I started my entrepreneurial journey 5 years ago. I agree it is a frightening roller-coaster ride with new challenges and opportunities. My start was humble — with just 2 phones, 2 laptops and using coffee-shops as working space. The journey is filled with excitements, disappointments, curiosities, euphoria, happiness, frustrations, surprises and a lot more emotions. The only guard I have against the negative emotions that try to engulf my entrepreneurial spirit at times is — my big fat dreams.

The same time I started my venture, 2 of my friends also started theirs. They gave me a tough race — It was not a tug-of-war competition but a healthy race within friends who wants to see each other getting better at what they do.

Now, after 5 years, as I turn back I could only see myself running.Others have left. They have experienced the same set of negative emotions, one twice thrice, decided entrepreneurship is not their cup of tea, packed their bags and gone.

Often I wonder, why they din’t or couldn’t persist? Why can’t they get hit hard and keep going? I remember reading somewhere, entrepreneurship is about how thick your skin is — it’s about your ability to take punches beyond your control and still withstand to be in the game.

To get hard punches and still to hustle, you need rock-solid reason. In my case, the reason is my big fat dreams.

Your dreams can keep you going. Your dreams can ensure you keep hustling. But can your dreams alone are enough to teach you how to become a great entrepreneur? What skills and qualities you need to make the switch from being an ordinary to extra-ordinary in business?

Eaten by these questions, I started reading autobiographies of leaders, entrepreneurs and business gurus. This is what I found after reading 100+ books on entrepreneurship and business management.

Great entrepreneurs are an example of great business management. Whether it is managing financial aspects, selling products to customers, maintaining stakeholder relations, hiring, firing, evaluating or disciplining people — they seem to have got everything perfectly. Successful leaders possess multiple of these skills and qualities which enables them to make a dent in the universe.

# Vigorous Seller — Sales is the life blood of every business and the most important skill of an entrepreneur is being good at selling.

# Active Listener — managing a business requires active listening of customers, employees and stake holders. A good business owner listens twice as much as he speaks.

# Communicator — An entrepreneur is the story teller of the organization. He needs to constantly communicate the mission & vision of the brand. Only a good communicator can lead the team effectively & can solve customer’s problems by establishing growth oriented relationships.

# Delegation — A good leader’s key deliverable is his ability to effectively delegate the task to team members and follow through, monitor and manage till the assigned task is completed.

# Lead By Example — A great entrepreneur leads by example. He sets the standard to the employees by contributing to business & producing growth at a superior scale.

# Money Manager — Finance management, handling inflow and outflow of cash, strategizing ways and means to increase profits, identifying and arresting money mistakes, optimizing cost are the skills of a great entrepreneur.

# Talent Spotter — Since an organization is as good as the people it has, it is essential to find, recruit and hire “A” class talents. A dynamic business owner must be a talent spotter who has the ability to identify the right people for the right roles at the right time.

# Approachable — Be it a startup entrepreneur or an industrialist, every business owner is busy 24X7, but a successful entrepreneur is the one who is there right beside when someone needs him most. Great entrepreneurs allocates time for employees and customers whenever it is necessary.

# Self Motivated — Great entrepreneurs are self motivated and driven by their vision. They are propelled by their dreams and excited by huge goals.

# Honesty — Unless an entrepreneur follows honest and ethical business practices, he won’t stand the chance to survive long-term in the business arena.

# Reliable — Entrepreneurs are responsible for their employees’ well being and clients’ satisfaction. Every great business is built with “trust” bricks. Only a reliable entrepreneur can win the hearts of internal and external customers.

# Flexible — In this dynamic market, entrepreneurs need to be flexible to change their course according to the speed of the wind.

# Industry Knowledge — A great entrepreneur thoroughly learns the know-how of the industry. He is well updated on recent industry trends and economic changes which gives him the key to predict future outcomes.

# Presenter — Presentation skills goes hand in hand with selling. To market and sell products and services, to win customers, to close deals — entrepreneurs must have amazing presentation skills.

# Trusted Advisor — In this 21st century, it is all about “information assisted selling”. An entrepreneur must be the trusted advisor in solving the problems of customers and staff members.

# Mentor — A good leader invests in the upliftment of employees. As an influential supporter, he must guide, coach, train and mentor people constantly.

# Decision Maker — In a day to day business management, entrepreneurs need to take hundreds of decisions, right from finalizing a new hire to releasing big payments. A great entrepreneur tends to be a great decision maker, in most of the cases.

# Organized — Great entrepreneurs are well organized. They ensure to run the day effectively and never allow the day to run them.

# Provides Feedback — If something is not working out with certain people, they do not hesitate to sit and discuss about it. Right from monthly productivity reviews to yearly performance appraisals, great entrepreneurs ensure to elevate employees by providing regular feedback.

# Service Focused — Great entrepreneurs do not chase money; they always focus on providing value. Good founders know that only by offering great service, a business can thrive in the market.

# Positive Attitude — When someone is driven by purpose and highest vision, he will always be positive and enthusiastic. Great entrepreneurs with their positive attitude, not only create great things by themselves, they also motivate the people around them to produce more.

# Values People — Great entrepreneurs value their human resources more than profits.

# Prioritization — a goal oriented person need not to be reminded of his priorities. Great entrepreneurs are always after their ambitions — instead of chasing and completing urgent tasks, they will ensure to complete the most important task in hand.

# Accountability — Great entrepreneurs know this world doesn’t owe them anything and they are responsible for their life and the lives of people dependent on them. They always take 100% responsibility for what happens to them and their business and never blame it on someone else or the economy.

# People Manager — An entrepreneur’s most important and most difficult job is to manage people. Great entrepreneurs are adept at leading, motivating, inspiring, and encouraging people.

Like any activity you pursue, there are certain musts that are required to be successful in a chosen activity. I believe there is no hard and fast rule to being an entrepreneur but when you study the great entrepreneurs who made/are making a difference in this world, they seem to be having these qualities that positions them as stalwarts of the industry.

If your goal is success in business, then the formula is no different.

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