Business is difficult, but if you put in the effort and have a good attitude, you will succeed.

You may have seen the preceding remark before, and your reaction to it may differ from mine; nonetheless, even if this is your first encounter with it, I am confident you are attempting to validate it.

You may have already decided if the quote is right or incorrect in the true meaning, but that is unimportant here.

Running a business is not difficult; it is technical, therefore if you are a new entrepreneur, here are some traits of a good entrepreneur to consider.

I was informed you had to start anyhow, till I established my first business in 2012- and I am not posting you to frighten you away since the major goal of this material is to share with you what is required of an entrepreneur.

You cannot govern a property if you lack the necessary traits, therefore before continuing, ask yourself if you possess the qualities of a successful entrepreneur. I’ll give you some time to think about it before moving on to the following paragraph.

I recall reading books by Warren Buffet and other famous businessmen that made waves before starting that year, so the brand in 2014, I subsequently discovered something was missing in me (an entrepreneur), these are the attributes I need to represent to be successful.

I changed my mind, and now I’m running two promising companies.

List of qualities you must possess if you want to be a successful entrepreneur

  1. You must be able to plan ahead of time

Entrepreneurs are strategic; they focus on critical planning; for example, planning the location of your firm requires critical thinking.

You should be aware that various things will impact the placement of your business. For example, someone running a butter (margarine) reselling business would be prudent to locate his or her shop next to a bread firm.

This is referred to as strategy, and you must develop it.

  1. You must be enthusiastic about what you intend to do.

It’s strange how I’ve planned company ideas that I wasn’t passionate about; not that I wasn’t inquisitive at first, but as time passes, the passion fades.

If you are in this situation, the best thing to do is to execute your business plan as soon as you strategize it; if you wait for the proper moment or have to delay execution because you believe there is a need for change, your enthusiasm for the company plan may diminish.

  1. You must be a proper executor

When you finish preparing, you must execute as quickly as possible, but the question is, are you competent at executing?

This is a critical attribute for any entrepreneur to possess before starting a successful firm.

  1. You must stick to what you’ve started

Should I claim it’s the most crucial? No, everything is interconnected, yet this is still significant.

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Consider starting a business; if you plan well but are inconsistent, your efforts will be futile.

So, in order to be consistent with your start, you must devote time to it.

  1. You must be intelligent

I know you have this attribute; I know you are clever, but I need you to be wiser when it comes to business strategy and execution.

For example, chess is a game of the brain; it is a game that demands intelligence and a high degree of intellectual ability. The same thing applies to being an entrepreneur; you have a competition, and one of the things that will distinguish you from your competitors is how smart you are.

  1.  You must be determined

You must also be tough as an entrepreneur, which means you must be a businessperson who never gives up. You will undoubtedly become frustrated at some point; you must coach yourself through the process.

You may lose throughout the entrepreneurial race; but you must remember that losing does not mean you cannot begin again; never tire of chasing your passion; and never give up.

  1. You must be able to manage your money

Management ability is critical; it will save you from overspending; with this capacity, you may spend less and earn a larger return provided the right actions are taken.

  1. You must be skilled at bargaining

This is related to management skills, but most entrepreneurs overlook it or mistake it for management abilities in general.

Management abilities enable you to make the most of your pricey, excellent! This topic includes the negotiation skill, so you should be aware of it. It requires more focus, but it also reduces costs.

You must be skilled at bargaining in order to save money. I recall being about to acquire a set of computers for my company; the initial budget was N500,000; but, thanks to my bargaining skills, I was able to relate with the supplier and I purchased it at a lower price.

  1. You must be able to attract people’s attention

Even if you are offering the most valuable product in the world, if you are unable to attract attention, your firm will not expand.

You must be able to capture the attention of your target audience through exposure; here is where strategies come into play.

Your publicity must be able to capture the attention of your target audience; otherwise, you are one step away from failure as an entrepreneur.

  1. You must be an excellent persuader

After capturing your audience’s attention, it is now up to you to persuade them that the product or service you are selling is helpful to them; you must convince them that you have something worthwhile to offer (their money).

You have their attention, but if you can’t persuade them that you have what it takes to offer them your product or service, you’ve failed miserably.

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So, in order to avoid being a failing entrepreneur, you must be a skilled persuader.

  1. You must be willing to unlearn and relearn

If you believe you cannot be correct—as if you are a know-it-all—then be prepared to face problems as a businessperson. You will have to learn new things every day, and in certain circumstances you may have to unlearn what you have learned.

This does not imply that you must abandon the fundamentals of entrepreneurship, but rather that you must be willing to learn new things, even if it means obtaining the information from a coworker.

Above all, ensure that the information you are receiving is not harmful; this is why you are a wise entrepreneur and should filter information.

  1. You must maintain personal relationships with your consumers

This attribute is really important; if you are a good relation person and you interact well with your consumers, you would have no reason for your customers to return to you if your product is worth it.

If you are not in charge of client relations, such as a receptionist, make sure you choose someone who can communicate effectively with your customers.

  1. You must be an experienced risk manager

Aside from finance, you are also the risk manager for your company.

You face the risk of your choice, whether it results in profit or loss.

  1. You must be innovative

You an entrepreneur must be creative, the creativeness goes a long way, it means you can come out with something ground-breaking when it is call for.

This will help when you need an alternative plan- it may be urgent. Your innovative techniques will help you out.

  1. You must be able to withstand pressure

I’ve heard that entrepreneurship is a job where you can work whenever you want; it’s an escape from the rat race, i.e. the 8am-5pm race.

But you should know that entrepreneurs might spend a whole day-restless, planning and reviewing the next plan to follow for the benefit of the firm; I usually woke up at midnight on weekends to work.

Consider this: your employees may have a day off on Saturday and Sunday, even if they work throughout the day, leaving you to your leisurely thoughts and plans.

So the question is can you bear pressure? The pressures of working all day and still ask yourself, hope this is not going to fail me.

  1. You must be a good decision maker especially during critical situation

Matter will arise where you have to make decision in critical times; you have to be a smart decision maker.

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This is good quality especially if you are running a big firm; you need this skill to cover up when everything seems turning down.

  1. You must be upbeat

Everyone dreams; you have a dream with plans in place, and as an entrepreneur, you are encouraged to view the good side of your desire.

Successful entrepreneurs I’ve known see potential in whatever obstacle they face; being positive improves your creativity; you have the impression you can still achieve something even when the situation appears hopeless.

In order to cultivate this quality, you must begin to view any problems you have as an opportunity scheme, as I remind myself- there is always a way out of a bad situation/time.

This brief sentence is what I have been telling myself, and it has served me well.

  1. You must believe in yourself

You should keep this in mind: you must begin with believing in yourself; you cannot reach the pinnacle of business until you first believe in yourself.

Self-confidence is crucial; if you regard yourself as the lesser kind, you must work on it.

  1. You must be good at networking

As your company expands, you will need to engage with more individuals and seek out partnerships; the capacity to connect will make the process easier.

If you have the ability to connect with others, you should also be able to detect opportunities.

  1. You must be a team player

You founded a firm and it is doing well; but, as it expands, you will want additional hands on deck, which will necessitate your collaboration with a team.

Now you must assemble your team, which is not a difficult task, but how successfully can you assemble a team to reach your goals? I am sure you are aware that certain team members will underperform for various reasons.

It is critical that you understand how to develop a team since you will not be able to reach any of your business goals if you do not have a strong team.

  1. You must be tolerant to losing

You will not always win; there will be moments when you will lose, so make sure you are working on accepting losing.

  1. You must be able to coordinate your efforts

Building a team is one thing; being able to coordinate them and assigning them the work you know they are best at is another.

You must conduct a comprehensive survey in order to determine who is best at performing a specific activity; this will benefit your organization.

Conclusion

This is an avenue to assess yourself before beginning a business; if you have already created one, it is not too late to see if you have these entrepreneur attributes.

These characteristics will offer you an advantage and allow you to manage your business successfully.

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