Would-be entrepreneurs might have stumbled across a sobering statistic: that most businesses set up in the UK fail within their first five years. Many of these failures can be attributed, at least in part, to the personal traits and habits of those charged with overseeing the business. Successful entrepreneurs possess qualities that unsuccessful ones often lack. It might be tempting to suppose that many of these are innate, and can’t be acquired through training and practice. But is this really the case?
Flyer and leaflet printer instantprint, created a list of some of the most standout characteristics you can find in a successful entrepreneur. Let’s take a look at some of the traits:
Table of Contents
Creative Problem Solving
Creative Problem Solving is so critical that it even has its own acronym (CPS). A successful entrepreneur is, by definition, someone who can identify a common problem and devise (and market) an effective solution. For example, you might invent a new and more effective kind of vacuum cleaner. Equally, it might mean reorganising a supply chain in such a way as to eliminate waste and improve efficiency, thereby putting you at a competitive advantage relative to your rivals.
Being Open-Minded
But coming up with new and revolutionary ideas in and of itself isn’t enough. You’ll also need to be receptive to new ideas and criticism from those around you. If you surround yourself with people whose only role is to say ‘good idea, boss!’, then stagnant thinking and blind spots are inevitable. Groupthink and echo-chamber environments are real problems, especially when there’s a social penalty on being the naysayer. Counter this by encouraging dissent, and be pro-active in your search for potential weaknesses. One common exercise is a pre-mortem; this involves imagining that your business has failed, and then considering the most likely reasons.
Hunger for Challenges
Entrepreneurs love to be challenged. This is essential, as business presents a myriad of challenges. The moment one is overcome, you’ll be moving onto the next – and you might find yourself occasionally stumped. If you’re the sort of person who will give up at the first sign of adversity, then this is probably not a lifestyle for you. instantprint develop on this trait by saying, “being realistic doesn’t mean sticking to your comfort zone. In fact, business owners will generally spend the majority of their time outside of their comfort zone, which for most of the population is employment (as opposed to self-employment)”.
Long-Term Planning
Entrepreneurs also have the ability to think consciously about what’s going to happen in years’ time to plan for it. If you’re merely putting out fires and worrying about the day-to-day running of the business. Then, you may find yourself blindsided by more long term problems.
Knowing Your Limits
Success in business doesn’t always mean working as hard as possible for as long as possible. Occasionally, you’ll hit the limits of your own skillset. Rather than trying to do every job poorly, you should learn when to recognise when you’re outside of your comfort zone, and seek outside assistance.
Passion
Entrepreneurs need to love what they’re doing and be passionate about the project. Without this, it’s impossible to work to the required standard. The hours can be long and trying, especially when the way forward is unclear, but and your enthusiasm might sometimes be all that sustains you. Printing company, instantprint expand on this point. They say that “a passionate business owner doesn’t only inspire themselves, but they inspire their employees and, most importantly, their customers”. Happy employees and happy customers can only lead to more success, right?
About Carson Derrow
