Witty and Wise are the two drugs you need to get addicted to for becoming a successful entrepreneur. You need not have bags full of bucks or a lot of resources to be a bang on entrepreneur. Believe me you just need to be wise and astute enough to use the best available resource which is your determination and passion.
Clutching an idea from one such eureka moment is not just enough. You need to have miraculous capability to transform your formulations effectively into an implementation. Getting good idea is no big deal because at times ideas are overrated. Ideas are cheap and fleeting. This can be witnessed by some of the really good and famous companies which were never based on any rocket science ideas. All you’ve got to target is the Need. Simply look around as to what is that one thing that the society needs and how can you be different in sufficing that need.
The road is not smooth; definitely not. Risk is laid at every turn. An entrepreneur has to be smart enough to develop the capabilities to overcome these risks wisely.
Proactive humans are the one who can lead entrepreneurship and those are the ones for whom the path offers a lot of risks and analysis.
Some of the traits you would come across in any good entrepreneur are:
Be very specific about your objectives: There have been companies that tend to fail every now and then because they don’t have a specified objective. Your mission and vision play a crucial role in deciding upon the steps you may take for your business. Timely and effective execution of your business plans and strategies would definitely be a good start. Tasks that are well regulated always lead to success.
Be a good leader: Here the word good can be elaborated as follows; a forerunner, chief, guide, governor, lion and of course a dignitary. A good leader is not always the one who rules or believes in dictatorship. He should be a skilled person where he can manage a team very well and bring out the best from them.
Have a dedicated team: At times it is not just necessary to have a team that is well qualified. You must develop a team that loves their work equally the way you do. The team has to be passionate and unified enough to have disputes. Allow equal opportunities and brain storming from your team because you never know when you get another eureka idea.
It doesn’t have to be over night: Rome was not built in a day. An entrepreneur has to have skill to be patient. Generate a process and strategies related to how you are going to work and then work on its implementation. Unstructured processes might be good for short term but if not regulated, might create trouble in the future.
Buck up for challenges: It is certain that your business might have a lot many competitors when you are at your initial phase, but this is the problem you need to deal with. It was never meant to be easy. You may be hindered and there might be a situation where you may even fail miserably. But stop not because you need to learn to overcome your fate and learn from the mistakes.
Do not just be ordinary: If you are providing the same business like every other competitor,then there are high chances of you failing in your business. As mentioned earlier, a successful business need not be full of resources, and ideas. Just learn to cater to one such need that the market desires which no one but you can deliver.
Be consistent and enjoy what you are doing: Perpetually doing what you love, will help you keep motivated and proactive in taking up actions. It eventually causes your team to be motivated and hardworking. When you started off, it was never to end on a certain date hence keep working continuously for yourself, for the people who work for you and for the society at large.
Never measure success in terms of wealth: It’s not always about how many pennies you have bagged for yourself. Companies like Infosys and Wipro have set an example for good reputation gainers. Success is also when your business have been serving the needs of your customers in the best possible manner.
Mastering a talent is never enough to get the best out of you. Constant learning is one thing you need to master. It’s never enough to learn. Hence we call entrepreneurship a journey and not a mere destiny.
Vaishali Joshi holds a Master degree in Business Administration. She is an ardent operations and Content management executive at SoftwareSuggest. She loves to travel with her family and friends in her spare time. Follow her on LinkedIn.