While there’s no cookie-cutter formula for creating a successful entrepreneur just yet, there are some skills and attributes that all successful business owners have in common. Whether you are setting up your very first business or you’re looking to head into a different direction and add another revenue stream to your quiver, going it alone can be incredibly rewarding.
To give you a helping hand and ensure you’re not entering into entrepreneurship blindly, we have put together everything you need to know about becoming a good entrepreneur…
Ability to Spot Gaps in the Market
One of the most important skills required in order to be an entrepreneur in 2019 is the ability to spot gaps in the market and know when there’s an opportunity under your nose. In changing markets and economies like Colombia, for example, there are some significant opportunities for businesses and individuals that are willing and ready to give it a go, but not everyone has the natural ability to see potential in a business venture or spot an area where growth is imminent. As an entrepreneur, it’s your responsibility to find those opportunities and jump on them as quickly as possible. If you’re too slow, then the chances are that a competitor will get there first, and you’ll be left out in the cold while they flourish in the niche.
If you only take away one piece of advice then let it be this - you’re not going to find the next million-dollar business idea in your bedroom or rented office. You need to get out there, meet with real people and businesses and discover what challenges they’re facing. Put in the time in the early days to truly understand your niche and target market, and the results will come.
It’s all well and good having a great business idea, but if you’re not willing to put in the hours to make it work, then you’re not going to get anywhere. That’s why military veterans often turn to entrepreneurship following combat, as they have the necessary hard-working attitude and discipline required to make their ventures work.
If you don’t think you’ve got the time or the stamina to put in sixteen hour days to get your business off the ground, then the chances are that you’re in the wrong niche. Entering into a market you’re passionate about, and where you think you can make a real difference, will help you stand out from the crowd and take your business to the next level. Simply chasing success or money won’t cut it - you’ll soon be burned out and won’t want to keep going.
A Passion for People
One thing that many businesspeople forget when setting up new businesses is people, and putting your staffers before anything else. Sure, you may not need an office full of staff if you are operating in a niche where you can work from home, but you’ll still need to interact with other people on a day-to-day basis, and know how to be a good boss when the time comes to recruit. Therefore, spending time in a business management role will help - even a customer service role in your early days of college and university will aid in your development and enable you to speak to people with confidence, and understand their needs.
Never underestimate the power or importance of your staff. No good business is successful on its own, and behind every successful entrepreneur, there’s a team of hard-working and talented staffers who are putting their all into getting your business off of the ground. Think about their needs, show them respect, pay them handsomely, and invest in their careers. A happy team will make for a happy business - don’t let greed or growth get in the way of that.
Propensity To Take Risks
Finally, no successful business leaders would be where they are today without taking a risk or two in their time. Indeed, in order to fully realize your potential and find an idea that works on a grand scale, you must be prepared to spend your own money, go after opportunities that may or may not be lucrative, and work hard until you get there. Whether you’re a young entrepreneur with lots of ideas of an experienced business veteran with decades under your belt, if you’re not willing to take a risk and see what happens, the chances are that you’ll fail.
Having said that, you should take sensible and calculated risks, rather than jumping at the first available opportunity and expecting to find overnight success. Use your experience and listen to your gut instinct, and work with a business mentor or advisor if you’re struggling.
Global Attitude to Growth
In today’s globalized times where businesses are swallowing each other and expanding into territories that they had never dreamed about, it is essential that you take a global attitude to business and entrepreneurship. It’s not enough to want to dominate in your home town or country - you must be able to set long-term goals and look for opportunities outside of your comfort zone, or you simply won’t be able to compete with other businesses who can offer their services on the global stage. Hire the right people, explore new territories as a business person, and don’t stop until you’ve achieved your ambitions. The world isn’t going to come to you, even if you have the best products - you need to go to the world and sell your products and services to people in all territories, regardless of language, location, or competition.
There you have it - some of the most important things to consider if you want to become a successful entrepreneur in 2019 and beyond. Take your time, make sensible decisions and you will soon be on to a winner. We wish you the very best of luck with your new venture.
DISCLOSURE: I have no financial interest associated with the contents of this article
The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: https://www.equities.com/disclaimer