Just what does it take to be an entrepreneur? Writer and blogger Neil Hanks states that all successful entrepreneurs exhibit these 5 pillars of strength.
1. They’re Innovative
Most entrepreneurs think that their ideas are innovative when they start their business, but whether or not they truly are will dictate the long term success or failure of their business. One of the biggest barriers to innovation is the refusal to acknowledge that your idea is already out there – and possibly being done better by someone else. True innovation comes from taking the kernel of your idea and standing it up against your competitors to see if if can really give them a run for their money.
2. They Aren’t Afraid to Take a Chance
Being an entrepreneur is not for the faint of heart, but the “if you build it they will come” mentality doesn’t always work either. It takes a balance of solid planning and research to justify making those leaps of faith.
3. They’re Willing to Work Hard
Some people become entrepreneurs because they think that being your own boss means being able to do whatever you want – think again. While technically you can do whatever you want when you own your own business, to be successful you need to want to work hard to do the things required to grow your business. There is no quick fix for business success and overnight success is usually the result of a lot of sleepless nights.
4. They Know How to Manage Money and People
Some entrepreneurs try to spend money to grow their business, others try to hire people, still others do both – most do it poorly. Spending too much on the wrong things and not enough on the right ones will sink your business (and potentially your relationships if one of your spends involves hiring a friend or family member). Do whatever it takes to get the people and money expertise you need to make the right decisions in these areas.
5. They Are Passionate About What They Do
Of course at Kyosei Coaching we believe that being passionate about what you do is one of the highest priorities for sustaining success as an entrepreneur over the long term. Getting into a business just for the money making potential is not likely to sustain you when times are tough and the money doesn’t seem to be coming in as fast as you would like it to. Having a purpose for being in business beyond making money will drive the persistence needed to innovate past your first few “failures” in your business and get to the success stories.
If you are an entrepreneur who has been “around the block” a few times, feel free to let us know what you think has been key for your success.
Ready to supercharge your entrepreneurship skills?
Read more on the strengths necessary to become a great entrepreneur at Kyosei Coaching and Kyosei Consulting:
- How Fear Blocks Your Ability to Create a High-Performance Workplace
- Where a Smart Entrepreneur Spends Money
- Conscious Entrepreneurs Balance Impatience and Perfectionism
- Why Perfectionist Entrepreneurs Fail to Thrive
[SOURCE: The post The 5 Strengths of an Entrepreneur appeared first on Kyosei Coaching.]