The Tipbox: 5 Characteristic of a Successful Entrepreneur - Ideabox

In this chapter of our “The Tipbox” series, we will talk about characteristics of a successful entrepreneur. Find out whether you have what it takes to become a successful entrepreneur. Or what skills must you hone in order to prepare yourself to become a successful entrepreneur.

  1. Resilience

First in our list is resilience. Being an entrepreneur means that you will constantly be face-to-face with challenges. The key in being a successful entrepreneur is persistently attempting to break through your limitations until you make it. Not only in challenges in your venture, this also include your challenges in your personal life. For entrepreneurs, every challenges we face personally and in our ventures make us stronger, So embrace all the challenges thrown at you and gather the strength to move forward, stronger than ever. 2. Agility Always stay alert and be nimble. The strength and problem when creating startups is that everything always move fast-paced. Therefore to be a successful entrepreneur, you have to think ahead and predict your potential problems ahead of time so that you can prevent it from happening. If it’s unavoidable, at least you can minimize the damage that it can do to your startup. Anything can happen in the startup environment, entrepreneurs have to be active adapters to any changes in their startup ecosystem. Due to the fast-paced nature of the industry, decision-making must be fast yet optimized. The challenge is make the best decision for your startup in a short amount time. A successful entrepreneur must be able to hone their skill in making good decisions in a short amount of time, this taking years of experience to master. Therefore you must plan wisely and invest in yourself in guides, mentors and workshops in order to gain more knowledge. Keep yourself organized. Stay updated with current events and trends. Build a community around yourself in order to grow your skills through skill-sharing. 3. Patience Unfortunately, entrepreneurship doesn’t come easy. However, the reward it brings when you’re successful is amazing. This means that for most entrepreneurs, not all their ventures will be successful. This doesn’t neccessarily be a bad thing, these failures are in fact the best lessons entrepreneurs can learn from in order to create a successful one in the future. There is no walkthrough guide for building a successful company and there is no one-fits-all solution in entrepreneurship. If there was, then everyone would become an entrepreneur and that will make the satisfaction in being one disappear. Be patient and focus in making your startup operate as efficient as possible. Make sure the workplace for your startup is productive for your employees. Build a positive branding for your startup so that it can last as long as possible. Understand your customers and get to know them better, make them loyal to your brand. Manage your finance wisely and become an expert in your industry. 4. Trust One of the biggest mistake individuals make in business is by being cunning and trying to be the only winner in the industry. Why is this a mistake? Well, you would lose the trust of others in your community and industry. Why is this a bad thing? When making your startup, you need to work with others in partnership in order to minimize your cost. In addition, you can grow faster if you work with others and share knowledge among others in the industry. Without trust, you would not be able to optimize your network and community. Other entrepreneurs will not want to do partnership with yourself due to your reputation and the cost in making your startup successful will be more expensive. To succeed in Indonesia, network and community is everything, without it your startup won’t be successful. Internally, you need trust in between your founder team and your employees. According to the Prisoner’s dilemma theory, without trust, all players will end up being in the worst possible scenerio. Therefore, in order to be a successful entrepreneur, you have gain the trust of those within your company and those external of your company. 5. Passion What drive an entrepreneur to become more dedicated to his or her startup? The answer would be passion. If the entrepreneur is passionate in his venture, he or she will dedicate most of their time and effort in order to make it successful. Passion is an entrepreneur’s weapon in challenging all challenges he or she may counter in their path. Passion is what makes entrepreneurs serious in staying up to task and do the research they need in their venture. Passion is the key that drives entrepreneurs to do things they don’t like to do when executing their venture. Without passion, entrepreneurs will not work as hard in their ventures. This will cause the venture to fail upon meeting a challenge the entrepreneur cannot conquer.   Now that you know the five traits in becoming a successful entrepreneur, start honing your character so that you yourself can become a successful entrepreneur. Read more of our articles and our “The Tipbox” series in our blog. Keep updated to our site and find when we will open application for our next batch.

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Published on April 07, 2016 | Uncategorized | All rights reserved by the author.