7. Adaptability and Flexibility
If entrepreneurs had the ability to see what was hiding around each turn it would make it much easier, but unfortunately that is not the case. There can be surprises around every corner, even with a well thought out plan and strategy.A successful entrepreneur is extremely adaptable and has ability to respond quickly in any situation. It’s good to be passionate or even stubborn about what you do. But being inflexible about client or market needs will lead to failure. Market needs are dynamic: changes are a recurring phenomenon. Successful entrepreneurs welcome all suggestions for optimization or customization that enhances their offering and satisfies client and market-needs.
8.Money Management
Successful Entrepreneur must have excellent money management skills. Poor financial decisions, such as overspending or allocating funds to less important tasks can quickly ruin a business. It takes time to get to profitability for any entrepreneurial venture. Till then, capital is limited and needs to be utilized wisely. Successful entrepreneurs realize this mandatory money management requirement and plan for present and future financial obligations (with some additional buffer). Even after securing funding or going fully operational, a successful businessman keeps a complete handle on cash flows, as it is the most important aspect of any business.
9. Networking Abilities
A large collection of business cards and a huge contact list doesn’t make an expert at networking. Building value-based relationships that are truly meaningful is what networking is all about — these are the relationships that lead to business opportunities and long-term relationships that are mutually beneficial. Constantly networking with people that can not only help my business currently, but also have the potential to help you in the future as well.
10. Ability to sell and promote
Knowing how to sell is an absolutely essential part of being a successful business owner.If you can’t express what it is that makes your product or service a solution to a problem, you will be in for a rough ride.
11. Planning (But not Over-planning)
Entrepreneurship is about building a business from scratch while managing limited resources (including time, money and personal relationships). It is a long-term commitment, and attempting to plan as much as possible at the beginning is a noble impulse. In reality, however, planning for everything and having a ready solution for all possible risks may prevent you from even taking the first step. Successful entrepreneurs have a mindset and temperament to capable of dealing with unforeseen possibilities.
12.Creativity and Persuasiveness
Successful entrepreneurs have the creative capacity to recognize and pursue opportunities. They possess strong selling skills and are both persuasive and persistent. Are you willing to promote your business tirelessly and look for new ways to get the word out about your product or service?
13. Interpersonal Skills
Entrepreneurs are always comfortable while dealing with people at all levels. During the course of their action,they come across a cross section of individuals with whom they have to deal. They interact with raw material suppliers, customers,bankers etc. for different activities.As successful entrepreneurs,they should be persons who like working with others possessing the much needed quality of interpersonal skill to deal with people.
14. Time orientation
Entrepreneurs anticipate future trends basing upon their past experience and exposure.They stick to the time pragmatically while doing their jobs.
15. Leadership
Entrepreneurs should posses the quality of leadership.Leadership is the ability to exert interpersonal influence by means of communication towards the achievement of goals.Entrepreneurs as the leaders should provide the necessary spark to motivation by guiding,inspiring,assisting and directing the members of the group for achievement of unity of action,efforts and purpose.
16. Internal Locus of Control
Successful entrepreneurs believe in themselves.They do not believe that the success or failure or their venture will be governed by fate,luck or similar forces.They believe that their accomplishments and setbacks are within their own control and influence and that they can affect the outcome of their actions.
17. Tolerance for Ambiguity
Star up entrepreneurs face uncertainty compounded by constant changes that introduce ambiguity and stress into every aspect of the enterprise. Setbacks and surprises are inevitable.A tolerance for ambiguity exists when the entrepreneur can deal with the various setbacks and changes that constantly confront him or her.
18. Integrity and Reliability
Integrity and reliability are the glue and fiber that bind successful personal and business relationships and make them strong.Integrity and reliability help build and sustain trust and confidence among investors,partners,customers and creditors.Small business entrepreneurs in particular find these two characteristics crucial to success.
19. Tolerance for Failure
Successful Entrepreneurs use failure as a learning experience.In adverse and difficult times they look for opportunity.
