10 Important Things Every Entrepreneur Must Learn
There are several common features and traits that successful entrepreneurs share. Even if you don’t yet possess these traits, you can develop them with practice and perseverance. More than likely though, you already have some of these traits if you are looking into becoming an entrepreneur. Even if you need to work on some of them, you’re on the right track.
Here are ten traits of successful entrepreneurs:
- Confidence – Many successful entrepreneurs aren’t always able to be completely fearless. Some feel the fear and then have enough confidence in their convictions to work through the fear and do it anyway. The more action you take, the more confident you will become.
- Excellent Planning Skills – An entrepreneur makes plans to do things, and they make plans that are actionable. Making plans and setting goals are just part of the process. Taking action is more important than simply planning. Without action nothing becomes reality. At some point after plans have been made, then it is time to take action to get things done.
- Understanding of Cash Flow – Several new entrepreneurs think that income is an indicator of success, but the truth is, without adequate cash flow a business that earns money can still fail. Cash flow management is a critical element in running a successful business. Your bills and payables are due at a specific time, so it is important to stay on top of your finances in your business. Good business owners understand the financials, and don’t allow accountants and bookkeepers to dictate their financial status to them. Know your numbers.
- Knowledge of Their Customers – You’ve heard it before – the customer is always right. For an entrepreneur, knowing what your customer wants is critical. You have to learn to separate your wants and desires from your customers’ wants and desires. The customer should drive your products and services and price points, more than your opinions about what you want to see in the marketplace.
- Effective Branding Skills – As an entrepreneur you have to let go of shyness and promote yourself. Become the expert. Be known as the “go to” person in your niche and you’ll have people looking to you for your products and services. It is difficult to build your brand if you are too afraid to promote your talents and skills. It helps to create something valuable that you’re passion about and it’ll be easy to promote it, and yourself.
- Ability to Take Action – Entrepreneurs are doers, not just idea people. They can hire an idea person, but they know how to put ideas into action. They’re good at identifying opportunities, creating products and services and then taking action to implement the ideas. In order to take action, you need a clear vision and the willingness to overcome obstacles that get in your way. Taking action alone won’t get results, but taking smart action that has a reason will. You must know the difference.
- Staying Relevant – You have to realize that every business that exists today will not be here tomorrow. Think about the technology from the past that has been made obsolete by new technologies. Take VHS tapes, for example. Maybe you have never even heard of them, or maybe you watched them in your VCR as a child. The fact is, they don’t exist now. However, businesses that kept their eye on the future were able to adapt and created other types of storage, like DVDs. Someday DVDs will be obsolete, so it will be wise for any company creating them to keep their eyes open for new technologies.
- Excellent Listening Skills – One skill that successful entrepreneurs possess that really helps them succeed is the ability to listen to what their audience is saying. Not only their audience, but people they hire to help them analyze customer feedback. Listen to customers’ ideas, their criticisms and their desires in order to develop products and services they will purchase.
- Desire for Constant Learning– Successful entrepreneurs are always learning new skills and information. They know how to research and evaluate the market, understand their customers and study their competitors. Constant learning is a very important skill that they have honed. Studying new markets and learning new processes will help you avoid making errors before you even begin creating a new product or service. Plus once they do, they’ll know how to best promote it.
- Smart Networking Skills – Successful entrepreneurs don’t just go to every single meeting or get involved in every single group. They know how to pick and choose the right events and the right way to network with the right people. They know it’s about building relationships with the right people.
Developing an entrepreneurial mindset and building your skills can be a process that you work on as you get started in your new business venture or continue in a business you’ve already started. Identifying where you can improve will help you move forward and become more successful as an entrepreneur.
What are some things you want to learn on your entrepreneurial journey? Tell me in the comments below. Do you want to start your own business? Check out my course “Transitioning from Employee to Entrepreneur” and learn the information you need to know to prepare for entrepreneurship.