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The qualities you need to make it as an entrepreneur

Tuesday 9th May 2017

Starting and running your own business can be extremely challenging, but it can also be one of the most rewarding decisions you ever make.

There will be many difficulties to overcome in the course of running your enterprise, but research has highlighted some key qualities that can help you and your venture make it through even the toughest tests.

Passion
In a survey of 800 small business owners and 800 full-time employees, conducted by Vistaprint, nearly a third (31 per cent) of business owners said they felt passionate about work, compared with only 16 per cent of regular workers.

Having a natural enthusiasm and interest in your day-to-day work will give you the energy required to knuckle down and find solutions to any problem your firm might encounter.
Dave Stallon, commercial director at the Federation of Small Businesses, noted: “Many people start a business so they can make a career out of doing what they love.”

Inner strength
There may be times when it seems that some of the core ideas and models at the heart of your enterprise are being questioned. At these times, it’s crucial to have the inner resolve and confidence required to back your ideas and fight for them.

In the Vistaprint survey, almost 16 per cent of full-time employees said they were confident characters, compared with 25 per cent of self-employed business owners. Similarly, only 14 per cent of workers claimed to have a strong character, while 23 per cent of business owners said the same.

Mr Stallon adds: “The type of people who set up a small business and prosper are usually in it for the long run. They want to make their mark and define themselves on their own terms. They also are aware that there is a lot involved in running a successful business, and understand when to seek expert advice.”

Discipline
If there is one thing that’s guaranteed with running your own company, it’s plenty of hard work, and that demands discipline.

It’s important for entrepreneurs and aspiring business owners to show a willingness to put the hours in, particularly when the enterprise is in its early stages and needing plenty of attention to get up and running.

The person at the head of the company must have the discipline not only to continue working hard through times of adversity, but to commit to the big decisions and strategies required to take the business forward.

Strong leadership
Almost 15 per cent of small business owners said they were natural leaders, compared with 10.5 per cent of ordinary workers.

While natural leadership skills are obviously an advantage, what’s arguably more important is the ability to learn how to be a good leader and how to support your staff through every stage of the company’s development.

When things are going well, employees will look to the head of the company for recognition of their hard work and encouragement to achieve even more success in future. Similarly, when the business is going through tough times, it takes a strong leader to rally the troops and get everyone working together to meet challenges head on.

 

Posted by Julie Tucker

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