Becoming a successful entrepreneur can be a challenge. Some may think that it requires an extensive background in business, a big wad of cash, and/or lots of investors. But many of the qualities required to be a prosperous entrepreneur are actually intangible, though no less important. HotTopics offers three that will serve you well on your journey to becoming a successful business owner:
1. Passion is Good, But Focus is Better
“The best career advice I’ve gotten is to stay focused keep moving forward.” ~Tyga
“Most aspiring entrepreneurs are sometimes carried away by their passion,” says the co-founder of EdTech Europe, Benjamin Vedrenne-Cloquet, “to the point of getting involved in too many haphazard opportunities related to their business idea.”
But the most successful entrepreneurs are both narrow—and obsessive—in focusing on the one single thing they want to be the best at.
Think about Apple’s line of products, all of which can fit on one coffee table. Now that’s focus!
2. Exercise Patience and keep at It
“Patience is necessary, and one cannot reap immediately where one has sown.” ~ Soren Kierkegaard
For entrepreneurs, the first opportunity they pursue is seldom the right one. Instead, it should be viewed as a stepping stone that leads them to the next one, which is generally a more attractive business opportunity, though it may not be recognizable as such at first.
Entrepreneurs are generally perseverant and agile. They know how to get up and keep going after they’ve stumbled and fallen. It means that after they’ve tested and failed in one market, they’re able to move on and try something else until they find the right product and opportunity.
Successful entrepreneurs patiently keep trying until they find what sticks. While most entrepreneurs are fairly impatient, innovation takes time and even setbacks. For example, it took Dyson 15 years and 5,127 attempts to successfully reinvent the vacuum cleaner. Unfortunately, few entrepreneurs have the patience or the resources to stick around that long.
According to Benjamin Vedrenne-Cloquet of EdTech Europe, aspiring entrepreneurs should plan for at least 2 years of experimenting and patiently discovering the right opportunity.
3. Don’t be Afraid to Hire People Brighter Than You Are…Just Make Sure They Have The Right Attitude
“The secret of my success is that we have gone to exceptional lengths to hire the best people in the world.” ~Steve Jobs
People can make or break a successful company. While hiring seasoned individuals can add valuable experience and structure to your company, the politics and egos of “corporate veterans” can also poison your high growth company.
Successful entrepreneurs make sure they hire people with the right attitude first. This means they possess the hunger to make a difference and an attitude focused on doing the right thing for the company, rather than imposing their own personal or political agendas on other employees.
“A company should limit its growth based on its ability to attract enough of the right people.” ~ Jim Collins
To become a prosperous entrepreneur, you’ll need a resilient personality to deal with failures and setbacks along the path to success.
Growing your new enterprise will require the ability to be focused, have patience, and surround yourself with the right people. With these key characteristics in your court, you’ll be able to achieve your dream of being a successful business owner.
Also published on Medium.