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What it takes to be a successful entrepreneur
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Bikky Khosla | 29 Jan, 2013
How to become a successful entrepreneur? What are the traits that bring success? Is there a formula? Dozens of articles have been written on this, but there is no one-size fit all theory. However, when we peep into lives of great business leaders, we find them sharing some common characteristics. I would like to discuss here a few such qualities and urge you to check whether you possess them.
First of all, I think successful entrepreneurs don't view risk the same way ordinary people do. Risk-taking is an important aspect of entrepreneurial life, and a successful entrepreneur is he who has a strong faith in himself and in his ideas. There will always be detractors, but they are unafraid to fail, to take risks, and aim at tasks that are not easy to accomplish. Nonetheless, while opting for a risk, they don't play like gamblers. Awareness and faith in own ability are key to a successful entrepreneur's unique perspective on risk.
Entrepreneurship demands hard work. Success comes to only those who dares as well as works hard. Ask any successful entrepreneur and they will tell you how much they have to work to start their business or to stay in business, and it's hard work by which they attract luck to themselves. Besides, they act smart. They are passionate with what they do, but know their limitations and stick to their core competencies. They can set clear goals, and plan and organize. Patience and perseverance bring success to their hard work.
Thirdly, I believe that leadership quality is a must for success. An entrepreneur cannot make his company succeed by himself. He has to work through others, and for this he must be able to identify the right people, communicate his vision, instill passion, and generate enthusiasm. A leader needs to earn respect, for which he must nourish a sense of ethics and integrity inside himself. He must set an example to employees, demonstrate positive moral as well as work qualities, and accept responsibility for actions.
And finally I would like to mention about learning. Personally I believe that every entrepreneur should seek to become better. Of course, to be a successful entrepreneur, you don't necessarily need to have a big business degree. In fact, you cannot learn a lot of things in college: how to build a business, make money, how not to be betrayed, how to fail and bounce back, and so on. But it is the real world where you cannot afford to stop learning. It's not an option.
Of course, and the list cannot end here, and there are many other qualities such as ability to adapt to changes, business and industry knowledge, organization and management capabilities, marketing skill, innovative mindset, competitive spirit that are some important aspects of entrepreneurial life. I hereby invite our readers to share their entrepreneurial experience. Your insights would certainly help budding entrepreneurs.
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n.b.lall | Thu Feb 14 12:14:50 2013
Good initiative
Guidance
Ms E. D'Silva | Mon Feb 11 13:07:11 2013
I am employed, but motivated to start my own small business after reading your article because I feel I have what it takes to be a successful entrepreneur. Have been pondering over it for a while now. Only I cannot decide on what exactly I should do. Any suggestions about where I can find guidance particularly with regard to investment and know-how. Maybe this is just what will make me take the leap!
Thanks .
Dr Suryakant Deshmukh | Sat Feb 9 04:38:47 2013
Very real story of small and bog entrepreneur life, everybody has to go through this phases in businesses.
Thanks Bikky
Harry Singh - Employed | Fri Feb 8 04:56:57 2013
Thanks Bikky, I think your article is a very good read and I like the way you have ended the article by saying Of Course, and the list cannot end here and asked others to provide their insights. I personally believe it is all about synergising and learning from others. However, some people have taken this into different tangent of so called missing attributes. I am sure this should not sway you away from writing. Thanks once again
Thank;s
Engr.Khaled Rahman. | Wed Feb 6 17:27:36 2013
I have found some guide for good experienced guiders & I want to believe that honest and leadership-minded always go ahead. Insa-allah. Thank You Very Much I am Enge.Khaled (Managing Director). TALUKDER ENGINEERING LTD. Please Pray for me Everybody. Give me yours big hand.
Trust among the channel partners
Arfin Ahmad | Wed Feb 6 08:10:49 2013
Indeed a very informative and motivating Article!!
I would just like to mention one point. Your entire business is dependent upon your channel partners. We must never undermine them while on the roller coaster ride of success. Always make a very respectable relation with them. Even though you are paying them, that doesn't guarantee their support in crunch situations. For their support, one has to make a bonding with em. Respect them, what ever the dimension they are of. Support them out of way in their difficult times and you will win them.
You need them on both times, when you are getting huge orders and when you are down and dusted. Never have an attitude of use and throw for your channel partners, coz you never know, when you will need them badly.
Regards.....Arfin Ahmad
good but old
Vijay | Wed Feb 6 02:20:15 2013
Can anyone say how to increase the financial ability to become successful.
Confidence and courage
Crowly Mathew | Fri Feb 1 10:51:10 2013
What all qualities the entrepreneur have or must have the most important thing also include the confidence and courage to stay calm and face things when everything planed and scheduled do not work the way he/she wanted.
what it takes to be a succesful entereprenur
Jeetu | Fri Feb 1 05:21:06 2013
Very good
Adhere to quality
Nand Kishore Bohra | Thu Jan 31 03:16:44 2013
Very informative article. But in addition to that I would suggest that whatever you do in the business do it with excellence in all areas concerned.This will always put you in limelight of customers irrespective of price factor and competitiveness.
My views
Anju Agarwal | Wed Jan 30 14:23:40 2013
An Entrepreneur must be confident, calculative, efficient to tolerate uncertainty, versatile, soft spoken & of powerful personality.
Skills for becoming successful entrepreneurs
Sudesh Desai | Wed Jan 30 11:47:09 2013
One of the important skills is the feeling about the business and the outcome, another one required is creativity also this person has to be a great opportunity seeker with initiative . I have personally seen many people become successful through proper training.
Hurdles & fund
Bimal Agarwal | Wed Jan 30 11:32:47 2013
I read your articles . its nice but I want to know that if it's problem on inflation and lack of fund then what should we do?
Must be focussed
Joson Arimpur | Wed Jan 30 11:14:05 2013
I agree with all the points. I just want to add one more point - 'to be focussed'. This is also a very important factor for the success. As anyone enter to any field, especially the person who don't see risk, you see a lot of avenues which all looks green. As a person, we cannot achieve all, you cannot make all success, you will not have so much bandwidth to handle all. So, I feel having focussed approach - one at a time attitude - will definitely add value to the process and this will automatically help the entrepreneur to achieve what he wants.
What it takes to be a successful entrepreneur
Vrujlal Jagani | Wed Jan 30 11:00:00 2013
I think Beside all mention quality, financial support is also necessary in today 's competitive market. Sourcing low cost money, reducing payment cycle through good logistic system are also critical point to be become successful entrepreneur.
Prudential money management
Prithviraj | Wed Jan 30 10:22:18 2013
I read through the article. While I agree on points mentioned I like to add prudential money management skills is another trait.
Well-written and lucid.
You must have a supportive family
Gautam Mukherjee | Wed Jan 30 09:31:14 2013
I being an 1st generation entrepreneur know the hardship it takes. You must have a supportive family otherwise do not expect any support from anybody. One has to be very cautious in picking up business partners. Take the right risk. Should always have a cap on the amount of risk one take according to his or her capacity. Taking no risk or little risk or taking over risk all have killing effects on the business. Communicate well with your channel partners and staffs. Keep solid accounts. Watch for the Govt. rules. It is not wise to flaunt the rules for a long time.
What will such entrepreneur do in recession?
Narendra Pendse | Wed Jan 30 09:27:59 2013
Very good article. Please explain what an entrepreneur do in recession time? Which actions he will take?
Have to be philosophical too
K. R. Ganapathy | Wed Jan 30 09:13:38 2013
Absolutely fine with what you say. At times he has to gulp sadness when things go against him. This may be on account of finance, pressure from outsiders for parting benefits against his wishes. One has to be philosophical too.
Current article
Shrimandhar Balasaheb Patil | Wed Jan 30 08:59:27 2013
Simply great .
Crisp and clear
J CRao (9892329151) | Wed Jan 30 07:06:25 2013
Well said. Crisp and clear.
Well…..I feel the attributes / attitudes of an able entrepreneur can be defined as:
Entrepreneurship lies in the ability to cross check one's own confidence against the ground realities before taking up entrepreneurship.
Partnership - ne more element
Ar. Asmita K. | Wed Jan 30 07:05:16 2013
We are taking our first step into the world of entrepreneurship. I feel that all of the above mentioned qualities of an entrepreneur are true and must but these are built step wise in the journey towards success I feel.
There is one more character I would like to mention, that is, the bond one shares with ones business partner/s (if any). It is must to work on the mindsets, capabilities and definition of success of all the partners and it must match. One of our professor used to say, that if one wants to run a successful business with a partner, their level of understanding towards each other should be exactly like the one between a husband and a wife.
What it takes to be a successful entrepreneur
V.S.Jagadesan. | Wed Jan 30 06:59:54 2013
It is certainly true. An entrepreneur should take calculated risks to achieve his objectives. Without taking risks one cannot find success. And the last point you mentioned is absolutely true, ie, an entrepreneur should be ready to learn things day to day irrespective of his age and experience. He should evolve new ideas and methods to stay in business. This what I am doing still at the age of 62 years.
What it takes to be a successful entrepreneur
Kamal Agarwal | Wed Jan 30 06:46:24 2013
i fully endorse the above point being mentioned, along with these, i strongly advocate that the "FINANCIAL DISCIPLINE" is also the key most factor to be an successful entrepreneur.
Financial discipline means to follow the fundamentals of finance, to maintain highest ethical values and norms of financial transaction/dealing while setting terms and condition for carrying out business.
Add on
Hareesh | Wed Jan 30 06:22:21 2013
I understand that to become an entrepreneur you should also posses VISION. Although you have clearly mentioned on planning, vision about the future is the material which can help you to sustain as well as grow your business to the next level. As you rightly put in, learning is what triggers a clear vision. Nevertheless, it is a beautiful article and a crisp one to go through without wasting time and understanding the topic.
Appropriate to appeal to budding entrepreneurs
Sadik Basha.M | Wed Jan 30 05:42:34 2013
I have gone through the article you have posted and found it appropriate to appeal to the budding entrepreneurs to do better, but i feel that you can still give the information in an elaborate way. Giving more on interpersonal skills and personal trait.
Leadership quality
Sanjay Agrawal | Wed Jan 30 03:10:01 2013
I am working in private company .
I want to improve leadership quality.
so, I want to improve myself and our staff.
Lack funds
Khoo Ah Loi | Wed Jan 30 02:14:16 2013
Sir, I am completely in line and agree to all that you wrote. I do possess entrepreneurship and do possess a social innovative business model since 2001. See, I am still toying at it simply because I do not have the sufficient funding to takeoff and yet to meet an investor. If you can help, funding amount US$150 mil. with this amount, I can make happen my dream and create thousand of budding entrepreneur to be millionaire.
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Ability to generate funds
Sudesh Desai | Wed Jan 30 11:53:52 2013
If a person is possessing the entrepreneurial skills , then he is supposed to able to generate the required funds, I feel we should check, the skill of ABILITY TO GENERATE FUNDS.
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Somebody describing me. . .
Ivo Marinov | Tue Jan 29 23:39:54 2013
Thank you very much for the article.
When I was reading it, it was like somebody describing me there...amazing
Best regards
Ivo Marinov
President & CEO
Atlanta Chemical Engineering LLC
Phone: 770-490-2814
Text Message : (270) 776-9703
Fax : 770-528-1750
www.atlantachemical.com
Touched on the main points
Mary | Tue Jan 29 23:05:22 2013
Great article! You have touched on the main points of a person that is an entrepreneur. Believe me, most people do not have these traits. It's a special person that can take the reigns and make it happen.
Successful entrepreneurs
Humphrey Chang | Tue Jan 29 21:36:59 2013
Dear Sir / Madam ,
Your article covering how to makes interesting reading. However, some missing factors would probably help other readers to realize it, unless such readers are already ahead of me in my humble opinion.
this is the ability amongst others to be able to forecast or to have a business foresight. Certainly good observation ability plays a critical role to be successful .
There are quite a few other factors which I will write upon your acknowledgment of this email
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Re: Successful entrepreneurs
Raj Bahadur Chaudhary | Sun Feb 10 08:42:42 2013
Very good message for those who are working in promotion of entrepreneurs in developing country.
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