An entrepreneur, in addition to having a lot of dedication, must have basic characteristics that will lead to success. Successful entrepreneurs such as Juan Luis Bosch Gutierrez have these 5 characteristics so they recommend to start looking at these to reach success.
Leadership
Most people who have ever been employed by someone else have thought about starting and owning their own business. They may see successful entrepreneurs and business owners living the ‘good life’ and wonder, “Why can’t it be me?” The potential rewards of business ownership are many, but so are the challenges. Entrepreneurship is not for everyone, and it is definitely not for the faint of heart.
An intense desire to succeed is not enough to ensure success, and there is no fail-safe business concept. Still, aspiring entrepreneurs who possess these five characteristics increase their chances of long-term success.
Commitment
Starting a new business requires a time commitment beyond the comprehension of those who have never attempted to launch one. The new business owner must be “all in” and willing to put in more than the typical 40 hours per week if they expect to succeed. Those who are unprepared or unwilling to devote the necessary time are generally better off keeping a 9-to-5 job.
Managing Stress
Stress and uncertainty are constant companions of a new business owner. People who need the stability and comfort of a guaranteed weekly income need not apply to become entrepreneurs.
New business owners commonly endure months of sporadic income. The potential for failure creates tremendous psychological pressure. The stress associated with financial uncertainty can be extreme and affect relationships with family and friends.
Choosing to be an entrepreneur is choosing to be immersed in uncertainty. You will have no set hours or income, and your responsibilities will include anything and everything that needs to be done.
Sales, marketing and networking skills.
Building a better mousetrap is no longer enough to get the world to come to your door. Regardless of what business you choose to operate, you will still be in the sales business. Whether you’re a computer technician, a freelance writer, a carpenter or a meatball sandwich maker, you can’t just hang out and wait for customers to come in. New business owners who lack the ability to effectively convey their message to potential customers are doomed to failure.
Successful entrepreneurs are experts at communicating who they are, what they do and how their product or service will improve the lives of potential customers. If sales and marketing are not your strong point, hire someone to do it for you.
Money Smart
One mistake that often proves fatal to new businesses is a lack of sufficient operating capital. Many new entrepreneurs underestimate how much money they will need to operate their business. They often underestimate costs and overestimate early sales, leaving a lack of adequate funding to force them to close the business before they have time to succeed.
It is critical to accurately determine the amount of money your new business will require over an extended period of time. This includes both start-up costs and the costs of staying in business. Many start-up businesses take one to two years before they become profitable. An entrepreneur needs sufficient operating capital to cover all personal expenses and business costs until revenues can catch up.
You may also be interested in: How to be a successful SME