Entrepreneurs are goal-oriented, smart and hardworking individuals who are willing to make a difference. Entrepreneurship is about innovation and leadership. Mr. Narayana Murthy (Founder of Infosys) once said, “It is all about sacrifice, hard work, lots of frustration, being away from your family, in the hope that someday you will get adequate returns from that.”
People often confuse entrepreneurs with managers. However, the two are poles apart from each other. Entrepreneurs are pioneers, whereas managers are responsible for taking forward something that has already been created. Entrepreneurs are leaders. On the other hand, a manager works towards accomplishing the goals set by a leader.
What does it require to be a successful entrepreneur?
A number of people start their own business, but not everyone achieves the desired results. Have you ever wondered why many of them fail and others get the outcome, while a handful of them are extra-ordinarily successful? A successful entrepreneur stands apart from the rest because of the following traits.
The successful entrepreneurs are the ones who innovate something. Innovation is the result of knowledge and research. Good companies fulfill the met needs of people, but great companies fulfill the met as well as the unmet needs. Innovation led approach distinguishes successful people from highly successful ones. Innovators think out of the box and even destroy the box, if required.
Another trait of an entrepreneur is that he has a definite vision. You should know where you want to go and work in the same direction. A vision is more important than finance, resources and many other things required before you embark on the journey of entrepreneurship and excellence. When Steve Jobs began with Apple Computer in the garage of his Los Altos home, he had nothing but a vision.
Highly successful people are passionate about their work. When you are passionate about something, it doesn’t seem difficult. There will be times when you work day in and day out, but still do not make a dollar. It’s your passion that keeps you going. An entrepreneur believes in himself and has complete faith in his abilities.
A successful entrepreneur also has to be an able leader. He should take his team forward and make sure that his goals are aligned with the goals of the organization. He should be a people’s person and should have no problem communicating with them. Also, he has to be very highly opinionated and should not fear to disagree with others.
Perseverance and optimism
You should have a competitive nature and should never give up. An ideal leader is self-motivated and keeps the others motivated too, especially in tough times. You should not take ‘NO’ as an answer and keep trying till you achieve your goal. A successful entrepreneur foresees opportunities where others see roadblocks. You cannot be pessimistic or self-loathing.
There is no substitute for hard work. You need to work to the best of your abilities. At times, you have to spend more time with your co-founder than your spouse and family members. You have to be on your toes and make sure that your co-workers give their best too.
Adaptability is one of the important factors required to be successful. Survival is not only for the fittest, but also for smart. It is for the one who can adapt as per the situation because change persists despite one’s preferences. Those who fail to adapt are left behind in the race.
Food for thought: You cannot be successful overnight because there are no shortcuts. It requires sincere efforts and determination. A leader is expected to sacrifice and persevere in order to grow and achieve success.