What distinguishes a good entrepreneur from a dependable, successful, and outstanding entrepreneur?
To begin, let’s state the obvious: The term “weak entrepreneurs” refers to those who are considered to be business owners but who have little authority over their own teams or staffs. Being a weak entrepreneur doesn’t always indicate that their business won’t thrive; rather, it only means that success will be fraught with hardships and setbacks.
The entrepreneurs running such a company are thought to be weaker since it will take more time for the business to become well-known and in high demand.
Entrepreneurs are frequently seen as being stronger when they have the courage to create a novel product and, in the event that it fails, transfer their attention to creating another unique product. Unique selling propositions, or USPs, are sought for by such business owners. These unique qualities help draw a customer’s attention to the products.
Dr. Jay Feldman is a good example. From the United States, he is an osteopath. Jay Feldman has established a prosperous career as a serial entrepreneur in addition to being a renowned and well-known doctor. He founded a number of businesses, such as Otter Public Relations, Instelite, and REX Fitness.
Today’s successful entrepreneurs typically own many businesses. They run one or more supplementary projects on the side while concentrating totally on their main company.
traits that successful businesspeople should possess.
Starting a business requires a lot of labour. If someone claims different, they’re either lying or have never really started one. You put in a lot of hours and give up a lot, yet it still feels like you will always be dealing with problems and challenges. If you don’t have the resilience to deal with these conditions, your firm could fail before it ever gets started and obviously, you would really not want that after putting so much finance, energy and labor into your new business.
It is obvious that not everyone is suited for entrepreneurship. But how can you tell if it’s the correct decision for you? The majority of the work will be done by you alone up front, so you should start by thinking about what it takes to be a leader. It’s likely that you won’t be able to direct the growth of your business and the success of your future employees if you can’t lead yourself through the startup phase.
If you only enjoy a few hours of actual work each day and the rest of the time is spent pretending to be busy or catching up on TV talk over the water cooler, you should stop reading right now and go back to your cozy desk job. A modest but solid pay and perks are also yours.
If you select a work that is dangerous but has a high potential reward both financially and ethically, read on, friend, because you already possess some of the skills it takes to be a successful entrepreneur.
Successful entrepreneurs like Henry Ford and Steve Jobs share characteristics. To check how you stack up against these prosperous entrepreneurs, do you share at least half of these qualities?
1. Strong leadership potential
Leaders are innate, never created. One’s personality, which is something that is given to you as a child, determines one’s feeling of leadership. Are you typically the one that others turn to? Do you ever find yourself being asked to provide advice, make decisions, or otherwise represent someone else? Have you ever had jobs in management during your career? A leader is someone who puts the final goal above any suffering that the hard work may bring about along the road. However, persistence by itself does not constitute a leader.
A leader is not someone who just shows his juniors that he is their boss. A leader is a hard worker that inspires and motivates his employees and his team to work together as a goal to achieve whatever goal they have set out for their business.
A leader may gain the team’s respect and trust by displaying positive work habits and confidence. Then, he or she may establish an atmosphere in which the team can adopt these ideals. No one will follow a leader they themselves wouldn’t follow.
2. Extremely independent
If you even know a little bit about some of the most well-known business entrepreneurs in history, then you already know that leaders frequently have passionate personalities. Nobody makes progress by sitting back and hoping it finds them.
Successful people venture into the world and effect change. When faced with a dilemma, leaders frequently rise above the call of duty to discover a solution. They are frequently adept at guiding their teams toward new goals, new possibilities and new opportunities as they change along with them.
They smoothly adapt to changing conditions without disintegrating. You will find that exceptional entrepreneurs have the ability to think more widely in that regard and are typically inspired by a greater vision or purpose than the current activity at hand. Additionally, they typically have strong opinions about the ideas they support, making it notoriously difficult to convince them to change their thoughts.
3. Strong sense of morals and integrity at its core
Business is sustainable because there is a widely recognized code of ethics that upholds the fundamental principles of commerce. While dishonesty and illegal activity may yield short-term gains, they often suffer long-term losses.
You’ll find that individuals who are successful and stay in business for a long time keep the highest standards of integrity because, in the end, if you can’t build your reputation as a businessperson and no one wants to do business with you, your firm goes out of business. Instead of lying, assigning blame, or dwelling on the problem itself, effective leaders recognize mistakes made when working with customers or leading a team and provide solutions.
4. Not being scared of failure:
Successful entrepreneurs, risk-takers, and gamblers all have one thing in common: they don’t fear failure. Not that I’m saying they charged in irresponsibly. In reality, what makes entrepreneurs successful most of the time, there are deliberate decision-makers who can select the optimal course of action in even the most catastrophic conditions.
They understand, however, that even when they choose the best course of action, things don’t always go as planned and they still could not succeed. The adage “nothing ventured, nothing gained” perfectly captures what it means to attempt; do not be afraid to put yourself out there and give it your best effort. Again, not a single successful businessman is speculating from his sofa.
5. Relentless inventors.
Entrepreneurs are essentially defined by their constant urge to develop fresh concepts and improve tried-and-true methods. In actuality, this is how the bulk of them started their firms. Successful people embrace change and frequently rely on it to boost their effectiveness as leaders and, ultimately, the success of their businesses. This is because many company concepts depend on upgrading goods, services, and procedures in order to attract customers.
6. Admit your ignorance or mistakes and learn from it:
Despite the fact that the majority of successful entrepreneurs have strong personalities in general, the best ones have found that there is always something to learn. They don’t often think twice before asking when the replies will provide them information they can utilize to make adjustments. Entrepreneurs that are successful are self-assured, but not so egotistical that their intransigence keeps them from seeing the bigger picture and ultimately making the best decisions for the firm.
7. A competitive mindset:
A good challenge and a good win are what entrepreneurs want. They would have to, given that establishing a business is likely one of the greatest challenges a person will ever encounter. For consumers and a larger market share, businesses are always at war. Another challenge is using all of this energy to focus on oneself and create from beginning a company that either makes a lot of money or is so successful that it can be sold or purchased at a profit.
8. Becoming aware of the benefits of having a strong peer network:
A majority of the time, entrepreneurs do not succeed on their own. The most prosperous individuals understand that in order to thrive, they require a network of resources, business partners, and peers. By surrounding themselves with people who can help them succeed, successful people cultivate relationships. Any leader’s success depends entirely on the quality of his followers.
These sorts of traits are necessary for successful business people. Even as a young child, according to Dr. Jay Feldman’s book, he competed in national and international competitions, showing that he was aware of the risks he was taking and the failure he would eventually have to deal with yet persisted still.
He has since achieved great success in business.
Let’s look at Dr. Jay Feldman’s accomplishments before we wrap up this essay to inspire aspiring business owners. Dr. Jay Feldman began his career as a nobody working under his father’s direction before becoming an entrepreneur. Dr. Jay Feldman began working at his father’s auto company when he was 15 years old. Because of the market indulgence he had from his father as a youngster and the zeal he shown then, Jay Feldman has been able to establish himself as a highly successful businessman.