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15 Completely Vital Entrepreneurial Qualities

15 Completely Vital Entrepreneurial Qualities

Many, if not all, of us would much rather work for ourselves than someone else. However, being your own boss and sustaining your own business or products, is a challenge not all of us are ready to face. So, what does it take to truly stand out and be successful? Many current entrepreneurs have plenty to say on the topic, and others simply live by the habits one needs. To get an idea for the qualities you could cultivate, we gathered 15 absolutely indispensable entrepreneurial qualities.

You Have Passion

Passion is easily the most common of the entrepreneurial qualities. Whether you start off rich or poor, educated or not, every business leader must be passionate. Even if you’re starting off in an area you feel is not your calling, it is crucial you follow through with your goals with passion. Take Cameron Johnson for example, a multimillionaire entrepreneur who made his money creating websites.

“I realized after the printing business, as I moved on to other businesses, that it was a real passion of mine and I knew it’d guide me in life”, he says. Embarking on being an entrepreneur in any business will involve incredible levels of competition, and passion is often a deciding factor in pulling ahead. 

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    You Work Hard. Very Hard.

    Plain and simple, hard work is another completely pivotal ingredient to true success. While some breakthroughs might require timing or well informed decisions, nearly every challenge you face as an entrepreneur will require hard work. Don’t be afraid to truly immerse yourself in your goals, and get your hands dirty.

    You Are Confident

    Along the way to success, you are undoubtedly going to run into naysayers. Regardless of how intellectual or persistent your detractors are, an entrepreneur keeps going. Even if there are bumps along the road, confidence in an idea is among the crucial entrepreneurial qualities.

    You Persevere

    Hand in hand with confidence is perseverance. Another indispensable entrepreneurial quality, an entrepreneur must persevere under all conditions. Challenges are sure to arise on your way to success, but the ability to overcome them will set you apart from the rest. Entrepreneur Jan Koum, for example, is best known as the creator of WhatsApp, which was acquired by Facebook for $19 billion. Jan created the app at age 33, but first had to overcome a childhood of scarcity in the Ukraine. Additionally, after going to university, Jan was rejected from working for Facebook, shortly before creating WhatsApp. This is proof that working through difficult circumstances often comes immediately before success.

    You Keep Your Mind Open

    If you are looking to cultivate entrepreneurial qualities, another necessary one is open-mindedness. Often times, entrepreneurs’ most successful ventures come from unexpected sources. As an entrepreneur, you need to be willing to look outside the box.

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      You Have Courage

      Sometime the challenges entrepreneurs face are downright terrifying. In order to succeed in an uneven, ever-changing atmosphere, entrepreneurs must be able to pursue good ideas and decisions, even when their gut screams no. Being able to overcome fear is a sometimes daily skill an entrepreneur must use.

      You Are A Forward Thinker

      Much like keeping your mind open, another crucial entrepreneurial quality is forward thinking. To be successful as a leader, one must pursue ideas that bring them into the future. Once a need is obvious, other businesses will be eager to fill it. By thinking into the future, entrepreneurs identify opportunities before others. Self-made mogul Jessica Huie, for example, felt typical card companies ignored racial diversity. She created a card company to fill the gap, and quickly found success. By identifying a need others didn’t see, Jessica moved forward. In pursuing opportunities first, an entrepreneur can start a step ahead of competitors.

      You Ask For What You Want

      Whether it’s an improved contract or a start up investment, entrepreneurs eagerly go after what they want. Don’t wait around for others to show interest in your ventures, entrepreneurs go after what they need. An entrepreneur must know what will drive their business forward, and actively pursue it. As an entrepreneur, by simply asking for what you want, you will be more likely to find it.

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        Vision

        Along with being forward thinking, entrepreneurs tend to have a strong vision. By knowing what you want, from beginning to end, you will be better able to break your venture down into achievable steps. Having a strong vision will also help inspire the people who partner with you and work for you. Just as crucial to a business’s success as a leader who knows where they’re going, are employees who eagerly pursue the dream too. Vision, and committing to your vision, are important entrepreneurial qualities.

        You Are Flexible

        Flexibility is another crucial entrepreneurial quality. As anyone knows, things don’t always go as planned. This is especially true in business, as leaders and entrepreneurs must be able to adapt. When something unexpected throws a wrench in your venture, an entrepreneur is responsible for getting things back on track. If you are willing to compromise and quickly adapt to new situations, you will be more likely to keep small bumps in the road small, instead of growing them into failures.

        You Can Throw Out the Rule Book

        While learning the rules is often the first step in becoming an expert, a successful entrepreneur knows when to break them too. A healthy disregard for the rules can sometimes make the difference between success and failure. Colin Thornton, a South African entrepreneur, started his successful company after dropping out of post-secondary school. Colin didn’t let leaving school hold him down however, and is now worth around $10 million. By ignoring the right rules when the time comes, you may be in a more advantageous position.

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        You Are An Expert At Money Management

        No business or venture can be successful if more money is spent than earned. It’s absolutely necessary then, that an entrepreneur can manage money well. Especially if an entrepreneur is starting out with little funding, it’s likely a professional accountant will be too expensive. If you’re trying to improve your entrepreneurial skills, money management is a necessary key.

        You Study 

        It doesn’t matter if you are formally educated or not, an entrepreneur never stops learning. The better a person is informed, the better their ability to make strategic decisions. Whether you feel knowledgeable about your venture or not, new developments happen every day. Keeping utterly up-to-date on new techniques and competition is often the difference between moving forward and falling behind. Studying is another one of the crucial entrepreneurial qualities.

        You Immerse Yourself in New Technology

        Oftentimes, the best entrepreneurial opportunities lie in emerging markets, where there is less competition. Pulling ahead of the pack is often best achieved by concerning yourself with new technology. No matter the industry an entrepreneur pursues, there is undoubtedly new ways of doing things. Experiment with new technologies to deliver your business to your customers if you want to gain an edge. 

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          You Are Ambitious

          Ambition is another essential entrepreneurial quality. Not only will ambition bring you new opportunities, ambition is crucial for overcoming challenges. If you don’t have established goals as an entrepreneur, you are more likely to grow comfortable and settle for surviving, instead of thriving. Ambition is an entrepreneurial quality that provides momentum to your ideas and passion. Let your drive move you forward, and there’s no telling what you can achieve.

          Featured photo credit: Philippe Put via flickr.com

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          Alicia Prince

          A writer, filmmaker, and artist who shares about lifestyle tips and inspirations on Lifehack.

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          Last Updated on December 10, 2019

          7 Strategies to Keep Employee Motivation High

          7 Strategies to Keep Employee Motivation High

          Highly motivated employees are essential to the success of any business. Most people spend a third of their lives at work.[1] That’s a significant amount of time away from home, apart from the people who make us happy and the things we love to do. So keeping employee motivation high is essential for creating an office environment that gets the best out of our people.

          But do you know what motivates your people?

          It’s simple:

          • Is their work stimulating?
          • Does it challenge them?
          • Is there room to grow, a promotion perhaps?
          • Do you encourage creativity?
          • Can they speak openly and honestly with you?
          • Do you praise them?
          • Do you trust your staff to take ownership of their work?
          • Do they feel safe in their work environment?
          • And more importantly, do you pay them properly?

          Every one of these factors contributes to the general happiness of your employees. It’s what motivates them to come into the office each day and work hard, hit goals, and get results.

          In contrast, an unmotivated employee is typically unhappy. They take more sick days, they’re not invested in seeing your business succeed, and they’re always on the lookout for something better.

          Stats show that 81 percent of employees would consider leaving their jobs today if the right opportunity presented itself.[2] So it’s up to you to set aside time and energy to create a work environment that benefits every one of your employees.

          These seven strategies will help you motivate your people to consistently deliver quality work and, more importantly, to stick around for the long term.

          1. Be Someone They Can Rely On

          You rely on your people to turn up to work each day, to come to you when they have a problem they can’t solve, to be honest, and to always engage professionally with customers.

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          But this is not a one-way street. You, too, need to be someone your team can rely on. They trust you to have their backs when a client is unreasonable, to know that the decisions they make are in your best interest, and to make good on your promises.

          If you say you’ll attend an important meeting, be there. If your company makes a profit and you’ve said you’ll pay a bonus, pay it. The goodwill of your people is something you never want to test, let alone lose.

          Be reliable; it’s astounding how much this motivates your people.

          2. Create an Awesome Company Culture

          There’s no denying that company culture trickles down from the top. Your leadership and attitude massively influences the attitudes, work ethic, and happiness of your staff. If you’re always stressed-out, overly demanding, and unreasonable, it’ll create tension in your office which will adversely affect your employees’ motivation levels.

          In fact, the HAYS “US What People Want Survey” found that 47 percent of staff who are actively looking for a new job, pinpoint company culture as the driving force behind their reason to leave.

          So if you have high staff turnover, you need to determine whether your company culture might be the motivating factor behind your churn rate.

          Here are four ways to build a culture that keeps your employees highly motivated.

          • Be conscious of the image you present. Your body language and attitude can positively or negatively impact your employees. So come to work energized. Be optimistic, friendly, and engaging—this enthusiasm will spill over to your people and motivate them to be more productive and efficient.
          • Appreciate your people and be reasonable. Celebrate your team’s achievements. If they’re doing a good job, tell them. Encourage them to challenge themselves and try new things. And reward when deserved. If they’re struggling, help them. Work together to find solutions and be a sounding board for their ideas.
          • Be flexible. Give your people opportunities to work remotely—this is highly motivating to staff, particularly millennials. They don’t want to be battling traffic each day on their way to work. They don’t want to miss their kids’ baseball games or ballet rehearsals. Stats show that companies that offer flextime and the ability to work from home or a coffee shop have happier and more productive employees.
          • Create employee-friendly work environments. These are spaces that inspire and ignite the imagination. Have you ever been to Google’s offices? No headquarter is the same. From indoor slides and food trucks, to hammocks, and funky work pods on the wall, gaming rooms, and tranquil interior gardens, there’s something for everyone. It’s a space where people want to be, catering to their need for creativity, quiet, or team building; you name it.

          So take a look at your company culture and ask yourself, Is my business an attractive workplace for talented professionals? Does it inspire commitment and motivate my people? What could I do to improve my company culture?

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          3. Touch Base with Your Team Weekly

          Make time for your people, whether you run a remote business or work in an office, set aside time each week to talk to your people one-on-one. It’s non-negotiable.

          When there’s an open line of communication between staff members, work gets done. Don’t believe me? A study by Gallup found that 26 percent of employees said feedback from their leaders helps them to do a better job.[3]

          Your people want to feel trusted. They want to take ownership of their work, but they also need to know that when they have a question, they can reach out and get answers. If you’re unwilling to make yourself available, your team will quickly become unmotivated, work will stagnate, and your business will stop growing.

          So block off time on your calendar each week to touch base with your people, even if only to let them know that what they’re working on matters.

          4. Give Them the Tools They Need to Do Their Jobs Well

          Imagine trying to run your business without electricity. How would you contact your clients? What would happen when your phone or computer battery died?

          Technology is super critical to the success of your businesses. It allows you to work more efficiently, to be more productive, and to handle matters on-the-go. That’s why you need to give your people tools that will make their jobs easier.

          Make sure their equipment is in good working condition. There’s nothing more frustrating than a laptop that takes ages to boot up. It’s got to go. Replace outdated software with new software. Don’t make your designer work in Coreldraw; give them access to the most up-to-date version of Adobe Creative Suite. Take it a step further and buy them a subscription to Shutterstock or Getty Images.

          Make working for you a pleasure, not a pain; and watch your employees’ motivation levels rise.

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          5. Provide Opportunities to Learn and Upskill

          Would you believe me if I told you that 33 percent of people cite boredom and a need for new challenges as the top reason for leaving their job?[4] If you want to retain your talent, you need to upskill.

          Thanks to technology, we live in a rapidly evolving world that demands we change with it. A copywriter is no longer just a writer; they now need to be experts in SEO, Google Adwords, CRMs, and so much more.

          A pastry chef needs to be a food stylist, photographer, and social media manager. An entrepreneur needs to be a marketer—or at least take ownership of the marketing message for their business—if they hope to scale.

          Technology makes all of this possible. No matter your location, your people can continuously expand their knowledge and gain new skill sets—something that’s highly motivating to employees. They want to know that there are opportunities to grow and develop themselves.

          If you won’t invest in your people, then your business becomes just another job to tide them over until they find where they truly belong. So be the company that sees value in developing its people.

          6. Monitor Their Workload

          Overworked employees tend to be unproductive and unhappy. Your people cannot be at full capacity every day, month to month. Something’s got to give. They’ll become deflated and their work will eventually suffer, which will negatively impact your business.

          What I like to do is implement a traffic light system. It helps me to keep a finger on the pulse of my business. So there’s red, yellow, and green:

          • Red means they’re fully loaded.
          • Yellow means they’re busy, but they can potentially take on more.
          • Green means they haven’t got enough to do.

          I use this traffic light system because I don’t want my team members to be stressed out of their brains all the time. If they are, they won’t make good decisions and they won’t do good work.

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          If my people are regularly overloaded, I have things to think about. Perhaps I need to hire a new person to help ease the load or take a closer look at what projects are good to go, and which can take a back seat.

          And this is why #3 is essential. If I’m regularly engaging with my people, I’ll know that while they’re coping with their workload, it is impacting their performance and health, and I’ll take action.

          7. Don’t Mess Around with Your Employees’ Pay

          Never mess around with your people’s salary. As a business owner or high-level manager, it’s easy to forget that most people live from paycheck to paycheck. Delayed compensation can mean a missed bill payment, which could result in costly penalties they can’t afford or hits to their credit score.

          So it’s your job to ensure that you pay your people on time.

          The Bottom Line

          A motivated team is an asset to any business. These people never give up. They get excited about coming to work each day and can’t wait to test a new theory or tackle a particularly tricky challenge. They’re proud of the work they do. And more importantly, they have no reason to leave.

          Wouldn’t you rather be part of their success story than the business that drove them away?

          More to Motivate Your Team

          Featured photo credit: Emma Dau via unsplash.com

          Reference

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