5 qualities that every entrepreneur must have
If you are planning to start your own business, these recommendations will give you the push to turn your dreams into reality.
As an entrepreneur who continues in school, I am often approached by colleagues looking to start their own business. Some have great concepts, but when I ask them what they have done to put it into action the answer is usually: nothing.
Anyone can start a business regardless of their age. After creating my companies and living with successful entrepreneurs, I have noticed that most of them share these five characteristics:
- Passion:- A startup founder is often guided by the search for a hidden purpose beyond the mechanics of running a business. The mission for my startup, Yes Man Watches, is to make people see that the most valuable asset of their life is time.
I wake up early each morning because I do not want to waste my day. If you have a passion for your startup, this will take you to make your idea a reality. Without that spark, you will not have the necessary motivation to put up with the nightmares and the sleeplessness to launch your business.
- Perseverance:- Entrepreneurs must be able to deal with obstacles. A business is not built overnight, it takes time. You must get used to people telling you no. What makes an entrepreneur great is the perseverance to grow despite the number of times they rejected them.
When I was creating a supply chain for my startup, we looked for 20 watch manufacturers. After approaching about 10 I got tired of hearing that the buckle could not be made. Without perseverance, I would have surrendered.
The follow-up is the key. People can give you many excuses for not contacting you. But if you are persistent in trying to make things happen, you will probably succeed. For a Kick starter campaign, I contacted several writers in a single media outlet in the hope of contacting one who wrote about my company. Although the conversion rate was minuscule, it only takes one person to make a difference.
- Ingenuity:- A vital skill for an entrepreneur is knowing how to make the best of what he has. Your assets as an entrepreneur are limited, so use them well. Using a network is key. When I was looking for a photographer, I went to the photography department of my university and the staff sent an email to the students who wanted to make their portfolio. In a week, I had professional photos.
- Open mind:- As an entrepreneur, you may think that you do not need a business plan, but you must learn to accept the options of others. Then, if it turns out that your plan did not work, adjust yourself. As Mark Cuban once said, “Follow the money, not the dream.” If the startup of your dreams will not give you money, maybe you should change your focus.
When my friend Morgan Schwanke started OnMyBlock, he wanted to focus on a social platform for college students who wanted to find off-campus houses online. Now he focuses on renting an off-campus space that provides tenant listings to homeowners and facilitates the realization of rental payments.
- Nature of sponge:- Being an entrepreneur means that you will learn in the process. If you are not willing to do this, think about leaving the startup world. You need to be able to absorb everything you can, like a sponge. The more you learn, the better.
When I started Yes Man Watches, I did not know anything about making watches. I researched everything I could about that. Now I know a little about watches, from the types of stainless steel that are used to make the watch case to the variety of batteries that are needed.
The entrepreneurship is much more than a 9 am to 5 pm No respite without thinking about the progress of my career aspirations. If you have an idea that you want to make a reality, do it! You will never know the result if you do not try.