Qualities of a Successful Entrepreneur

According to statistics, nine out of ten startup entrepreneurs go bankrupt in the first year of their activity. Even those who stay afloat cannot always become prosperous business owners.   There are many reasons for this, but the main one is the lack of a certain set of business, personal and moral qualities. Just like CasinoChan players can only win by having certain skills.

Business Qualities of an Entrepreneur

The business qualities of any successful entrepreneur should be in the first place. It is thanks to them that you can achieve success in business. Let’s look at the five most important ones. 

1. Practicality

A synonym for practicality can be called prudence. Successful startup entrepreneurs will invest money only in the business that brings income. That is why really rich people try to dress inconspicuously, do not use provocatively expensive accessories. After all, buying these things will only satisfy whims and will not pay off in any way.

This rule is becoming a way of life for many successful entrepreneurs. For example, one of the ten richest people in the world, Warren Buffett once had lunch at McDonald’s and paid using discount coupons. 

Of course, the practicality should not border on greed.

2. Delegation of authority

This is the ability to assemble a team of professionals who are ready to work for business development and growing profits. When a business grows, an entrepreneur cannot raise it alone, even if he works all day long. After all, in the event of an entrepreneur’s illness, the case will arise. Therefore, any manager needs competent specialists-assistants. 

3. Hard work

Yes, yes, if you have invested all your funds in a certain product and have assembled a team of professionals in their field, do not expect these people to do everything for you, and you will only passively make a profit. When people want to become successful startup entrepreneurs, they must be ready to work hard, most often without holidays and days off.

For example, Oleg Tinkov, the founder of Tinkoff Bank, admits that he could not break away from his work for more than a couple of weeks. He prefers to work 100% of the time in his life.

4. Organization and ability to follow the set goal

It would seem that a person works for himself, and therefore he is quite free in his actions. But if you fail to organize your time correctly, you can “get lost in business.” There is no successful entrepreneur without self-discipline. You need to learn how to independently develop a schedule of important things for yourself and follow it. This will help you achieve your goals in time. 

As an aid in the organization of affairs, you can use a regular diary.

5. Foresight

This quality can be developed in yourself if you constantly analyze the picture of your business development. A prosperous businessman often feels whether things will go well and whether it is worth taking on a certain task on an intuitive level.

6. Learning ability

Successful startup entrepreneurs is not afraid of change, he is ready to learn and develop at any age. At the same time, just getting a higher education by prosperous merchants is almost not appreciated. But many of them recognize the benefits of their students in getting useful acquaintances, developing discipline, perseverance. 

A successful person learns throughout his life from his mistakes.

7. Creativity

One of the most sought-after qualities in entrepreneurship. This is the ability to be creative, the ability to find unusual solutions in a standard situation.