For those who make the decision to move away from corporate America and start their own company, there are many powerful skills needed.
Among those who make the move, there are many common attributes, from persuasion and risk tolerance to confidence and conscientiousness. Take a closer look at these traits of highly successful entrepreneurs.
1. Risk tolerance
Entrepreneurs tend to be comfortable with higher degrees of risk than the average person. They are willing to do more than dip their toes in the water when it comes to seeing an idea to fruition.
Entrepreneurs do not give up when they are dealt a setback or reach a seemingly unconquerable obstacle. When one course of action, or one business idea, does not work out, they keep going, driven by the faith they have in their ideas and abilities.
Leaders need to be able to persuade customers, investors, new employees, and advisors. They can present information in a compelling and authentic way that spurs others to become involved as buyers, investors, and workers. Communicating their dreams is a natural skill.
An entrepreneur needs to believe and exude confidence. They need confidence to believe that a market … or the whole world … needs what they are proposing. Confidence manifests itself in ways grand and minute. Confident entrepreneurs believe they can solve the problem in front of them and move to the next challenge.
The successful entrepreneur needs to know how and when to make a decision. Decisiveness needs to be preceded by open-mindedness, a willingness to listen to disparate views, and to consider different solutions. Yet when the time comes to decide, the effective entrepreneur is ready to make a decision, accept it, and move on.
Especially when first starting, an entrepreneur needs to be nimble, able to take on many different tasks that keep the lights on. The new entrepreneur needs to be the boss, bookkeeper, chief salesperson, head of marketing, fulfillment chief, transportation coordinator, and, at times, bathroom attendant. The talented entrepreneur knows this going in and realizes that there are times when many different skills are needed.
Successful entrepreneurs are going to act in the interests of others — customers, investors, and employers. These acts demonstrate powerful business instincts and acumen, and the ability to plan, organize, and execute.
At Benetrends, we recognize the many different skills entrepreneurs need to possess. Those start-up leaders who are organized, pragmatic, and visionary turn to Benetrends to learn how to secure financing quickly. We have worked for decades with thousands of entrepreneurs to leverage 401(k) and IRA savings accounts to finance a business. To learn how you can create the right business structure that gives you financial flexibility and freedom you need, download The Definitive Guide To 401(k)/ROBS Business Funding.