9 Common Traits of Successful Entrepreneurs
It’s easy to start a business in Singapore. All you need is a little capital and a bit of business ingenuity. But ensuring that your little venture stands a chance of making it big requires much more than that.
A closer look at some of today’s top entrepreneurs will reveal that they share similar attributes. While not a guarantee for success, having these 9 traits might tip the scales in your favour should you decide to start your own business.
Have a vision for your business
Knowing where you’re going is the first step to achieving success. With a clear vision of the path you want your company to take, you will always have a target that directs your daily actions even as conditions change in and around your business.
Be curious about every aspect of your business
Successful entrepreneurs are curious about things. They always want to know more – how things work, how to make them better, what consumers are thinking. This insatiable curiosity ensures their business models are never stagnant and always evolving with the times.
Know when to ask for help
A business has many different aspects – sales, marketing, operations, just to name a few. An entrepreneur may have a general understanding of these disciplines, but is unlikely to possess detailed knowledge in all areas. The best entrepreneurs understand their weaknesses and hire experts who can complement their skills.
Have integrity and a sense of fairness
The successful entrepreneur understands that money comes and goes, but your reputation stays with you forever. So whether it’s with vendors, customers, or employees, it’s important to always maintain a level of respect when dealing with others.
Be willing to learn from your mistakes
Many successful entrepreneurs have an uncanny ability to look at every misstep as a learning opportunity. They ask “what did we learn from this?” as opposed to “why did this happen?” The willingness to admit their mistakes further drives them to ensure it doesn’t happen again.
Have confidence and a strong belief in yourself
Entrepreneurs will come across plenty of naysayers throughout their business journey. When this happens, they must be able to maintain belief in themselves and their capabilities. Seeking advice and inspiration from mentors and friends who share their passion is also one way of building their self-confidence.
Be able to inspire those around you
The best entrepreneurs help make the people they work with better. They do this by inspiring others through their own pursuit of excellence. When the bar is raised, those truly passionate about their job will follow suit and raise their standards too.
Don’t be affected by emotions
The business world is no place for emotions. Entrepreneurs should be objective when making decisions and not be affected by their feelings. The same is true in personal relations: any sort of emotional reaction should be avoided. Focus instead on the business-side of things such as performance and accomplishments.
Be passionate about your business
You’ve probably heard this many times, but that is only because it’s true – Passion is the most important trait of the successful entrepreneur. Loving what you do means you’re willing to put in extra effort to make your business a success, as the satisfaction you get is far greater than the monetary gains.