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So You Think You Can Be an Entrepreneur?

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Entrepreneurs are strong-minded individuals – but we’ve found there are at least 5 other qualities they tend to possess that leads to their business success.

In running our Small Business Management Course and MYOB Training Courses, one of most common reasons we find that people want to start their own businesses is to be their own boss. This is a perfectly understandable sentiment — but it’s not necessarily conducive to making a small business work.

Entrepreneurs are known to be people who manage starting up and/or bringing to fruition their own businesses and ventures, but entrepreneurs are a certain breed and as many find out the hard way, self-employment is not for everyone.

The Qualities of Entrepreneurs

Mental Fortitude

Even just having a brilliant idea and passion isn’t quite enough — although they’re two fantastic qualities to get you off to a flying start. To start your own business you need to be mentally strong so you can face the various disappointments that sometimes come with self-employment and come out the other side.

We have found in our experience that mental fortitude seems to go hand in glove with 5 other qualities possessed by successful entrepreneurs:

1. You don’t waste time with self-pity: entrepreneurs don’t have the time to waste feeling sorry for themselves when something doesn’t work out the way they hoped — they emerge from trying situations with self-awareness and gratitude and soldier on even after a failure. Indeed, I’ve heard one successful entrepreneur say that in order to attain his successes, he probably first failed more than anyone he knows.

2. You don’t give away your power: entrepreneurs avoid spending time with people who make them feel inferior because they understand they’re in control of their actions and know that their strength is in their ability to manage the way they respond.

3. You’re excited by change: entrepreneurs embrace change — and in some cases, even seek it out. In fact, becoming complacent is probably one of their biggest fears and so they seek out new challenges regularly.

4. You don’t make the same mistakes over and over: a good entrepreneur takes full responsibility for past behaviour and is willing to learn from mistakes. They don’t repeat the same actions, hoping for a different result.

5. You know the world doesn’t owe you anything: So the economy is bad — that doesn’t mean anyone owes you anything, least of all a living. Entrepreneurs know this; they know that their success is entirely dependent on their drive, ambition and motivation to do well in their lives and careers.

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So do you feel you have what’s needed to take the plunge and start running your own, or someone else’s, small business? Perhaps you believe you have the mental strength to succeed in your own venture but could do with some more direction by others who have proved they have what it takes to launch and maintain successful businesses of their own?

Then take a look at our Small Business Management Course — it takes you through every aspect of managing a small business and introduces you to successful entrepreneurs and like-minded business people: invaluable resources for seeing to it that you can truly succeed in your own small business. What are you waiting for!

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