Are you thinking of getting into business for yourself as an entrepreneur? While that may sound great on paper, you should know that being an entrepreneur is very different from working an ordinary 9 to 5 job – and it takes a very special set of traits to pull it all together and make a business successful.
Make no mistake, there’s no reason why you can’t foster these traits yourself – and the first step is knowing the 8 important traits that you should be looking at:
Be willing to take risks
Ever hear the phrase ‘No risk, no reward’? That is especially true in the world of the entrepreneur and if you want to build up a business from the ground up then you’re going to need to take risks. Some of the risks that you take will be financial, and others will be business decisions and the direction that you move your business in. In either case, you need to be willing to take those risks – but at the same time not be overly reckless.
Stay determined and motivated
Unlike a 9 to 5 job where your boss will be on your back if you’re late or don’t show up, when you run your own business – you are the boss. That is why it is all the more important that you keep yourself motivated, determined and on track.
Some people find that setting themselves micro-goals and working towards them daily is a good way to keep up their motivation levels, while others prefer other methods. In any case, you need to find something that works for you – and stick to it.
Don’t crumble under pressure
Make no mistake, there is going to be a lot of pressure involved when you start a business and at times you may even stumble or fail. When that happens you need to not crumble, and instead pick yourself up and use it as a learning experience so that you can succeed the next time round.
Adapt to changing conditions and evolving circumstances
Some of the most successful businesses started off as something else entirely but adapted over time to become what they currently are. While you may not need to make such a drastic change, it is important that you’re able to adapt as conditions change and recognize any opportunities that may arise so that you can capitalize on them.
Constantly learn and improve yourself
Every entrepreneur needs to be always looking into ways that they can improve themselves. Perhaps you could learn a bit more about leadership, business planning, strategy, sales, or something else entirely? Or maybe you need to be going over your business and learning how you could improve it? Frankly speaking there are countless avenues where you could learn and improve – which is partly why it is a constant and ongoing process for all entrepreneurs.
Keep track of finances and manage it well
All too often new startups end up crumbling before they hit the ground because of the fact that their money wasn’t managed properly. Since you’re in the driver’s seat it is your responsibility to constantly keep tabs on your businesses’ finances and make sure that it is managed well. Honestly it doesn’t require any special skills to do so, but learning more about planning and money management won’t hurt.
Be confident and passionate
At the end of the day if you’re going to convince others that your business is the real deal – you need to believe in it yourself. The amount of passion and confidence that you have in what you’re doing will say a lot about your business, and will prove invaluable both when dealing with employees as well as potential investors. If you’re a naturally confident and passionate person then this may be fairly easy, but if you’re not then it is something you’ll need to work on.
Never give up
Most entrepreneurs don’t succeed on the first go. Many fail, and the ones who do eventually make it are those who don’t give up and keep on going until they finally get where they want to be. It may take time, it will take effort, but eventually it will be all worthwhile.
Now that you know the 8 important traits that every entrepreneur need – why not get started. One way to comfortably begin your trek as an entrepreneur and start a side-business is by getting involved in trading using a convenient platform such as ETX Capital. With it you’ll be able to trade indices, equities, commodities and other financial instruments across different markets – and as you start to grow your portfolio you may even want to begin looking into starting up other businesses, or investing your capital in other areas too.