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Five Traits of a Successful Entrepreneur - 2024

29-Jun-2021 | MSME

Five Traits of a Successful Entrepreneur - 2024

What traits do you need to run a successful new venture in today’s challenging time? Read on to find the five must-have traits which an entrepreneur needs to acquire.

A Growth Mindset

A growth mindset is the best thing to have to take your business to the next level and achieve exponential growth whatever the circumstances or difficulties may be. A fluid and unruffled entrepreneur with a growth mindset, unlike someone with a fixed mindset, goes full steam ahead to execute his ideas. 

A person with a growth mindset always looks for the right opportunity to strike out on his own. As a matter of fact, there is a tremendous need to develop a growth mindset in today’s challenging times. For an entrepreneur, a growth mindset is an asset given the competitive and volatile nature of any business venture.

Have a Not-To-Do List

Warren Buffett once said, “The difference between successful people and really successful people is that really successful people say no to almost everything.” Having a not-to-do list implies that it is absolutely essential to focus on the priorities related to your business through self-discipline which would make a qualitative difference to your commitments. You need to be extremely adept at task management to delegate and outsource work so that it doesn’t cut into your precious time. 

It has been seen that the most successful people have shaped their careers by saying no to things and proved themselves wiser in the long run. One must always remember that time and energy are a limited resource for each of us, and a lot depends on how we choose to spend that precious resource. A not to-do list, by all means, will cement your relationships with your colleagues and customers; after all it will be a case of promises kept.

Be a Better Listener

One of the good qualities of an entrepreneur is his ability to listen patiently to his customers and employees. Your body language matters a lot. When a magazine asked Virgin Founder Richard Branson what it takes to be a good leader, he said one should be a good and an ardent listener, adding that if you want to make a mark as a leader, “begin by listening.” No doubt, listening is a great art, and a person imbued with this quality can do wonders in his business ventures. Listening, after all, builds trust. 

The entrepreneur should show utmost interest and listen attentively to their clients’ responses. Listening also minimises the scope of misinterpretation and miscommunication to a great extent because you are hearing out the other person before putting across your own message. There may be differences of opinion between you and the person on the other side, but imagine how talking things out can be mutually beneficial in terms of business interest.

Have Definitive Goals

It is extremely important to define your business goals once you decide to take the plunge. The focus should be on financial security which would help you fire on all cylinders. As an entrepreneur try to achieve specific goals. Remember, never go after unrealistic goals. Don’t set the bar too high in the initial stages. 

If you have set a goal to earn Rs 6 lakh a month when you've never earned that much in a year, that goal becomes unrealistic and elusive. Start with increasing your monthly income by 20 to 25%. Once you are able to achieve your first goal, you can now spread your net wide. Short-term goals would yield results in a period of weeks to a year. Long-term goals can be achieved within five to twenty years. Or a definitive goal may be to raise rupee 20 lac MSME loan in the next six months. The more explicit and definitive your goal, the more are the chances of achieving it.

Timebox Think Time

An entrepreneur should have a wealth of ideas to get his business into better shape. Try spending quality time reflecting, exploring, learning and strategizing to brace up for the next move. Ideally, one should set aside more than 20 to 30 percent of their week to focus on innovative business ideas. One of the greatest challenges budding entrepreneurs tend to face is carving out time. 

Think time helps you think and reflect on where you’ve been and explore where you want to go. Becoming a leader brings with it a sense of added responsibility to make things work and take them to their logical conclusion. Remember, your entrepreneurial success is measured not by how busy you are, but how intelligently you can keep a safe distance from busyness! Your ability to make a mark as a leader is predicated on your success in mastering the discipline of think time.

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