Larry McClelland  -  The Business Innovator

Ten Qualities All Entrepreneurs Should Embody
November 2, 2020

 

Entrepreneurship is defined as the activity of setting up a business or businesses, taking on financial risks in the hope of profit. 

I have had the long-desired aspirations of entrepreneurship my entire life. I remember as a young boy growing up in Meridian, Mississippi; I would build things and sell them within the local community. Throughout my journey of chasing the dreams of entrepreneurship I have learned through experience, educational courses, and self-educating myself that there are necessary qualities that every entrepreneur must have if they desire to become a successful entrepreneur. In this blog post I will share with you ten must have qualities that every entrepreneur must have.


1. Self-Discipline

Self-Discipline is at the top of my list. Self-discipline is defined as the ability to control one’s feelings and overcome one’s weaknesses; the ability to pursue what one thinks is right despite temptations to abandon it. Self-discipline allows you to stay focused on your goals. It enables you to stay in control of yourself and of your reaction to any situation. It is imperative that an entrepreneur remain focused on every aspect of their business to make it work. The many business strategies that you will encounter requires an outline of business tactics and a strict plan to accomplish them. This is when self-discipline is particularly important. Successful entrepreneurs must posses a high level of self-discipline and have the desire to stay the course to achieve the necessary objectives.

 

2. Confidence

In the minds of successful entrepreneurs, they do not ask questions about succeeding. They never give up until they succeed. With this I am required to talk about confidence. Confidence is defined as a feeling of self-assurance arising from one’s appreciation of one’s own abilities or qualities. In a more personal way… confidence means feeling sure of yourself and your abilities – not in an arrogant way, but in a realistic, secure way. Entrepreneurs create solutions to problems and market them to the public. If there is to be anyone who are confident about any product or any service; it is first and foremost the creating or founding entrepreneur him or herself. Confidence must be a trait that an entrepreneur cannot exist without. Through my experience, I must say it is detrimental to your success or failure as an entrepreneur. Confidence gives you the skills and coping methods to handle setbacks and failure. Confidence gives you positive energy to take action to achieve your personal and professional goals and dreams.

 

3. Passion

Passion is a super important trait of an entrepreneur in any industry. Passion is defined as a strong and barely controllable emotion. Entrepreneurial passion is best displayed when you unequivocally love what you do. It means you do what you do because you love it and not expecting it to be about the money. If you pour your passion into it… the money will come later. Here are a few things I have learned through experience about the mixture of passion and entrepreneurship. Passion can not be taught, either you have it or you do not. As an entrepreneur you must understand that you can not force your passion (your brand, your products, or your service) on consumers. You must convince them that it is something they need. This is done through effective marketing. When you are passionate about your business, it keeps you motivated. It enables you to make a way out of no way. In all your passion gives you many reasons to keep hustling and to achieve the dreams you have.

 

4. Integrity

Many would say that the most valued and respected quality you can develop is a reputation for absolute integrity. Integrity is defined as the quality of being honest and having strong moral principles, moral uprightness. My suggestions are to be perfectly honest in everything you do, in every transaction, and activity. Never compromise your integrity. Remember that your word is your bond, and your honor is everything when it comes to your business. All successful businesses are based on trust. Your success in becoming an entrepreneur will be determined solely by the number of people who trust you, are willing to work for you, give you credit, lend you money, buy your products and services, and help you during difficult times. I passionately believe that integrity is perhaps the most important principle of leadership and dependent on integrity because it demands truthfulness and honesty.

 

5. Strong Work Ethic

A strong work ethic is an important part of being successful. Work ethic is a belief that hard work and diligence have a moral benefit and an inherit ability, virtue, or value to strengthen your character and individual abilities. The successful entrepreneur is always working (24/7), first in the office and almost always the last one to leave every day. Uniformed people might call them a workaholic. When you love what you do, its not entirely viewed as work, when you have fun doing it. As a business owner, staying focused, staying motivated, finishing tasks to a high standard are all ingredients of good strong work ethics. The benefits of good strong work ethics are that it builds confidence and motivates people and consumers. When good strong work ethics are present, your company tend to be more successful at providing products and services to its customers. It illustrates a dedication to one’s customers and its goals, a commitment to organizational values, and a determination to get things done right each and every time. I have always felt that because of my strong work ethic, I have achieved many successes which have given me greater satisfaction from my accomplishments because I was fully engaged in what I was doing every day.

 

6. Persistence

In psychology, persistence is a personality trait. Persistence is defined as firm or obstinate continuance in a course of action in spite of difficulty or opposition. All entrepreneurs must know that successful entrepreneurship requires a strong temperament and a bold character of perseverance in spite of fatigue or frustration. If you desire to make any progress on something that does not yet exist as entrepreneurs are known to do… it is super imperative to keep taking action even when you don’t feel motivated to do so. This is when persistence is all so important to you and your business. Persistence fosters a strong sense of determination and a can-do attitude. It is no secret that success in business depends on your willingness to never give up, even when the reward is delayed. Persistence in entrepreneurship helps us to keep up the work. Additionally, persistence makes it much easier to face the challenges and improves work. Your business won’t always be a source of happiness or stability. But entrepreneurs who show persistence through difficulty may be more likely to succeed. One common belief amongst business owners is that success is often the result of being in the right place at the right time.

 

7. Determination

Entrepreneurs are not taken out by their defeats. Their determination to win, forces them to get back up and keep on hustling. Determination is defined as firmness of purpose; resoluteness or the process of establishing something by calculation or research. In my experience, determination was a decision, or the focus I needed to get something done. I believe that determination is your superpower as an entrepreneur. It is a positive emotional feeling that involves persevering toward a difficult goal despite obstacles. Determination is a powerful personal character trait where you are intent on achieving a goal. If an entrepreneur is truly determined… they will be successful at any endeavor they set out to accomplish. I think all who desire to be an entrepreneur must embody the following mindset:

“My greatest strength is my determination. I will always be determined in everything I do to do my best work. I will always strive to get a goal done, no matter what it takes. I will give 150% to each task. I will always be determined to make my business successful.”

 

8. Competitive

All that know me, know that I am a competitor. Entrepreneurs must be competitive. The definition of competitive is as good as or better than others of a comparable nature. A competitive business is one that performs better than the competition – ideally in a sustainable way rather than just over the short-term. I believe that many companies have been formed because an entrepreneur knows or feels that they can do a job better than another. An entrepreneur is expected to highlight their own company’s track record of success and exploit it throughout the industry. This tactic is expected to give the entrepreneur or company a competitive edge among its industry professionals and its customers. Competing is naturally an uncomfortable feeling because it sometimes rises anxiety concerns. Nevertheless, allowing ourselves to feel our competitive feelings cleanly and directly is not only acceptable; it is healthy. Our competitive feelings are an indication of what we want and acknowledging what we want is key to getting to know ourselves. This type of understanding about yourself fosters a clear role to becoming a successful entrepreneur. Here is what I love sharing with entrepreneurs… People with the strength of competition feel they can succeed at something, because they have the ability to assess a given situation, compare the elements at hand, and know with some certainty that they can win… Most often, the strength of competition is seen when someone is actually competing to win.

 

9. A Clear Sense of Direction

In order to get to where you want to be; you have to know how to get there. This highlights the very necessary trait of entrepreneurship. You must have a clear sense of direction. Your sense of direction is your ability to know roughly where you are, or which way to go, even when you are in an unfamiliar place. If you say that someone has a sense of direction, you mean that they seem to have clear ideas about what they want to do or achieve. Because of the turbulence and rapid change in today’s marketplace, most business owners face day-to-day changes almost every day. What this means is that they are almost always totally preoccupied with short-term targets which drives the need to know how to turn short-term sales and profits into a sustainable business. Successful business owners must learn to set clear targets for themselves and for every part of their business. In fact, perhaps your most important responsibility to your company is to establish a clear sense of direction for your business.

 

10. Decisive and Action Oriented

Life is uncertain and yet in business you must take decisive action in order to be successful. Entrepreneurs must always be prepared to take decisive action. Decisive action is the continuous, simultaneous combinations of offensive, defensive, and stability. Basically, an action or actions done quickly and with confidence. To be decisive means having the power or quality of deciding; characterized by or displaying no or little hesitation; resolute; determined. Entrepreneurs must be ready to make hard decisions all the time that may be unpopular to some who are closest to them. Here is a key point entrepreneur should truly understand. As an entrepreneur who is building something not yet discovered, you are never going to have all the information you want to make important decisions. Great leaders take decisive action despite being uncertain.

 

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Larry McClelland




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