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4 key characteristics that make a good entrepreneur

Estimated reading time: 2 mins

To be a good entrepreneur, you need to be well versed in various aspects of business, particularly if you intend to run your own company. Anyone can run a business, but only some have an entrepreneurial flair.

Whilst you don’t need to encompass all of these qualities, they could make a big difference to your success. Here are 4 key characteristics that make a good entrepreneur.

The ability to plan

When running a business, various things need to be planned. Whilst many would be tempted to jump in with both feet and see what happens, a good entrepreneur will carefully plan.

For example, a marketing strategy will be needed to enable you to publish regular and decent online content. You need a realistic production program to ensure that supply meets demand. Annual budgets and targets are needed to allow you to analyze whether your company is performing in line with your expectations. Without a plan, these things might not happen, which could be detrimental to your success. Have a plan, consider your strategy, and the rest should fall into place.

Good communication skills

According to Maryville University, millennials, in particular, struggle when it comes to face to face communication. If you fall within this category, it’s a skill you will most certainly want to develop. A good entrepreneur can communicate with others regardless of their position or status.

As a business owner, you will have to negotiate with suppliers about unit costs and make it known when things aren’t being dealt with as expected. You will be talking to clients regularly and, therefore, need to be professional, courteous, and articulate. You should be able to confidently promote your business and your vision to other business owners and like-minded professionals.

Being an effective and confident communicator could set you apart from others, so be sure to develop and use those skills to your advantage.

Multi-tasking

Entrepreneurs need to be able to wear different hats every single day. You could be dealing with a quality control issue one minute and be analyzing the results of your latest marketing campaign the next. If you can multi-task, it could make a huge difference to the efficiency of your business.

Think outside the box

One characteristic that most entrepreneurs have in common is their thought processes. They think a little differently to others and can see gaps in the market or potential that some might be inclined to miss. You won’t be scared to try new things, and failure is seen as a learning process rather than a negative experience.

Thinking outside the box allows you to use your imagination, be creative, and try things that others might be apprehensive about. New products and ideas would never be borne if we were all too scared to let ideas flow and think the unthinkable.

If you feel your have the characteristics to make a good entrepreneur – go for it. You are unlikely to regret the things you tried. You might, however, regret the things that you didn’t do when you had the chance.

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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