5 Key Characteristics Every Entrepreneur Should Have
As
an entrepreneur who's attending college, I am often approached by classmates
who are seeking to start their own business. Some have great concepts, yet when
I ask them what they’ve done to advance their ideas, the answer is usually
nothing.
Anyone
can start a business, regardless of his or her age. After growing my own
companies and mingling with successful entrepreneurs, I’ve come to realize that
most entrepreneurs share these are five common characteristics:
1.
Passion. A startup founder is often driven by the quest for deeper purpose
beyond the sheer mechanics of operating a business. My mission for my startup,
Yes Man Watches, is to empower people to consider the most valuable asset in
their lives: time. I rise early every morning because I don’t want to waste my
day. If you have passion for your startup, this will drive you to turn your
idea into a reality. Without that missing spark, you'll lack the necessary
motivation to put in all the early mornings and late nights to get your
business off the ground.
2.
Perseverance. Entrepreneurs need to be able to deal with obstacles. A business
does not get built overnight, and turning your idea into a reality will take
time. You'll have to become accustomed to people saying no to you. What makes
entrepreneurs great is having the perseverance to grow regardless of how many
times they are shut down. When creating the supply chain for my startup, we
screened two dozen watch manufacturers. After approaching through about 10, I
became quite frustrated at hearing that my company's patent-pending buckle
couldn’t be made. Without perseverance, I would have given up.
Follow-up
is key. People might present plenty of excuses for not getting back in touch
with you. Yet if you show persist in trying to make things happen, you’ll
probably succeed. For a Kickstarter campaign, I contacted dozens of writers at
a single media outlet in the hopes of reaching one who might write about my
company. Even though the conversion rate may be minuscule, it only takes one
person to make a difference.
3.
Resourcefulness. A vital ability for an entrepreneur is knowing how to make the
most of what you have. Your assets as an entrepreneur will be limited, so use
them to the fullest. Tapping into a network is key. When looking for a
photographer, I reached out to the photography department at my university and
the staff sent an email blast to students looking to build their portfolio.
Within a week, I had professional-looking photos.
4.
Open-Mindedness. As an entrepreneur, you may think you've zeroed in on a
business plan, but you'll need to learn to take in the opinions of others. Then
if it appears that your plan won’t work, then adjust. As Mark Cuban once said,
“Follow the green, not the dream.” If your dream startup won’t make you any
money, you may need to change your focus. When my friend Morgan Schwanke
started OnMyBlock, he originally wanted to focus solely on a social platform
for college students to find off-campus housing. He now concentrates his
startup on every aspect of renting an off-campus space; it provides tenant
listings to landlords and facilitates the making of rent payments.
Entrepreneurship
is much more than a 9-to-5 job. I don’t breathe without thinking about
progressing my business aspirations. If you have an idea you'd like to turn
into a reality, go for it. You'll never know the outcome if you don't try.
This post is taken from http://www.entrepreneur.com/article/232991
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