Best Practices

Traits of a Successful Startup Entrepreneur

What traits of a successful entrepreneur do you have and how do you use them?

20 Traits of a Successful Startup Entrepreneur

Business may not just be profits. It is the ability to expand and grow an enterprise and bring fruitful change in the lives of people – consumers, stakeholders and employees. A successful entrepreneur is able to add value to the lives of all. Startups are a way to put ideas into action and build something new. A true business leader manages all of this with patience and continuous efforts.

#1 – Passionate

Every startup needs passion for it to be propelled to greater heights. If you are passionate about your business idea, it will surely work. A deep interest in the business we do,makes us curious about everything that’s related to it. The more time and effort one puts in, to know and execute, the higher the returns.

#2 – Effective Planner

A business leader knows his business plan thoroughly. He knows it from the start and all through the process of setting up and running the business. He enjoys communicating the same with his employees and stakeholders. This builds confidence in the team and inspires them towards set targets.

#3 – Controls Finances

You need to make sure, a business is financially stable at all times. Late paying clients and cash flow problems can be disastrous for any business. A business leader keeps track of the cash and a makes sure his business is generating and saving requisite amounts.

#4 – Builds Relationships

A successful entrepreneur focuses on building relationships with clients on a continuous basis. He knows that the business exists because of the faith that clients have in it. A happy client helps in getting newer clients.

#5 – Sells Effectively

Every business idea has to be sold effectively. The right positioning of the business and an appropriate strategy to promote it are the key to its success. Knowing the target market well and then sending out the right messages is absolutely essential.

#6 – Embraces Digital

The web is “the new place” to do business and find new customers. It is the place for customer service and problem redressal. The right set of online tools help in improving business productivity and saving on costs.

#7 – Innovates Constantly

A business leader works continuously at self improvement and the improvement of products and services he is selling. Innovation is the only way to stay ahead of competition and help the business move to the next level.

#8 – Hires Effectively

A business leader has an eye for the right people. People are the most important resource of a successful business. A leader hires effectively and manages his team well. He is always on the look out for cost saving options like remote teams and freelancers.

#9 – Dedicated

A successful startup entrepreneur is always there for the business. He is always the most efficient member of his team. His dedication makes him achieve what may seem impossible to many.

#10 – Has a Vision

A true business leader always looks ahead and can envision the growth of the company. He forecasts revenues and costs effectively and understands the risks well.

#11 – Negotiator

An entrepreneur is a negotiator at the core. This is essential to churn out the best for the business. He make sure, the business gets the value it deserves, by pricing the goods and services effectively and saving on costs wherever possible.

#12 – Delegates Effectively

Delegation makes sure the work is being done at the right time by the right set of people. It is always important to understand that a business cannot be a one man army. An entrepreneur should always be an effective delegator.

#13 – Always Motivated

A successful business leader is a self starter and always brimming with enthusiasm. Each of his moves are an inspiration for his team.

#14 – Learns Everyday

Learning is a part of the business process and this is true at every level in the hierarchy. A leader learns and teaches his team along the way. He invests his experience for the betterment of the business.

#15 – Socially Responsible

A good business owner ensures that he is giving back to the society. He takes up activities, in and outside of the business that are meant purely for the welfare of mankind.  This adds to the image of the business in the long run.

#16 – Positive Thinker

A true leader is always positive about the outcome. A business faces challenges and threats on an ongoing basis. The business owner makes sure he taps the right opportunities, overcoming any negativity along the way.

#17 – Learns From Failures

Success comes to those entrepreneurs who know failures will happen. They learn from these to achieve the next milestones for their business. Getting bogged down is not the trait of a business leader.

#18 – Always Vigilant

A business leader is great controller. He understands the value of time and productivity. He ensures that the team is meeting the expectations he has set for them and are on track with the business goals.

#19 – Collaborative

An entrepreneur is always on the look out for fruitful partnerships and collaborations. He is well networked and looks for the right set of like minded people to help him achieve his goals.

#20 – Flexible

Flexibility moves from top to bottom in every business. When the leader gives freedom to the team, they come up with great ideas and solutions day-to-day problems. A flexible environment also converts into a conducive work environment for the teams who then perform better and stay for longer.

Success in business is not just toil and sweat. It goes a step further and demands qualities that only a few can acquire. Those few successful entrepreneurs add great value for the larger good of the society.

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