Do You Match the Profile of a Successful Entrepreneur?

Entrepreneurs have unique challenges that require a unique set of skills to be successful. If you’ve ever considered owning your own business, read on to see if you’ve got what it takes to make it on your own.

Vision

Do you look into the future and design a plan to get there? When starting a company, it helps to have a motivating and clear vision, one that describes the idea behind your passion. It can be specific or somewhat imprecise, but not ambiguous. Post your vision above your desk or on a wall to help guide every decision you make for your business.

Hard Work

Working hard is an important part of helping you become successful in any job, but when starting a business, the phrase takes on a whole new meaning. Having your own business may mean working at full throttle day and night, weekdays and weekends. Having the determination to be successful combined with a lot of energy, especially in the beginning, helps while working long hours every day.

After the initial excitement of launching a company tapers off, you may need to draw on your deep reserves of strength to keep going. Your level of commitment needs to be constant and the work you do should be focused on results, not just work for working’s sake.

Resilience/Perseverance

As a resilient person, entrepreneurs are better able to overcome setbacks. At various points in your entrepreneurial journey, there will be obstacles, so having a temperament that accepts setbacks as part of the process of launching and running a business will help. In fact, viewing failure as a learning opportunity and a necessary component of success has helped many entrepreneurs on their path.

Positivity

Things will likely not always go your way and staying positive helps put those challenges in perspective. Most problems are surmountable, and a positive person can adapt to any new circumstances that might arise. Similarly, you can see when the market environment is changing in a way that requires an adjustment to your business and vision.

Passion

When a person emits passion, you can tell that they love what they do and they would do it even if they didn’t make any money. Passion is an enthusiasm that is contagious to everyone around you. So if you constantly think about your business and how to improve it, it’s likely because you found your passion and purpose in your work.

Risk Tolerance

Entrepreneurship is not for the faint-of-heart. Leaving the comfort zone of a full-time steady position, you must be willing to accept the risk of operating in an uncertain environment. The good news is that many of the personality traits mentioned above will help build your confidence and help you take the risk of starting your own business.

If you find that some of the traits mentioned above fit you, while others don’t, take heart. Some traits come naturally to people and others are learned along the way. Often people take their first entrepreneurial step at different stages of their life… and sometimes it takes just the right idea or the right time to make it happen for you.

Financial Planning for Entrepreneurs

Managing your money for both your business and your personal life can become complicated, and you don’t have to do it on your own. Jemma Financial can help build a plan that works with your long-term financial goals, including building your business and saving for retirement.