When it comes to the world of business, being a young entrepreneur leaves a lasting impression. Young entrepreneurs inspire, motivate, and never give up. They start from the bottom up and work their way up. Let’s face it, Rome wasn’t built in a day, and many successful entrepreneurs have had to get to the top. Jeff Bezos, who is the founder and CEO of Amazon, stated himself
“I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.” Jeff Bezos
Just like with most careers, when you want to be successful at them you have to comprehend knowledge, possess the right frame of mind as well as having the right persona. For example, you can’t be an entrepreneur if you are afraid of taking risks, don’t work hard, and don’t execute things properly.
What are the key elements of entrepreneurship?
In the image below that was presented in a slide share presentation on Linkedin by Nijaz N, we can see that there are outside elements that influence a successful entrepreneur, such as one’s environment, one’s focus, and one’s organization.
What lessons can we learn from successful entrepreneurs?
Successful entrepreneurs like Steve Jobs have been through it all to learn from guys like him. So, what is it that you can learn from him exactly? According to Addicted 2 Success, “Always focus on the positive and let go of the negative, be wise in the company you choose to keep, and it is never too early to get started.”
Being a successful entrepreneur means that you will showcase particular characteristics that will help you grow in the business sector. Many unique characteristics out there portray what it takes to be a successful entrepreneur but let’s take a look at 10 of them:
- Financially Literate
- Willingness to Work Hard
- Risk Taker
- Positive Mindset
- Creative Thinker
- Willing to Invest in Oneself
1- Financially Literate
When it comes to the term “Financially Literate,” for an entrepreneur, this characteristic is significant even if you are only a small business owner. According to ACAA, “A financially literate business owner is more likely to be fully in control of their business. Gaining an understanding of what balance sheets and profit and loss statements mean provides a clear view of the financial state of your enterprise and subsequently facilitates smarter business decisions.” If you have seen the show Shark Tank or Dragons Den, then you know that as an entrepreneur, you have to know the numbers and finances of your business. When it comes to financing for start-ups, some sources include government grants, bank loans, and venture capital. But as a successful entrepreneur, you have to keep in mind that financing fluctuates, and it has over the years. According to Knoema, in Canada, it decreased from the 2003-2019 period ending at a value of 3.16.
2- Willingness to Work Hard
Have you ever heard the quote,
“You get what you work for, not what you wish for?”
This well-known business inspired quote was quoted by the successful venture capitalist himself Howard A. Tullman. The quote is self-explanatory, meaning you will not get very far if you wish for things; instead, you will get ahead and aspire for when you put in the hard work. If you think you can be a successful entrepreneur and do things half-hearted, you have been misguided. A strong characteristic that comes with being a successful entrepreneur is the willingness to work hard. Hard work and successfully maintain a strong relationship together as nothing is just given without putting in the work. Look at Bill Gates, for example, for an entrepreneur who is a multi-millionaire, he, without doubt, has worked many evenings late into the night. Once you set goals for yourself as an entrepreneur, you want to achieve them, and the recipe for success is without question hard work.
3- Risk Taker
A strong characteristic of a successful entrepreneur is a risk-taker, so if risk-taking is something that you aren’t comfortable with doing, you may want to reconsider the field you are in. But, it must be kept in mind that while risk-taking is essential, it must be done with planning. To become a successful entrepreneur, one must comprehend that taking risks is beneficial as you learn from them. For instance, even though not all risks are taken to end in a good result, someone who looks at things from a positive perspective will look at downfalls as an opportunity to learn. At the end of the day, if you handle risk-taking correctly, it will help your career grow. Looking at COVID-19, it plays a role in businesses in the sense of them reopening. Since this pandemic showcases a lot of the unknown, you have to make a lot of trial and error, and there is a risk with reopening businesses, but if businesses don’t reopen, they risk losing money. This infographic below shows that most Americans accept the risks of reopening businesses despite COVID-19.
4- Positive Mindset
Having a positive mindset is crucial as negative thinking leads to negative thoughts, which can lead to a negative outlook on things, which is not helpful when it comes to running a business. Having a positive mindset is a crucial characteristic to have as a successful entrepreneur. Having a mindset shift is a very beneficial way to help your business grow. Our thoughts and mindset are powerful, and by changing them, they can ultimately get you from the bottom to the top. Your thoughts are in the driver’s seat, either making you feel motivated or not motivated. Having limiting beliefs as an entrepreneur can slow down your confidence and success, so it is essential to be optimistic and believe that you are capable of setting goals and accomplishing them.
If you are wondering how self-confidence correctly ties in with being an entrepreneur, it is connected with how individuals perceive their capabilities. The difference between a successful entrepreneur and a mediocre entrepreneur is one that confides in one’s skills. While having self-confidence as an entrepreneur is important you also have to keep in mind that there is a difference between being confident and arrogant. For example, a confident entrepreneur will converse with notable people since they aren’t hesitant about their ideas and what they bring to the table. But an arrogant entrepreneur talks to notable people as a way to be viewed as one. The moral of the story is, don’t let success get to your head.
6- Creative Thinker
Being creative goes a long way, and even as an entrepreneur. When you can think outside the box, you can stand out from the crowd, and that’s where the true successful entrepreneur comes into play. In fact, there are even creative thinking exercises that entrepreneurs can do to get the creative juices flowing. According to Entrepreneur, there are three simple exercises you can do, and they are: reimagining a familiar situation, practicing breaking the rules, and compiling a list of things that bother you. As an entrepreneur, your job usually consists of creating a new product, so without a doubt, you will have to be creative and develop something innovative. As a creative thinker, you will be able to stretch the dynamics of freedom and weigh out all your ideas.
Have you ever noticed that when someone talks about something with a lot of passion and grit that pulls you into whatever they are saying or trying to sell you on? Whether you are pitching/selling a product or an idea, you have to show investors or consumers that what you are delivering is impressive. Also, you want to sound genuine when you are enthusiastic. Being an enthusiastic entrepreneur is one of the most lethal characteristics of a successful entrepreneur. Looking at an ebook about enthusiasm and entrepreneurship by StartUpEd, it states, “A true entrepreneur should be enthusiastic enough to give the right way to his dreams and convert them into realities. Like intelligence, enthusiasm equally plays a vital role in every successful path. Work done without enthusiasm is like a vehicle without fuel.”
It can be hard to stay focused for many, but luckily there are ways to practice staying focused. If you want to learn how to stay focused as an entrepreneur, there is no better way to learn than from successful entrepreneurs themselves. Looking at an article from Entrepreneur, entrepreneurs share some tips on how they can stay focused. Merrill Stubbs, whose company is Food52, suggests that an effective way to stay focused is to get outside and take breaks. Sometimes you need to clear your mind, and taking walks is always a right way to do that; you don’t want to overwork yourself. Another entrepreneur in the article, Ryan Holmes, recommends exercising. Exercise is not only good for your body but also your mind. He mentions how, after he has been active, his brain feels more focused and clear.
So what does it mean to be a mindful entrepreneur? The characteristic of being mindful in regards to the business world consists of reflecting upon one’s goals, aspirations, and about how one’s mindset plays a part in decisions being made. So, if you are looking to be a more mindful entrepreneur, there are some tips on how to be a more successful entrepreneur by having the right mindset shared from an article by Entrepreneur. In the article, Nellie Akalp, the CEO of CorpNet.com, suggests taking up mindfulness and meditation practice. These are two beneficial practices that can help you be more mindful as they allow you to be more in the present. Our minds love to wander and worry and obsess about the past and future. So, by practicing mindfulness and meditation, you can focus on your breath and clear your mind more.
10- Willing to Invest in Oneself
The last characteristic to become a successful entrepreneur is not afraid to invest in yourself. The top country in the world by capital investment, according to Knoema, is the United States. “As of 2018, capital investment in the United States of America was 200.6 billion US dollars that accounts for 21.40% of the world’s capital investment.” Also, When it comes to the world of business, being a young entrepreneur leaves a lasting impression. Young entrepreneurs inspire, motivate, and never give up. They start from the bottom up and work their way up. Let’s face it, Rome wasn’t built in a day, and many successful entrepreneurs have had to get to the top. Jeff Bezos, the founder and CEO of Amazon, stated, “I knew that if I failed, I wouldn’t regret that, but I knew the one thing I might regret is not trying.” Just like with most careers, when you want to be successful at them you have to comprehend knowledge, possess the right frame of mind as well as having the right persona. For example, you can’t be an entrepreneur if you are afraid of taking risks, don’t work hard, and don’t execute things properly.