The journey of being an entrepreneur is surely is a rocky one. As Nine out of ten people aspire to be entrepreneurs, out of which seven people set out to become one. Five survive in that hyper competitive arena, and two succeed to become successful startup founders. So, what are the qualities these two people possess, which might be missing in the other eight? So, let us see the complete insights on the topic- Top Qualities Possess by Most Successful Entrepreneurs.
The qualities which the ecosystem has observed in successful entrepreneurs are:
1. Leadership qualities with risk taking ability
Entrepreneurs are leaders not bosses. Most successful startup founders have been able to lead their core team, employees and investors in a right fashion, well supported with driving passion to try out something new and having a risk taking ability. These leaders led their company out of tough and critical situations, like driving the company through financial crunch, product failure, business model failure or unsuccessful scaling.
They have led their team from front, by taking all the blame during a failure and simultaneously giving the whole team credit after successful implementation of an idea. Leaders always maintain a bidirectional and smooth flow of ideas and innovation. These are the ones who makes it's team's both strengths and powers useful, for the sake of success of the company.
Another aspect being, taking a risk by keeping in mind its implication in future. Taking the right risk at the right time have resulted in big startups, so every entrepreneur must calculate the probability of the risk being taken, observing and noting down its effect from each corner of the business.These risks require faster implementations and sometimes high capital, at the same time these big risks might result in huge losses, so one must be mature and stable enough to handle these types of situations.
2. Great communication skills
Founders of some great startups are often applauded for their great communication skills. They know what to speak where. Handling employees and investors, such that both of them do not lose their confidence on the startup is very important. Constantly motivating employees for thinking a big picture, scolding them for their slow work and keeping in mind not to offend them. Knowing the strengths, weaknesses and abilities of employees; and knowing what exactly an investor aspires for, is only possible through communication.
While negotiating new deals or acquisitions and while raising new funds, a clear idea well supported with good communication skill is necessary. By good communication, I mean clarity of thought flow and presenting that idea in a clear and interesting manner. Great writing skills proves to be an additional advantage. Also, the skills of listening with patience makes an entrepreneur a successful one.
3. Clear ambition, vision and fearlessness
Successful entrepreneurs or leaders, have a clear ambition for themselves and their company well supported with both long term and short term plans and vision. Most of them aspire to disrupt the world in a positive way, i.e. solving a specific issue with innovation and new ideas with a concept of giving back to the society and concurrently earning profits through it. A startup often faces roadblocks, but entrepreneurs have their vision clear and solid in their mind. They take quick and sensible decisions to break existing barriers and move ahead.
They also inculcate the quality of fearlessness. An entrepreneur must not fear or worry about each and every decision; as mentioned above, he/she must learn the quality of risk taking. There might be initial failures but in the long run, with experience, this quality decides the winner. At the same time, he must not lose his composure and take harsh and unrequited decisions which might prove costly for the startup. Striking the balance between these two is a hard nut to crack, but is possible with exposure and experience.
4. Ability to learn, unlearn and relearn
Most entrepreneurs have always emphasized on this point. Most of them have mastered the skill to learn, unlearn and relearn skills at a faster pace. Some skills might prove to be important during initial stage, but after scaling of the startup, the prevalent skills have to be modified or changed completely. So unlearning old skill sets and acquiring new skill sets at a faster pace is necessary and important.
In future relearning of old skill sets might be required, so following this process in a right and efficient manner might prove fruitful. One must keep on updating himself and must keep himself flexible to changes. Time is changing fast, what is in fashion today might be out of fashion tomorrow, so acquirement of this specific skill has helped many in the past and will help many in the future. Adaptation is the key here.
Most entrepreneurs succeed in carving their name as disruptors or innovators because of originality in ideas and their execution. Taking inspiration by reading case studies is fine, but copying or same way implementation might lead to a huge failure. These successful leaders have built on their idea in an organic way, learning from mistakes and not committing them again.
Improving products & strategy and relaunching them, has proved to be successful many a times. In this growing startup culture, originality might lead to a big success or a big failure, but both of them would teach you many valuable lessons which might not be learnt by mere copying.