7 Qualities Every Entrepreneur Must Have To Be Successful In Business
Entrepreneurial qualities can be learned and developed to meet the needs of your business.
This article is, therefore, looking at the qualities that can help your business to be competitive and successful.
Qualities entrepreneur must have: Persistence
Persistence is one of most important entrepreneurial skills and traits that you need to be successful in business.
Persistence simply means the act of continuing to do business in spite of daunting challenges or difficulties.
In other words an entrepreneur must be able to continue doing something he strongly believes will make his business successful.
In the first place, for you to be said to have persistence, you must be able to:
- demonstrate that you have thoroughly researched what you are doing
- you have formulated well researched policies and programs
- implemented them
- monitor their performance over time
- take what works for your business
- and discard those that do not.
Qualities entrepreneur must have: Wisdom
You do not need to be doing things that will not make your business successful all in the name of persistence.
Furthermore, an entrepreneur should be to:
- evaluate every decision
- take what works for your business
- and discard things that do not.
You must be able to stick to your belief. And remember that in business you are bound to encounter difficulties like many people before you.
Most importantly,you do not need to quit in the face of temporary problems. Do not forget that quitters do not win and winners do not quit.
Consistency is yet another important entrepreneurial trait you need to remain in business.
Consistency simply means doing your business in ways that everyone can understand and trust.
Firstly, for example, if you are producing a soft drinks, you should be able to ensure that the soft drink have the same features and taste.
You cannot be consistent, when your soft drink taste differently every now and then.
However, where you receive field back from the field that calls for improvement, you can jolly well go ahead to make the needed change.
Secondly, if have a policy of selling only high quality products, you should stick to that policy.
You should not change that policy unless you have good reasons to do so.
Customers who have high taste for quality products will buy them from you.
Do not start to sell inferior or faked products because you want to make money.
Let customers know you as someone who sells quality products.
You should not change your policy every now and again just because you have a temporary period of low sales.
You should stand for something: fair business practice, honesty, integrity, quality and so on..
Therefore, you should follow your mind especially if you are sure that what you are doing is the best for your business.
Qualities entrepreneur must have: Perseverance
Perseverance is an important entrepreneurial skill you need to remain in business.
You should remember that hard times do not last.
Do not begin to change prices, labels, packing every now and then because you have a temporary period of low sales.
As an entrepreneur, you must be able to ascertain whether the cause of the slow sales is temporary or one that will take time to fix.
You should not give up hope when you are facing challenges or rough time in business.
Many successful entrepreneurs out there have failed several times before they found their feet.
Consequently, you should not forget that in every challenge there is an opportunity.
When things are not working out as expected, you need to find out what went wrong. And fix it.
Therefore, you should have the belief and hope that if is not good today, it could be good or even better tomorrow.
The most important thing is that you need to regularly monitor your systems to make sure that they are on track.
You need determination to succeed in business.
Put differently, determination is the zeal and drive to be firm in your purpose, resolve to succeed in whatever you are doing even in the face of obvious difficulties.
This means that an entrepreneur must be able to navigate his way through good and rough times.
However, determination is only worthwhile if you know what you are doing.
Furthermore, you must be sufficiently interested in what you are doing.
Moreover, you should bear in mind that it is interest that drives determination.
Thus, interest + Preparation + determination + opportunity = success.
Qualities entrepreneur must have: Customer service
An entrepreneur must be able to provide excellent customer service to meet the needs of his customers.
After all, of what value will it be to you if you are busy producing or offering services that customers are not ready to buy because of poor customer service?Another ultimate guide for effective management of your small business is ability to provide excellent customer service.
Moreover, you should remember that the customer is the king.
You need him more than he needs you.
Beyond that, many customers can stop buying from you for any of the following reasons:
- poor customer service,
- poor quality product,
- rude customer service reps
- improper product pricing
- stock outs
- inability to update your offerings
- lots more.
Furthermore, you should know that business is war and that the common enemy is competition.
Exceptional customer service can help you to succeed in business.
That is not the way to go. If you do that, you will be the loser.
The customer is the boss. He has the cash. And cash is king.
Your Take away
In conclusion, therefore, you should bear in mind that business is not a bed of roses.
Sometimes you can fail. But do not give up.
You blame a man for falling you but you cannot blame anybody for refusing to get up.
You should be prepared to face challenges. The good news is that in every challenge, there is an opportunity.
By Samuel Ijenhi
B. Sc. Accounting [University of Benin]
Benin City, Nigeria