What qualities does a successful entrepreneur need

Founder Guru

Being independent, realizing your own business idea [Link] and also earning good money - successful founders are admired and envied. Very few people know that a real entrepreneur needs to have a number of personal characteristics in order to be successful in the long term. In the following, we introduce you to the seven most important characteristics that every entrepreneur should have.

1. Dealing with failure

The successful entrepreneur has the ability not to be afraid of failure. Every failure can be seen as an opportunity. Learning from failure and correcting one's own path accordingly is what distinguishes a good entrepreneur. Many self-employed started a new business after the first company was a flop. There can be many reasons for the flop. Perhaps the product or service was not yet mature enough that it was not sold. Or the time when the product or service was launched on the market was simply wrong. It is also possible that the planning was not perfect in advance. Successful entrepreneurs are flexible and have tried again with a different business idea. Often with success, as they have learned from past mistakes. You can find out how self-employed people can learn from the mistakes of other founders at so-called FuckUpNights [Link].

2. Perseverance

A large portion of perseverance is the alpha and omega of the successful founder. Being self-employed means that it can take time for a company to make a profit. Because it usually takes years for a company to be recognized by the market. The founder has to endure this time. Not only financially, but also mentally. It is important that he pays attention to his energy and creates a work-life balance [Link] so that he can manage his energy and achieve his goals with an alert mind. Those who have the ability to firmly believe in their business idea have the necessary portion of stamina and have great chances that their start-up will be a success.

3. Enthusiasm

Anyone who burns for their business idea and has it firmly in their heart is considered enthusiastic. Enthusiasm is another essential quality for a successful entrepreneur. After all, he wants to sell his product or service. He can only do this if he can inspire and motivate others - especially his own employees - for his idea, product or service.

4. Ability to motivate

Motivating yourself every day is another skill that a successful entrepreneur needs. Those who are self-employed and can motivate themselves again and again, even if the circumstances are not ideal, show entrepreneurial qualities. It is important that he sets himself daily goals and pays attention to an effective time management [Link]. Because many small goals achieved create self-confidence and motivation. In this way, the entrepreneur's enthusiasm remains and a business idea survives lean periods with success.

5. Commercial knowledge

Admittedly, it is not a skill in the strict sense of the word, but the “lack” is often a reason for failure. A certain basic commercial knowledge is extremely important, even essential, for founders, especially for the creation of a business plan [Link] and a successful loan interview [Link]. Terms such as profit and loss, return on sales, and marketing budget should be familiar to a successful type of entrepreneur. If you are self-employed, you should definitely familiarize yourself with the topics.

6. Critical ability

A good deal of critical faculty is also necessary for a successful entrepreneur. This can be criticism from the customer or from the supplier. Successful founders are grateful for any criticism. It helps them to become better and to optimize the product, the service or the company management. All signs of frustration [link recipes against frustration] can be overcome quickly and new motivation can be unlocked. They themselves express criticism in a positive way. You know from your own experience that a positive review can be the best engine for improving your own business idea.

7. Leadership and people skills

Anyone who is self-employed and at the same time employs staff should be able to work in a team and be strong in leadership. The management and motivation of one's own employees in particular requires a high level of social competence. A real entrepreneur leads his employees by transferring skills to them and only expressing criticism in a constructive manner. This is the best way to combine the skills of the entrepreneur with the business idea.