4 Qualities of a Successful Entrepreneur
Many successful entrepreneurs were not born with the skills of a leader. They worked hard to find their passions, establish valuable connections with others in the industry, and took major risks to get where they are today.
Despite their different journeys to success, they all came to embody 4 qualities that have helped them successfully navigate their industries. In this blog, Jeff Yapp, Founder and CEO of Wutznxt, breaks down the qualities.
1. Self-Discipline and Persistence
“All success begins with self-discipline. It starts with you.” Dwayne Johnson
You might have a multi-million dollar idea with so much potential, but it means nothing if you do not have self-discipline. Self-discipline is the ability to keep going even after you experience numerous failures. It’s the ability to believe in your vision and never give up. With strong self-discipline, you will
effectively eliminate bad habits, including procrastination and laziness. Need help building your self-discipline? Read Forbes tips here.
If you find your self-discipline wavering, go back to the drawing board. Perhaps your business plan isn’t as stable as you thought, or maybe you need to pursue a different idea all together. But don’t let a lack of motivation discourage you entirely. Every successful entrepreneur has been in this spot before, and the only way out is to fight for it tirelessly.
2. Rational Risk Taking
An entrepreneur should have enough courage and bravery to take risks when necessary. Every business endeavor will entail some risk. Bill Gates dropped out of college to help create Microsoft. Chet Simmons left his stable job at NBC Sports in 1979 to become president of ESPN, which turned into a massive sports network. J. K. Rowling, author of the Harry Potter books, was a single mother living on welfare who worked tirelessly to get a publisher for over a year. A successful entrepreneur has to have the courage to take that risk when it’s necessary. At the same time, the entrepreneur has to be rational and have a good judgment to know which risk is worth taking and which is not.
A perfect example for this can be seen in the case of Jeff Yapp. When the movie Crazy Heart was in early production, with a first time director and many blurred things around, Jeff was able to see its potential and took a risk. This well-calculated risk resulted in three Oscar Nominations and two Oscars won! Failure in this venture wouldn’t have been the end of his career, but the success definitely paid off.
3. Leadership and Management Skills
As your business grows, managing your time, projects, and personal life can become incredibly difficult. The more employees you have to manage, the more things will seem to fall through the cracks. So instead of doing everything yourself, hire a qualified team that supports your vision.
In a recent interview with Time.com, Tyra Banks states one thing that helped her businesses succeed is “Hiring people that are super capable of doing their jobs. You can still lead them, but having the expert that can execute for you.” Quit the micromanaging and allow those who know more than you do to utilize their strengths. No one is all knowing, so accept that you need assistance. You do not have to fulfill every role in a business and nor should you!
As Tyra goes on to explain, she’s the visionary, dreamer, and creator. These are her strengths. While she focuses on these tasks, her team has the room to execute their own strengths.
As a business owner, you must be prepared to face a lot of moral dilemmas. Although this will be incredibly draining, it will be easier if you have a strong sense of who you are. More importantly, having Integrity is key. A constant mindset built on honesty and a strong set of moral principles allows leaders to navigate any issue, be it internal conflicts or a demanding, short tempered client.
Additionally, integrity is important for building a respectable reputation (and you should never forget that word-of-mouth is a powerful tool that can make you or break you). Employees will feel confident that you are a good person who has their best interest at heart, which in turn makes them more dedicated employees. Potential business partners will see you as an honest professional, which will attract more opportunities.