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Monday, 13 June 2016

12 Qualities of a Successful Entrepreneur

3 months back, a decent bakery started off in our locality. We were excited as it would be the nearest one to our house. For me, their samosas tasted perfect. And my kids enjoyed the pastries. By now, you could have made out that I'm a frequent customer there :-D.

And last month, as schools were closed I went to Kerala for summer vacation. When I came back I thought of having a lip smacking samosa there. But the shop was closed!

I thought it could be an  emergency day off for the staff. Two days later, I went there again. This time again it was closed. I wondered how can a nice bakery be closed for more than 3 days in a row!  I enquired with an auto guy nearby and he said the shop is closed for ever!

I was shocked! A bakery that makes good samosas, pastries and puffs- how can it shut down? Many people were buying from there. Then why did they shut it down?

It was told that, the running cost was too much and they were not making enough money to meet the expenses. And hence running in long run would result in huge loss, forget the capital investment! So without trying much they decided to shut it down. 

Instead of shutting down, they could have tried out different ways to increase the sales no? Or may be cut down a few employees for a few days.

I am sure if Narayanamurthy had felt that they dont have enough projects to keep going in the initial days, there wouldn't have been an Infy now!

From this incident, one thing got very clear for me - there is definitely something special with a person who has decided to make it big in comparison to someone who is just trying. So what could those qualities be?

Qualities of a successful entrepreneur

If you look at any industry, be a successful sportsperson, a leading actor or a business tycoon; they have something common - The thirst to succeed, come what may! A successful entrepreneur has the following qualities for sure:
  1. Belief:- She believes that she is making it big, immaterial of the present situation. She sees herself successful over a period of time rather than doubting the feasibility of the venture. She firmly believes in her dreams- the reason that pushes her everyday to try harder to make things work. Even though today looks dull for the business, she believes that future is brighter. Family and friends may try to push her down, but she stands strong on her belief. Is your belief strong?
  2. Passion:- She is so passionate about her venture and often don't bother about the time. Even if you wake her up in the middle of night and talk about the business, she will be all charged up. She doesn't treat what she does as work, instead it is what makes her live. You will see a tea seller rising up early in the morning, standing in the harsh weather till late night just to serve piping hot tea for her customers. That is passion! Are you passionate enough?
  3. Determination:- When things go bad, she will think of ways to come over it. Because she realises this is temporary and has a solution. Flipkart was started when online shopping was in nascent stage in India. Even though getting established was tough, the founders were very determined that few years down the line they will be Number One. So they kept working hard. Are you determined to succeed?
  4. Attitude:- She is action oriented. She never waits for the best time to get the things done. Her attitude is that 'today is the best day'. She never procrastinates. During bad days, you will never find her upset with anything. Instead she carries an attitude of never giving up. When things may not be moving the way it is expected to be, this attitude keeps her work harder! Do you have this attitude?
  5. Discipline:- She knows, entrepreneurship is not a child's play. It has to be done professionally with utmost discipline so that results come faster. She plans and executes everything so systematically that at the end of the day, big progress has happened. Be it setting up meeting with clients  or vendors, guiding the employees, managing finance, talking to an investor and what all! Are you disciplined enough?
  6. Confidence:- She is so confident that, though the business idea is not earth shattering, people buy in the concept seeing her sheer confidence. Confidence in the business and confidence in the self pushes her that extra mile to get things pick up pace. This confidence comes from her inside, because she has taken 'the decision' to get it done! Do you have that super woman confidence?
  7. Ready to fail:- The initial know how of the business may lead to poor execution or failure. Critics find it entertaining to tease her telling you can't do this! The 'to be successful entrepreneur' doesn't look for 99 ways why it will not work, but the 1 way that will make it work. She will never give up and stand back with further strength. She learns from her mistakes and improves after every failure, thus closing in on her dreams. 
  8. Innovation:- Each failure is a learning. Sometimes it could so happen that she has to abandon existing part of the project and venture on to something completely new. It might be completely off her areas of expertise, but she is ready to innovate till it is successful. Are you ready to innovate?
  9. Adaptation:- The hurdles or setbacks on the way might change the action plan. She is quick on decision making and adapt to the new plans faster. Learning new things is fun for her. Can you adapt fast?
  10. Hard and Smart working:- There is no free lunch while doing business. She is ready to do all hard work to make it happen. She never comes up with excuses for things not getting done. If there is something that is out of her comprehension, she smartly look for experts in that field rather than reinventing everything herself. Hard work + Smart work = Success! Is this your formula for success?
  11. Work out of comfort zone:-  Quite often, entrepreneurship requires her to venture in to areas that she never touched upon. A successful entrepreneur keeps expanding her comfort zone by taking up challenges and adding them to skill set. For example, if you are currently on a job and does all technical stuff with requires least human intervention. But if you start off your venture, you will have to network with people to get things going. Are you ready to work out of your comfort zone?
  12. Raise the bar higher:- Upon clinching results, she raises the bar higher so that she never makes it her comfort zone. She is never happy with small or intermediate results. She is ready for new challenges to scale up her business and ultimately all dreams are ticked. Can you raise the bar higher?
Every successful entrepreneur you see today, was just like you and me a few years back. She must have had her own struggle to succeed. The flipkart founders used to spend time in distributing flipkart branded bookmarks out side the malls. Kangana Raunat wanted to be a star and was ready to go through all pain.

If you have chosen the path of entrepreneurship, you will find a lot of roadblocks on the way unexpectedly. It looks easy to quit and go back to what you were doing earlier. But if you quit, the enthusiasm with which you started the business, and the dream that pushed you to get onto it will die for ever. But if you hold on for some more time, the entire world could be yours. Keep building these essential entrepreneurial qualities in you and the rest will be history!

So are you a quitter or the girl who made it BIG? The girl who will inspire the rest of the world!