4 Personal Qualities You Need to Have for a Successful Business
Are you an entrepreneur in the making, dreaming about opening your own business?
That’s awesome! Not everyone has an idea worthy of becoming something bigger, and you can rarely find a person determined to create something that will serve others.
Most people find themselves not ready for a business very fast. Investopedia reports that 20% of companies fail during the first two years, 45% during the first five years, and 65% close after six years.
So, how do you know you are ready to open your own venture?
It’s not always about the money or the people you have to support your business, but about you. If you lack some crucial entrepreneurial qualities, it might lead your company to its downfall.
Which qualities are we talking about?
Take a look.
1. Ability to Focus on Your Goals
People start their own businesses for different reasons. For example, one study mentions that a whopping two-thirds of entrepreneurs in low- to mid-level income countries open a venture because of the necessity to feed their families.
Whatever the motivation behind your endeavor is, to make it work, you need to be focused on the end goal.
In the checklist for starting a new business, you probably outlined the main objectives for yourself and your team to achieve within a given period of time. Ideally, these goals should be backed up by the resources already available to you.
But what if something goes wrong and you no longer have support to bring your plans to life?
That’s where being goal-oriented enters the scene - it helps you remain committed if circumstances don’t work in your favor. This personal trait also borders with self-motivation, helping you remain focused and disciplined.
2. Strong Work Ethic
We all know that every employer values a strong work ethic. The BIAC survey confirms it, too - 67% of respondents view this quality as extremely important.
But what does work ethic imply?
Simply put, it’s a determination to do your job well. Usually, this personal quality also involves other traits, including:
If you take a closer look at each of these qualities, you’ll see that they are also indispensable for an entrepreneur. Since you are a business owner, you also serve as an example to all your employees. If you notice that most of your team does not commit, remember that fish rots from the head, so you need to review your work ethic first.
3. Solid Language Skills
Here, we refer to both written and spoken communication. It is of utmost importance for an entrepreneur to be able to express their needs, requests, and demands. If you can’t get your point across, it can hinder your business’s growth.
However, here’s the thing - language skills need your undivided attention all the time, in that you have to work on improving them continuously.
What’s the best way to do that?
Learning foreign languages can really help you improve the way you communicate. For instance, when you learn how to speak Italian, you have to self-reflect and analyze how well you are formulating your message and how the listener might perceive it.
Apart from that, you learn a foreign culture simultaneously, which also has plenty of benefits. For example, it helps you understand and appreciate diversity and makes you more open-minded, which is also a good quality for an entrepreneur willing to build a successful business.
4. Unbreakable Self-Reliance
Finally, as a company owner, you will invest a lot in employees, whether they work remotely or in-office. You will purchase various software, SRM, live web chat to keep the communication going, not to mention computers and other equipment to support business processes.
Such investments are necessary for the success of your venture. Moreover, the more you plow into your workers, the higher satisfaction rates they have.
However, people will come and go, and you cannot place too much responsibility on them. On top of that, it’s important to remember that it’s your company in the first place, and no one will be as committed to it as you are.
So, while you need to appreciate your employees and learn how to delegate tasks to them, it’s also crucial to remain self-reliant in case you end up dealing with problems on your own.
Over to You
As you can see, a successful entrepreneur needs to have a pretty strong character. The ability to focus, maintain a strong work ethic, communicate clearly, and remain self-reliant, is what you need to withstand the hurdles your new business will undoubtedly experience.
What do you think about these qualities? Do they have an impact on a business’s success? Maybe there are more personal traits that can help a person become a successful entrepreneur?
Share your thoughts with us!