On a daily basis, millions of people around the globe make up their minds to setup private businesses and become their own bosses, unfortunately barely 2% of that population eventually get the chance to establish their dream entrepreneurial venture and a much lesser percentage of those businesses eventually become successful.
This is in fact due to individual attributes of the founder/propritor in most cases. There are common traits evident in the lives of successful entrepreneurs regardless of age, race, background, religious orientation or even educational standard. These attributes when properly developed by individuals will help potential entrepreneurs to channel the course of their business in the right direction toward success. Some of these attributes are;
No flourishing business man on earth become successful by doubting him/her self. The place of self-belief is paramount in the minds of every potential business owner, it is the belief in one’s potential that will propels one to actually do forge ahead. If a potential business owner is not sure about him/herself before launching into the business, whenever any form of challenge arise, it will be quite easy for such individual to abandon it no matter how good the plan is. Self-belief is the reminder that pushes one to try harder even when the going gets tough. Doubt is one of the greatest enemy of success, when one is not sure of him/herself concerning proposed business, there is no way such individual can push through amidst start-up hurdles.
Discipline and Dedication
No matter how motivated one is, no matter how much one plan business strategy, without discipline the business will not thrive. Self-discipline is the ability to control one’s feelings and behavior against temporal desires to achieve greater success in the future. (Future does not necessarily mean far years away as perceived by many.) Discipline in business can also be referred to as the acquisition of grip of one’s self against time wasting, procrastination, impulsive spending and addiction of any sort which will affect efficiency. When a potential businessman or woman is disciplined, it helps such individual to be more dedicated to his/her cause because it can only be said of one as dedicated when work is done properly with undivided mind consistently over a period of time, and nothing can be done consistently without impacting discipline on one’s self.
Risk taking ability
For every business venture established, a risk has been taken because no business is guaranteed at start-up, it is a 50/50 chance of success against failure. Having this in mind, a potential business owner must be aware that ‘whatever the outcome may be, I will forge ahead.’ A lot of business ideas have died in the minds of many people who could have been CEOs today, but the fear of failure held them down. We cannot allow fear of uncertainty to stop us from launching our business ideas. Many successful businessmen known today, like the owner of this successful affiliate marketing business have tried multiple businesses and failed woefully in the past before becoming great at their present businesses. Akin Alabi, a successful writer and founder of NairaBET among others business establishment once said that before NairaBET became successful, he had tried several businesses over many years before he eventually hit it big.
Adaptability and Flexibility
Adaptability in business is the ability to evolve one’s business into contemporary structure that will keep one’s goods and services in constant demand throughout, while flexibility is the eviction of rigidity in business to allow better suitability for success. Facebook today is not the Facebook that started some years ago, there are many features that Facebook lacked at the inception which has been included over the years till today for better use by consumers. Facebook improved privacy settings, ensured friendlier user interphase, custom celebration videos, etc., which were not in Facebook when it was founded.
This gradual evolution of business product as the world change will keep business in shape. A lot of social media websites were designed the same year Facebook was developed, many are even more funded which are nowhere to be found today, but adaptability and flexibility keep business running.
Market Product and Knowledge
An entrepreneurs who aspire to be successful must know his/her product inside and out, he/she must also know the market well. Most businesses become successful because the founders create something that did not already exist or they significantly improve an existing product after surveying ways of existing products and services similar to what they do. The knowledge of one’s business, remaining aware of changing market needs will keep business afloat.
Strong Money Management
It takes time for entrepreneurial venture to become profitable, until then, capital is limited and needs to be utilized wisely. Successful entrepreneurs plan for present and future financial obligations and set aside an emergency fund. During this temporal period, one must avoid impulsive spending and calculate profit before spending on anything whatsoever. Even after securing funding or going fully operational, a successful business person must keep a complete handle on cash flow, as it is the most important aspect of any business.