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5 key traits of a successful entrepreneur

Last updated on: June 6, 2012 15:02 IST

5 key traits of a successful entrepreneur

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A keen eye for detail will help you spot trends, but having an affirmative spirit is essential to overcome failures and battle negative criticism writes Dr Cheema, Dean and CEO of Institute of Future Education and Entrepreneurship Learning, Pune.

While most of us may have the skills, entrepreneurship is an art mastered by few.

You may not have an innate ability to foresee success, but you can definitely develop some traits that will help you succeed in your venture.

What are these traits that will make you a successful entrepreneur? Read on

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1. Look out for what's new and interesting

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S/he must nurture a habit of looking out for new and interesting products and services that are affecting / changing people's lives / lifestyles.

With constant change in the lifestyle needs of people, both urban and rural, there are new needs -- not always spelt out, but will find acceptance if offered.

Hence an ability to observe and absorb will provide the raw material required to inspire a new business idea.

It's equally rewarding to meet people from different walks of life, professions, social status, and educational backgrounds. This greatly opens up the mind to various opportunities.

Illustration: Dominic Xavier





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2. Ability to move beyond criticism and failures

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An entrepreneur is many a times a lone soul.

And if s/he is into something unique, then initially may find disbelief and ridicule coming more often than support.

While it may be easy to brush off feedback from peer, when a successful person finds faults in the model, it may be tough. But here is where the almost stubborn spirit of the entrepreneur will play an important role in moving beyond criticism.

It is quite likely that several failures will come by; creating doubts in ones own ability. This is when an entrepreneur will need to learn the ability to move on.

Easier said than done, this is primarily why many entrepreneurs give up on their dreams mid-way and settle in for something more stable. But watching out for an appropriate entrepreneurial opportunity within one's workplace or outside can keep the ball rolling.

Illustration: Dominic Xavier




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3. Ability to work with people who complement your abilities

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It is important to know where we lack in skill or abilities and find people who can fill in these gaps.

If you are an ideas person, you need someone who has a passion for execution.

If you are a person who is not finance savvy, you need a person who is a numbers person.

But while doing so, it is important that the team has a common goal -- a dream that it is driven by.

Identify people more for their passion and talent than for their past successes and experience alone.

Illustration: Uttam Ghosh




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4. Ability to identify ways of scaling up

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Several entrepreneurs get stuck at a level in their business from where further growth becomes a challenge.

Learning how to scale up the business, which may involve using technology, people, and process will assume priority.

This can make the difference between a small time business enterprise owner and someone who has made that leap to something bigger.

Illustration: Dominic Xavier




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5. Keep updating yourself

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As an entrepreneur, it is required to constantly remain in touch with new developments and changes that are taking place.

This also calls for networking with people in the business and outside so as to increase ones circle of learning and influence.

One can make it a habit to have a learning budget from an early age for e.g. spend at least a percentage of one's money on attending seminars, conferences, exhibitions, visiting new places where there is some interesting work happening, subscribe to books/audio video material.

This habit then plays a vital role in ensuring he business is sustainable and possibly help in venturing into newer areas.

Entrepreneurship is first a state of mind, then of action and then becomes a habit.

Sometimes, the desire not to be one among many working within cabins (read boxes) can inspire you enough.

Illustration: Uttam Ghosh




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