How to Develop The Characteristics of a Entrepreneur

Being an entrepreneur is a dream for many people, but it’s not easy. There will be a lot of hard work and dedication involved. Luckily, people succeed all the time! If you’re interested in following your dream, working for yourself, and becoming the next big entrepreneur, then you’ll need a set of characteristics and skills that set you apart from your competition. Anyone can practice and learn these skills, so get started now!

[Edit]Steps

[Edit]Personality Traits

1. Try new things to get yourself used to experimentation. Entrepreneurs are tinkerers and innovators, so experimentation is part of the deal. You need to be comfortable trying new things to find creative solutions. Get yourself used to this by always seeking out new experiences in your life. This way, trying new things will seem natural to you.^[1]
   
   • One way to open your mind is to read in a lot of different genres and topics. This way, you’re not pigeonholed into thinking in one particular way.^[2]
   • You could also make a commitment to order something you’ve never tried before every time you go to a restaurant. This seems simple, but it really helps get you in the right mindset to seek new ideas.
2. Challenge yourself constantly to learn about perseverance. You’ll have to overcome a lot of obstacles as an entrepreneur. Make yourself competitive with yourself every day. Set goals in all areas of your life and work to achieve them. Then when you face business challenges, you’ll be ready to tackle them head-on.^[3]
   
   • This can apply to all kinds of things in your life, as long as you're overcoming obstacles. You could challenge yourself to take 10 seconds off your mile time, or finish a book in a week.
   • There are also goals you can set for your business ventures. For example, you could say you want to get 1,000 daily visitors to your website and work to make that happen.
3. Motivate yourself to stay committed. When you’re an entrepreneur, there is no one telling you what to do or making you stay on task. This is part of the appeal, but it could also be a problem. You really need to work to keep yourself motivated. Work on your self-starting skills and avoid putting things off so you’re always in the mindset to work.^[4]
   
   • Setting goals and deadlines for yourself is a good way to stay on track. Even if they’re arbitrary deadlines, it helps you stick to a schedule and motivate yourself to keep going.
   • When you do have something to do, avoid procrastination. It doesn’t matter if it’s schoolwork or household chores. Get everything done right away so you aren’t used to procrastination.
4. Practice being a leader. Entrepreneurs are the heads of their organizations, so you should be comfortable leading and making decisions. This is a lot of pressure, so it takes some practice to get used to. Work on being a leader in your everyday life so you’re more prepared to succeed as an entrepreneur.^[5]
   
   • Volunteering to lead clubs and activities is a good way to practice. You could also serve as a team captain if you play sports.
   • Understand that being a leader doesn’t just mean being the boss all the time. You need to pay attention to the people around you and address their needs. Inspire them to follow you, don’t demand it.
5. Be a quick decision-maker so you can adapt to any situation. While it’s important to consider all your options and weigh the consequences, don’t take too long. Entrepreneurs aren’t passive; they have to make decisions and stick with them. If you feel like you have a tough time making decisions, then work on being more decisive. This will help you make the right calls quickly as an entrepreneur.^[6]
   
   • Making a quick pros and cons list is a good way to improve your decision-making skills. Once you’ve looked at the possibilities, make your call.
6. Get comfortable with taking risks. Being an entrepreneur is inherently risky. If you’re naturally risk-averse, then you’ll definitely have to work on raising your risk tolerance. This will help you make the winning decisions that might be risky, but have huge payoffs.^[7]
   
   • Stepping out of your comfort zone by trying new things is a good starting point to getting more used to risk.
   • A good way to get better at making risky decisions is studying probability. Understanding the chances of a certain outcome are a good way to weigh your risks and make the right call.^[8]
   • Realize that “risky” doesn’t mean “reckless.” Entrepreneurs take calculated risks after they’ve spent time studying and learning.^[9]
7. Develop ethics and integrity so people are willing to work with you. If you regularly cheat people or lie, eventually, no one will want to work with you. Keeping your word and using ethical methods builds your reputation as an honest businessperson, which will help you a lot in the long run.^[10]
   
   • Be honest when you interact with people to practice keeping your word. If you do tell any white lies, identify that and commit to doing better next time.
   • Using shady or underhanded tactics could even land you in legal trouble as an entrepreneur. It's best to develop ethics and integrity early on so it's second-nature by the time you're successful.
8. Train yourself to overcome failure and setbacks. Every entrepreneur fails at some point. Even the most famous ones can rattle off dozens of ideas and business ventures that didn’t work out before they found the winning formula. The key thing is not letting it get you down. If you fail, don’t worry. Move on to the next opportunity or idea to keep going forward.^[11]
   
   • Remember that there is something to learn in every failure. If something didn’t work last time, review what happened and adjust it for next time.
   • Having backup plans, like more than one venture, is a good way to help yourself deal with failure. You’ll always know you can move on to the next project if one doesn't work out.

[Edit]Practical Business Skills

1. Study accounting and finance so you can run a business. Developing an entrepreneurial mindset is important, but don’t forget about the nuts and bolts of running a business. Understanding basic accounting, finance, and administration will give you an edge in building a successful business. The best part is that there are tons of cheap or free ways to educate yourself!^[12]
   
   • There are plenty of online classes you can take on accounting, finance, and business administration. Websites like Udemy or digital college courses are great resources.
   • You can also learn plenty by reading. Good finance articles and books are published all the time, and you can find most of them for free online or at a library.
2. Stay organized so you can multitask. You’ll be doing a lot of things at once as an entrepreneur, so organization is key. Prioritize your tasks, stick to your calendar, and work through your to-do list methodically so you can focus all your energy in the right places.^[13]
   
   • Get into the habit of keeping a schedule and setting reminders when you have things to do. This way, you’ll get into a more organized mindset.
   • A lot of entrepreneurs like making old-fashioned to-do lists. This will keep you on track so you know what you have to do.
   • A neat workspace is great for feeling more organized. Whether you work from home or in an office, tidy everything up and get rid of clutter so you’re ready to work.
3. Become an effective speaker and communicator. As an entrepreneur, you’ll have to communicate your ideas and sell them to others. This is important for getting investors, customers, partners, and any other support that will help you build your business. If you aren’t a strong communicator, then there are a few things you can do to get better.^[14]
   
   • A great, simple way to become a better communicator is just talk with as many people as possible. Strike up conversations and keep them going for as long as you can. You’ll get comfortable talking to anyone this way.
   • You could join a local Toastmasters club if you really want to work on your public speaking and presentation skills.
4. Develop skills in salesmanship to get supporters and customers. At its core, entrepreneurship is all about sales. You’re selling your ideas, products, or services to others who are willing to pay for them. If you’re not good at selling yourself and your ideas, then this is a must-have skill to build.^[15]
   
   • There are a lot of books and articles on sales. Check your library for some of the required reading if you want to learn sales techniques.
   • Working on your communication and speaking skills will definitely help your sales
   • You could also start working an entry-level job in sales. It probably won't make you rich, but you’ll get a ton of experience as a salesperson that will help you.
5. Learn the laws about forming and running a business. There are all kinds of laws and regulations about running a business that you have to become familiar with. From the process of forming an LLC to paying taxes correctly, this information is crucial to running your business successfully.^[16]
   
   • The laws are specific to your country and locality, so checking the website for your local chamber of commerce is the best place to start.
   • Taking a basic business law class could also give you an edge over your competition.
   • Remember that individual industries have their own laws. For example, dietary supplements have different codes than electronics. Always check out the regulations in your particular industry.
6. Recruit strong team members to help you. Despite what it may seem like, entrepreneurs don’t work alone. They know how to surround themselves with smart, driven, and skilled people who will help their business grow. When you’re forming your business, staff it with these types of people so your operation can grow.^[17]
   
   • It’s always good to hire people who are experts in areas you don’t know a lot about. If you’re not especially good at marketing, then hiring a PR and marketing professional will help your business grow.
   • Don’t just try to hire people who will agree with you all the time. Instead, hire smart people who will challenge you if they have to. This will sharpen and improve your own ideas.
7. Network constantly to help your business grow. Personal and professional relationships will help you succeed as an entrepreneur. Talk to as many people as you can to grow your network. When you need support or want to spread some of your ideas, don't hesitate to tap into this network for help.^[18]
   
   • Whenever you meet someone, make sure you get their contact information. You never know when reaching out to them could help you.
   • There are sometimes networking events for business owners in your area. This would be a great place to meet some valuable people.
   • Remember that networking works both ways. If someone else reaches out to you for help, be willing to do what you can. This establishes you as a reliable person who others will want to work with.
8. Continue learning to build a diverse set of skills. Never act like you know everything or are finished learning. Always seek out new books, methods, technologies, and experiences to learn new things. This builds a wide range of skills and knowledge that will help you as an entrepreneur.^[19]
   
   • There is no shortage of information online. If you want to learn something new, try signing up for a website like Udemy to explore new skills.
   • Don't be afraid to try new methods or technologies. If you find the right tool, your business could really take off.

[Edit]Opportunities and Ideas

1. Assess your hobbies to find things you’re passionate about. Entrepreneurship is hard work, so doing something you’re passionate about makes it much easier. You can make a business out of just about anything, so if you’re looking for ideas, review your own hobbies and interests first. This will give you a slew of potential ideas.^[20]
   
   • Make a list of your passions and what you like to do. There’s bound to be something on that list that you can make a business out of.
   • You might have to increase your own skills a bit to monetize your passions. If you like personal finance and want to form a financial advisory company, you probably need to work on your accounting and investing skills.
2. Explore ways to monetize your passions. Having passions is a great start, but entrepreneurs know how to take the next step and monetize those. When you’ve reviewed your interests, start focusing on how you can build a business out of them.^[21]
   
   • Starting a blog or YouTube channel showcasing your skills and informing others about it is always a good option. Whether you’re great at cooking, woodworking, car maintenance, or playing guitar, put your content out there to get started.
   • You don’t necessarily have to form a company from scratch. If you have some money at hand, you could invest in existing companies in an industry you’re interested in.
3. Work on seeing gaps in markets that you can fill. Entrepreneurs don’t just form any old businesses. They form businesses that innovate and do something different. That’s why spotting market gaps is a key skill to have. Review that market and see what other businesses are doing, and more importantly, not doing. This is where you can swoop in and form an innovative company.^[22]
   
   • You might see that there are some apps about car maintenance, but none with instructional videos. If you’re good at working on your car and know a thing or two about app design, this could be the market gap to fill.
   • Remember that there are opportunities everywhere and you don’t have to be an expert to see the gaps. You could just be getting a cup of coffee and realize that there is a better way to serve coffee.
4. Look for new opportunities constantly. Even if you have a successful business under your belt, there's no reason to stop growing and looking for new ventures. The most successful entrepreneurs like Elon Musk have had successful businesses in different industries. Follow their lead and never stop looking for opportunities, and snatch them up when they arise.^[23]
   
   • The new venture could be in your own business. For example, if you have a successful app but think of a good way to improve on it, make another one!
   • Remember that looking for new opportunities doesn't mean neglecting your old ventures. Don't spread yourself too thin or all your ventures could suffer.
5. Study and learn from other entrepreneurs for inspiration. There are tons of successful entrepreneurs who know the right steps to take. These are the best people to learn from. Study their methods and business models to get inspiration for what to do next.^[24]
   
   • If you can, try to meet with some of these entrepreneurs. Ask them anything you want to know about entrepreneurship and learn from the experts.
   • If you partner up with other entrepreneurs, be willing to help them out too. You’ll make yourself into a person that other entrepreneurs want to work with if you’re willing to help.

[Edit]Video

[Edit]Tips

• As a potential business owner, you're also potential competition. You may have better success talking with entrepreneurs whose businesses are not in your immediate area. It isn't essential that you meet in person; you can also learn a great deal from a phone conversation.
• To widen your entrepreneurial horizons, consider taking classes in Marketing and Small Business Development.

[Edit]References

1. ↑ https://www.entrepreneur.com/article/279465
2. ↑ https://www.entrepreneur.com/article/273115
3. ↑ https://www.entrepreneur.com/article/279465
4. ↑ https://archive.mbda.gov/news/blog/2010/07/8-traits-successful-entrepreneurs-do-you-have-what-it-takes.html
5. ↑ https://archive.mbda.gov/news/blog/2010/07/8-traits-successful-entrepreneurs-do-you-have-what-it-takes.html
6. ↑ https://www.extension.iastate.edu/agdm/wholefarm/pdf/c5-07.pdf
7. ↑ https://www.inc.com/kevin-kerridge/the-4-essential-characteristics-of-entrepreneurs-and-how-to-develop-them.html
8. ↑ https://hbr.org/2018/01/3-ways-to-improve-your-decision-making
9. ↑ https://www.extension.iastate.edu/agdm/wholefarm/pdf/c5-07.pdf
10. ↑ https://archive.mbda.gov/news/blog/2010/07/8-traits-successful-entrepreneurs-do-you-have-what-it-takes.html
11. ↑ https://archive.mbda.gov/news/blog/2010/07/8-traits-successful-entrepreneurs-do-you-have-what-it-takes.html
12. ↑ https://www.entrepreneur.com/article/279465
13. ↑ https://www.inc.com/kevin-kerridge/the-4-essential-characteristics-of-entrepreneurs-and-how-to-develop-them.html
14. ↑ https://medium.com/swlh/10-must-have-traits-of-a-successful-entrepreneur-d46519452b0e
15. ↑ https://www.entrepreneur.com/article/279465
16. ↑ https://www.entrepreneur.com/article/279465
17. ↑ https://www.entrepreneur.com/article/274001
18. ↑ https://archive.mbda.gov/news/blog/2010/07/8-traits-successful-entrepreneurs-do-you-have-what-it-takes.html
19. ↑ https://www.entrepreneur.com/article/279465
20. ↑ https://www.thebalancesmb.com/do-you-have-the-characteristics-of-an-entrepreneur-2948094
21. ↑ https://www.entrepreneur.com/article/280658
22. ↑ https://www.entrepreneur.com/article/280658
23. ↑ https://www.entrepreneur.com/article/279465
24. ↑ https://www.entrepreneur.com/article/279465