Entrepreneurship presents an opportunity to be your own boss and make profits that are simply unimaginable for those exchanging time for money as an employee.
The challenges are much different (and arguably far more intense) than what an employee faces though.
Without certain personality traits, it is likely you will struggle and fail as entrepreneur within the first few years, if not sooner.
Here are the essential personality traits that you’ll need to succeed as an entrepreneur.
Work Ethic
As an entrepreneur, the overall success of the business is completely in your hands, especially if you’re a sole proprietor.
There’ll be a lot of work to do at the beginning of your journey as a business owner in order to set up, market, and attract your first customers to your business.
If you’re the type who does the bare minimum that you can get away with, you’ll achieve the bare minimum results. Long hours and hard work lie ahead if you want to succeed as the owner of any business.
Vision
You’re the main decision maker for your company. It’s up to you to create a vision and strategy for how you are going to succeed. Also, you need to have the vision to foresee future problems your company might run into, future trends to take advantage of, and a path for growth.
This requires not only strong business knowledge, but also the courage to take risks.
Leadership
If you’re working with clients and employees, you need to show leadership skills.
This ultimately means showing the strengths that you want your employees to have. It incorporates setting an example with your attitude, integrity, and communication skills.
The fact that 90% of businesses fail within five years shows that it takes a special type of person to be an entrepreneur. You’ll learn a lot about yourself if entrepreneurship is a journey you choose, and you can expect to be challenged in ways that you wouldn’t experience as an employee working for someone else.
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