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Esther.Dumbiri

Checklist For Would-Be Entrepreneurs

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So you want to be an Entrepreneur or you have been told to become one… good, but, do you have what it takes? Being one is not a mean feat.

While some like it for the title – I am an Entrepreneur! – Others have been counselled to resign from their jobs and become Entrepreneurs because they look it.

True, many have become rich and successful being entrepreneurs but many others have also lost out because they didn’t ask themselves - Do I have what it takes to be an entrepreneur?

Here are 10 characteristics that set successful entrepreneurs apart:

1. Passion

Although there are many traits that make an entrepreneur successful, perhaps the most important would be passion.

Is there something you can work on over and over again without getting bored? Is there something that keeps you awake at night because you haven't finished it yet?

Is there something you have built and want to continue to improve upon? Is there something you enjoy so much you want to continue doing it for the rest of your life?

2. Adaptable and Flexible

Being passionate is important, but being rigid about client or market needs will lead to failure. An entrepreneurial venture is not simply about doing what you believe is good, but also making a successful business out of it.

Successful entrepreneurs welcome all suggestions for optimization or customization that may enhance their offering and satisfy client and market needs. You have to be adaptable and flexible

3. Risk Taker

Entrepreneurs are risk takers, ready to dive deep into a future of uncertainty.

Successful entrepreneurs are willing to risk their time and money on unknowns, but they also keep resources, plans and bandwidth for dealing with "unknown unknowns" in reserve.

When evaluating risk, a successful entrepreneur will ask herself, "Is this risk worth the cost of my career, time and money?" And, "What will I do if this venture doesn't pay off?"

4. Product and Market Knowledge

Entrepreneurs know their product inside and out. They also know the market.

Most become successful because they create something that didn't already exist or they significantly improve an existing product after experiencing frustration with the way it worked. They are aware of changing market needs, competitor moves and other external factors.

5. Strong Money Management

It takes time for any entrepreneurial venture to become profitable. Until then, capital is limited and needs to be utilized wisely. Successful entrepreneurs are strong money managers. A successful businessperson keeps a complete handle on cash flow which is the most important aspect of any business.

6. Exit Preparedness

Not every business attempt will result in success. The failure rate of entrepreneurial ventures is very high. Sometimes, the best solution is to call it quits and try something new instead of continuing to dump money into a failing business.

Many famous entrepreneurs weren't successful the first time around, but they knew when to cut their losses.

7. Leverage On The Right Connections

Many people are happy to complain about the global slowdown, poor demand, or unfair competition and seek comfort in commiseration from friends, colleagues and neighbours. Sadly, that won't improve the bottom line.

Successful entrepreneurs leverage on relationships and reach out to mentors with more experience and extensive networks to seek valuable advice.

If they don't have the necessary technical or marketing skills, they find someone who does and delegate these tasks so they can focus on growing the business.

 
 

 

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Everyone wants to be an entrepreneur but most of us fail to become. The main thing for this is that we do not have patience and we are greedy for money. You have to overcome these two natural mistakes in order to become an entrepreneur. Best of the luck! 

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