Most of us can confess to being quite sold out to the idea of getting rich someday. Nothing sells like the business of getting rich, and the pursuit of prosperity sends most of us into quite a tizzy. We tend to randomly rush into a mirage of the mythical pot of gold at the end of an illusory rainbow. However, success eludes most of us because the passion, which sets those successful entrepreneurs apart from the rest of the teeming millions is woefully missing in most of the aspiring entrepreneurs. History bears ample testimony to several such stories of entrepreneurial success. Bill Gates, Donald Trump, Joyce Hall, Rupert Murdoch, Walt Disney and Oprah Winfrey – have more in common than just being names on the ‘Rich and Famous’ list to most of us at first glance, and that is that they are all very successful entrepreneurs. And since few successful entrepreneurs are naturally born, so take heart, and help yourself to a sampling of some of the outstanding traits that make an entrepreneur truly successful, and learn to strike that elusive gold on your own steam in the process.
Characteristics Of Successful Entrepreneurs
The road to entrepreneurial success is typically characterized by an incredibly intricate labyrinth of hardships and setbacks, overcome only by the relentless perseverance of the inspired few.
Persistence, exceptional passion, sincere effort, clarity of purpose, extraordinary vision and the irrepressible desire to make it happen, lies at the core of most entrepreneurial success stories.
Tips To Achieve Entrepreneurial Success
Striking it rich on one’s own, they say, is often the next best thing in life to inheriting a fortune. However, why go through the wringer if you can do it right from the start, with a little help from those who have it down pat from close personal encounters with adversity in the pursuit of their own dream? The characteristics most successful entrepreneurs exhibit and which have been briefly explained below, are the best known ways to get there.
Conduct A SWOT Analysis
A SWOT analysis is the quickest peep you will get into your entrepreneurial prospects, even before your plans have gone to the drawing board. It is a quick assessment of your Strengths, Weaknesses, Opportunities, and Threats. It is a simple but very authentic exercise done quickly by jotting down honest observations under each section, and drawing up a conclusive overall assessment of one’s plus points and areas of development, thereby helping one identify the best possible way to approach his/her dream for entrepreneurship.
Survey The Market
There is no magic potion to ensure success. Success comes at the end of hard labor and a little bit of luck. The Unique Selling Point (USP) of your venture makes all the difference. So make sure that your venture fills a much felt void, ideally all year round.
Chalk Out A Realistic Launch Plan
Visibility matters most in the launch of a new venture. Make an impact with a well-timed, well-placed launch strategy. Make your venture count with clever promotions and advertising, and identify untapped audiences and buyers.
Stick To The Master Plan
Do not stray from a well designed venture plan unless it is to keep course with market dynamics, without altering the original game-plan too much. Adapting and adjusting are the mantras to stay in the reckoning. While some get it naturally right from the word go, some learn from trial and error, translating lessons from past failures into future successes.
Make The Economics Work
A venture has to not only be financially viable, but it should also has a solid and sound economic ground. Reinvest earned revenue back into an appropriate sector of your business for better future returns, and save up the rest as contingency for unexpected setbacks. The spirit of enterprise is what these shining examples from history have made a habit of living up to.
To sum it up, the traits of successful entrepreneurs may appear rather easy to emulate on the face of it, but it is in the individual application of these tried and tested formulae wherein the fate of an ingenious venture lies. Entrepreneurial success is often determined as much by one’s past achievement patterns as by adherence to a smart blueprint, and it won’t be long before one can justifiably earn the title of a “self-made” person.