Typical Traits of Successful Entrepreneurs
As you probably know, many businesses fail within their first few years. Getting a business off the ground successfully requires a combination of a sound business concept, skill, effort, and timing.
Knowing what it takes to start and keep a business running is critical to the successful launch and on-going existence of any venture. A realistic assessment your own skills and motivations as they relate to potential 'success factors' is just as critical. Successful entrepreneurs typically have a number of similar skills and characteristics. Self-employed consultants and contractors may not need the compelling vision and significant funding required of an entrepreneur whose dream is to build an empire. However, many of the skills required to work for yourself and earn a decent living are still relevant. You may find some of the points made below obvious but a periodic review of the basics is always a good idea.
Typical traits/skills of successful entrepreneurs include:
- Product/expertise
In order to survive, all businesses need a product that is in demand. Consider your technical know-how and any industry-specific knowledge you have as your product. What is unique about you and the experience you've gained throughout your career? How can you present this to potential clients so that they see the value of what you have to offer?
- Strong motivation/desire to achieve
Working for yourself requires a huge amount of dedication, discipline and drive. You must be able to get up every morning and get to work without the support structure of a demanding boss or hustling co-workers to keep you going.
- Marketing and sales skills
No matter how good you are technically, you will have to market and sell yourself. This requires a healthy dose of self-confidence not just in your technical skills but in your ability to find and land assignments as well. You will have to get potential clients to believe that you are the best person for this task before you will get a chance to show off your technical competence. You'll need conviction that YOU can deliver a polished product that meets your customer's needs.
- Integrity and follow-through
You will make many commitments and promises in providing service to your customers. You must do what you say you will do when you say you will do it. If you realize you won't make a deadline, let your client know IMMEDIATELY, preferably before the deadline arrives, and make a new promise. Keep in mind the old adage, "Under-promise, over-deliver."
One of the keys to building a successful practice is having happy, satisfied customers. Satisfied customers will re-hire you and refer new business to you.
- Communication skills
Both oral and written communication skills are required for networking, marketing, sales presentations, project proposals, project/client management and documentation of your finished product. An inability to convey thoughts clearly and concisely in conversation and in writing may detract from your credibility as a professional. If you are weak in this area, consider taking a business writing course at a local community college for brush-up tips.
- Interpersonal skills
The ability to work with all levels of people and all types or personalities within your client company will be critical to your success in getting your projects done in a timely manner. There may also be occasions when you need to solve a problem or negotiate sensitive issues. Building allies within the company will make it easier for you to get the access to the people and resources you will need. Keeping a cool head under pressure will help you get through whatever difficult times you may encounter.
- Professionalism
First impressions really do count. Even though a lot of companies have adopted casual dress codes, when making 'sales calls' or customer visits, make sure your appearance makes a statement about the high quality of work they can expect from you. Regardless of how you may feel about it, people who don't know you and your work will 'judge your book by its cover'. Your appearance is part of your marketing package. Avoid giving people reasons to complain or think less of you. Return phone calls promptly, be prepared for and be on time for your meetings.
- Healthy relationship with money
Money is one of the vehicles for living well, it is not the point of living. If you've started your business just for the money, you may at some point find yourself hating what you do and feeling trapped.
Further, there are many financial activities involved in running a business from reporting and filing taxes to paying subcontractors and vendors. You need to treat the money that flows through your business with respect or hire someone reliable who will do this for you. Pay your bills on time and it will be easier to hold your clients accountable for them paying their bills on time to you.
- Planning skills
In addition to planning out how to tackle the technical problems of the project, you will need to provide time-estimates for pricing quotes to get business and plan your days and weeks effectively to meet the delivery schedule you've committed to. People sometimes complain they have too much to do to take time to plan effectively or just prefer "going with the flow." Running a business this way is an unconscious plan for failure. If you must, be spontaneous during your time off.
- Problem solving skills
Problems come in all shapes and sizes. You may have technical or data source issues to deal with or unresponsive clients, Working on your own, you probably won't have colleagues around you to bounce ideas off of. You won't be able to rely on your buddy in the next cubicle for quick answers. You must know what resources you have available to you to handle the challenges of getting your project done in a timely manner.
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