29 Jul 5 Qualities That Make an Entrepreneur Successful
Venture Capitalist works with many talented entrepreneurs. These entrepreneurs are the epitome of people living the “American Dream”. Regardless of their socioeconomic background, each and every one of them has managed to defy the odds by making their vision a reality.
With films like The Social Network and The Startup Kids, the media portrays entrepreneurship as being glamourous and sexy. While everybody possesses the ability to become an entrepreneur, the reality is successful entrepreneurs are made, not born. Through trial and error, sacrifice, and a significant investment of sweat equity, an entrepreneur becomes successful by developing the following traits.
Being observant of your surroundings is one way to unleash your inner creativity. Each time you ask questions, the creative juices begin to flow. You don’t necessarily have to be an expert in a specific industry in order to come across a disruptive solution to an age-old problem. After you validate your solution in the pre-existing market, you should learn as much as possible about its respective industry. Learning its history and observing trends is key to ensure your solution remains relevant. While it is nice to have a successful project underway, it never hurts to have more ideas baking in the oven.
Most entrepreneurs have a prevailing purpose as to why they want to start a business. Successful entrepreneurs have a vision of what they will attain in the future. They identify exactly what it is they desire for themselves as well as their business and write it down on paper which effectively allows them to visualize their goals. In addition, we believe that it helps to work according to a schedule, rather than harsh deadlines, to accomplish your goals. This provides room for flexibility and helps to avoid feeling like a failure if you don’t meet the deadline.
A successful entrepreneur is prudent with every available resource at his/her disposal. Regardless of how seemingly insignificant, any decision that impacts your business should be evaluated carefully with respect to benefits and tradeoffs. Every which way you turn, options will present themselves that are good, better, or best for your startup. Entrepreneurs that can categorize those options appropriately and make strategic decisions are the ones that are able to scale quickly and ultimately achieve success.
Often, your final product is very different than your initial idea. A successful entrepreneur is quick to pivot early on and does not allow their judgement to become clouded by their passion. They remember the lessons learned every step of the way and never make the same mistake twice. Those who are stubborn and attempt the same process over and over again and expect to observe different results are the ones who get left behind.
The journey of an entrepreneur is exceptionally difficult and not for the faint of heart. The entrepreneurial lifestyle demands a high level of dedication and commitment in order to withstand the challenges that will inevitably come. Without pressure, there can be no diamonds to harvest.
We look to invest in scrappy entrepreneurs who embody these traits. With our financial, operational, and marketing expertise, we work along side you to jump start your company’s growth and help it reach the next level of competitiveness.