entrepreneur always believes that whatever he is doing is right and he backs it up with strong research and facts and does all he can within his means to make his idea a phenomenon.

Research Work – One of the most important reasons why entrepreneurs fail is because they do not do any research or after having done the initial research, they stop researching after initial success. A successful entrepreneur always does the research work to back his idea and weigh its success parameters and chances. He is wise and does not get emotionally attached to his ideas. At times, a successful entrepreneur changes his ideas or modifies it according to the result of his research. But most importantly, he keeps on researching on global trend and competitors and big companies. He has the passion and the ambition to go global.

Ambition – The most important quality of a successful entrepreneur is his ambition to grow bigger and bigger until it reaches a global stage. Yes, it is true that you should not dream too high before starting your venture but you have to have realistic short-term goals and high long-term goals. The short term goals are to satisfy the customers who are local while the long-term goals must be to go global. Unless you have a global approach, you can never grow big. You have to follow the trend and strategies of the global company and convert them into own strategies to satisfy local customers and beyond.

Risk-Reward – One thing is very common in all successful and established entrepreneur – they all took high risks. But the point is that you need to take calculated risk. You cannot afford to take high risks in the initial phases. When you have enough money and chance to take high risk, you can be intuitive and make the best use of your intuition. Taking smart decision at the right point of time backed up facts and figures can help a business growth. Unless there is growth in a company, the company is certain to die in short to medium term.

What makes a successful entrepreneur

Source-https://goo.gl/HsnWme and http://millennialmagazine.com

Connection – A successful entrepreneur always looks to expand his connection and community. He interacts with a lot of persons, he outsources most of the work so that he gets the time to think and do all the business transaction to increase credibility and gain the trust of clients. He attends a lot of events and makes new friends who are also entrepreneurs and tries to gather more knowledge and new approaches. He generally possesses great communication skills. So if you are not one of such, you better start talking a lot and interact with strangers. It has been found that most of the innovative ideas that changed the world came out from interactions and discussion. Take Facebook or Apple, all their ideas were not originally occurred to the founders, they occurred when their friends and colleagues suggested something to them and they modified and moulded such ideas into super ideas.

And lastly, what you do when you face the crisis, what plan do you have to face the challenges and how good your market research is that determine the success of your venture. The most important traits that you can acquire is public speaking skills, persuasion skills, learning the tools to do the market research, collection information about the competitors from third-party and strategies for growth and diversification. It is your desperation that will lead you to the pinnacle.

The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of Fagnum.com. The writers are solely responsible for any claims arising out of the contents of this article.
About the Author
Sabbir Ali Seikh
Hello everyone, This is Sabbir Ali Seikh. I am a B.Tech(CSE) graduate. I work in an MNC software company. This is my first try at writing technical articles. I have immense interest in startup and entrepreneurship. Hope you all will like my articles and share them if you find them useful. Be an optimist and positive things will definitely happen in your life.