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7 Essential Qualities of a Successful Entrepreneur

What’s the first thing you hear about being a successful entrepreneur? He/she must have several key qualities: e.g. passion, creativity, leadership, vision, self-confidence, relationship building, innovativeness, organisation skills, and communication skills.

You should be the first person in the office, the last one out and should be the most dedicated person in the company. However, what each entrepreneur needs to realise is, that they cannot do everything on their own.

We all have the same hours in a day. The difference between successful entrepreneurs, those who make it, those who change the world, and those who do not, is how they spend their time.

Today we are going to share seven essential ingredients to help you become the successful entrepreneur you want to be.

Eliminate what’s useless

You need to eliminate the whole bunch of stuff that is on your plate right now. Give extra work to somebody else or automate as many processes as possible incorporating technology and ultimately eliminate it, primarily because it is not adding any value to your business.

Many entrepreneurs are so engrossed in the business and running that wheel over and over, that it has become difficult for them to take the time out and review if what they are doing is adding any value.

How can you start the process? You need to start by changing your mindset. You have this big goal for yourself and your company. Ask yourself the following questions:

  • Are you making any progress towards your goal right now?
  • Are you hitting all your marks at the moment?

If the answer is no, you need to focus on using your strengths to your advantage by handing out work to you employees or freelancers, if you do not have any full-time people yet. Also, evaluate every single task on your plate and ask yourself if this is necessary, if not, simply cut it out.

Automate

Now that you have eliminated all the work that is not vital or can be handled by someone else, there are lots of things that have to get done. However, it does not need to be done by one person alone, and that person does not need to be you.

You need to look at the ways to automate your processes, find software, tools, and technologies that can help run your business. If you have done something more than twice a day, you should automate it.

Here is an example: You bring on a programmer to your staff to handle all the technical situations that you needed to get done for your business. Programming may not be your speciality so hiring someone who can do it better than you means you are spending a little time on its progress and it is still giving you the desired results. Many first-time entrepreneurs found Robot Task and Final Builder to be quite helpful by automating certain tasks.

Delegate

This is a huge problem for many entrepreneurs, and many find it quite hard. You have to learn to give up control. You need to understand that you cannot do all the work yourself. You can bring people on board, but you also have to be willing to give a certain level of control to them.

Ask yourself, what is it that you do that brings the highest value to your business? When you find the answer, go and do that. Now all the extra tasks that you have been holding on to, they need to be delegated away.

Chunk

This is the super important rule that most do not take seriously or benefit from. It is a hidden secret of many successful entrepreneurs. Chunk similar activities together. For example, things like checking emails or making phone calls. Because when you are jumping from task to task, you get interrupted, it sets you back and makes it pretty much impossible for you to get things done.

On an average, when you are working on a particular task, you are to be distracted within 40 minutes. You are always putting out fires and being in reactive mode instead of proactively taking control of your time.

Here is how you make a chunk of time work for you, take a 90-minute chunk at a time and 15 minutes of break in between and leave all the distractions behind. 90 minutes is a very good time to stay focused, and your brain does not get tired.

Time tracking tools are the excellent way to chunk out your time perfectly.

Branding

Understand and learn to brand yourself first and then your company. You need to promote what brought you to make this important change in your life. Highlight the pivotal moment in your life and tell that story to the world, because believe it or not, your story and your facts make sales happen. Your motivation inspires others, and that can make a huge change in the overall outcome you are to obtain from your business.

Learning

It is no secret that there are many successful entrepreneurs out there who starts without any formal education. However, do academics matter? Alternatively, if you are done with your graduation, is higher education like MBA worth the investment?

If you are struggling to decide whether you should stay in school or start your own business, you are not alone. All entrepreneurs at some point go through this, some even multiple times in their life.

I will not support the idea of following your heart alone or use your head regardless of whatever you wish to do in life. There are dozens of schools out there, and some of them are good enough to offer academics and at the same time allow students to follow their heart and become the great entrepreneurs of the future.

The idea is to choose your school wisely and get the best of both the worlds.

Risk

Always be willing to take risks, because there is no guaranteed success in life or business. The unknown is always looming around. If you are limiting the risk, you are also limiting your chances of success. Staying in your comfort zone will never get you anywhere.

Follow these ingredients of successful entrepreneurship, and there is a huge chance you will obtain a positive outcome. This formula gives you practice in hiring and managing people; it gives you an opportunity to grow, and you will have more control over many aspects of your business.

2 Responses to 7 Essential Qualities of a Successful Entrepreneur

  1. Tom Murphy November 11, 2016 at 6:13 pm #

    Excellent article and so true. Also, extremely difficult to be sufficiently disciplined to follow through but you must do so. The sooner you realise and accept that you can’t do everything, the sooner you can really play to your strengths

  2. Alan November 11, 2016 at 8:14 pm #

    What an excellent article from Justin Cody: it reinforces the fact that we are all selling our time, albeit the value is where our time is married to our particular expertise.

    I might take issue with the Entrepreneur being first in/last out of the office each day: my experience is that the true Entrepreneur will have multiple businesses or elements of business built up over time but more especially, the successful entrepreneur is the one who has reached the stage that they are working the hours they want…and yes…sometimes it is fifteen plus hours in the day. But I’ll let it go, for the moment.

    Seriously stimulating: thanks for posting.

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