Pin Me

What it Takes to Be a Successful Entrepreneur

written by: KAFrancis•edited by: Michele McDonough•updated: 2/3/2011

A successful entrepreneur has to be passionate about his/her business, imaginatively conceive and unfailingly execute plans, be willing to adopt emerging technologies and when the time comes, lead from the front.

  • slide 1 of 3

    What distinguishes a successful entrepreneur from the rest is the ability to plan work and work a plan. To translate a business plan into reality, the practical-minded entrepreneur sets short, middle and long-term goals. A short-term goal is something to be acHow to become Successful Entrepreneur? hieved in a few weeks, a mid-term goal is something to be achieved in a few months and a long-term goal is something to be achieved in a couple of years.

  • slide 2 of 3

    How to be a Successful Entrepreneur

    One has to be pragmatic and not over-ambitious when setting the goals as goals that are meant to be achieved. The successful entrepreneur sets priorities, constantly monitors progress and does not rest until all goals are accomplished.

    All budding entrepreneurs will do well to indulge in a bit of self-examination and see if they can imbibe quite a few, if not all, of the qualities commonly found in most of the successful entrepreneurs:

    • Answer "How to Be an Entrepreneur?" first.
    • Consistently display a positive attitude in pursuing the business goal.
    • Capable of making quick decisions without being rash.
    • Displays, at all times, an uncompromising determination to succeed.
    • Willing to work hard. unmindful of the clock. driven by an all-consuming passion to accomplish.
    • Courageous enough to take certain calculated business risks without being foolhardy.
    • Have a vision and the necessary self-belief that dreams can be made real.
    • Prepared to learn and be receptive to new ways of doing business – not averse to adopting new and innovative technologies.
    • Self-discipline to force oneself to pay the price of success.

    A successful entrepreneur knows what they have to do and what they ought to avoid doing. An entrepreneur is one who is unafraid of taking risks and confident enough to step out of the secure environs of the salaried community of breadwinners. A successful entrepreneur starts a business venture not merely to earn money or eke a livelihood but to radically change any or all parts of their life.

  • slide 3 of 3

    Becoming More Successful

    A determined entrepreneur carries with them a blueprint to success, shutting out all negative thinking and remembering instead there are no such things as problems, but only opportunities in life. To turn every business opportunity into a success, the entrepreneur needs to consistently exhibit an intense, personal passion to change the way things are and relentlessly pursue the preset goals.

    All successful entrepreneurs have a unceasing desire to do things better and to improve their products or services. They are creative, innovative and resourceful. Successful entrepreneurs are focused and determined to achieve the goals and believe completely in their ability to achieve them and stay committed, regardless of the obstacles that get in the way.

    It is, however, naive to imagine one can have all the positive qualities and unfailingly achieve everything. Each entrepreneur has certain strengths and certain weaknesses. To be effective, one has to identify the strengths and develop on them. An entrepreneur will become more successful if they focus efforts on areas that they are best at. There is nothing to be ashamed about when seeking help in areas that one may be less proficient in.

    A successful entrepreneur must cultivate leadership qualities as time will indeed come when it will become necessary to recruit people, deal with investors, interact with other business communities and deal with government bodies. If the entrepreneur does not have the ability to lead, their future business growth will be stunted.

    Ask all successful entrepreneurs and they will uniformly say that success is a journey and not a destination and success is an ongoing process. To sum up, the secret formula is – successful entrepreneurs do not do different things but do things differently.

    Image Credit: Wikimedia Commons