Thursday, 3 November 2016

Skills and behaviours of successful entrepreneurs.




Some have the technical brilliance, some others the vision. Some have the experience while for some others it might be their personality. What makes an entrepreneur successful? Is it just one stand out quality or a combination of skills and behaviours that they acquire during their entrepreneurial journey? What qualities create a Bill Gates or Steve Jobs or Warren Buffet? Are they born-entrepreneurs or are there specific techniques and habits that they consciously develop to better themselves?

Studies that have researched the success factors of enterprising business owners have found that though each may have their own strength, there are certain traits in common to the successful business leaders that push them to their success. Some level of talent is innate but there are many other traits that can be developed too. There are a number of skills and behaviours that many entrepreneurs have practiced and nurtured over the years to perfection to reach the pinnacle of success.

Often, successful entrepreneurs are driven by a complete vision of the future than just the immediate task at hand. A successful entrepreneur has a set of skills and talents that sets him apart from the herd. Some of the skills he/she displays are -

Personal: Drive, energy, self-confidence, creativity, passion, determination, integrity, risk-taking, engaging with criticism, willingness to listen.

Interpersonal: Leadership, communication, networking skills, delegation, respect, charisma, motivation.

Business: Business vision, venture specific knowledge, pragmatic problem solving, financial management skills, resource management, negotiating skills, optimal use of resources.

Some of the highly effective behavioural patterns of successful business owners are:

·  Finding opportunities – This ability to see unmet needs that others don’t, and finding an entrepreneurial opportunity in that need. They are always on the look out for new ideas and innovations to improve on the existing processes.

·  Clear focus – They have a clear vision about the future and the steps needed to take to reach there. They are not deterred by constraints or competitions.

·  Quick decision makers – They are ready to observe and act quickly taking the right decisions at the right time. They are ready for unexpected challenges and are ready to face them head-on.

·  Not afraid to make mistakes – The series of small errors of today  would teach them lessons that helps in avoiding catastrophic mistakes of tomorrow. Successful entrepreneurs are open to testing ideas in low-risk environments to determine whether a product or idea will take off.

·  Collaboration – They motivate a diverse group of employees to come together for the common goal. They lean on each other’s ideas and skills to overcome the challenges as well as for future innovations.

·  Building relationships – They are adept at building positive relationships with various stakeholders and understand the value of a strong peer network.

Every entrepreneur cannot have all these skills. Working on their inherent strength will compensate for the absence of others. The most successful entrepreneurs are not comfortable even in their greatest success but instead keep striving to attain new heights. They are constantly learning and improving themselves as well as their organization. It is the never ending quest for more success that makes them the most successful.