What it takes to be a successful entrepreneur an article by Amruta Walambe Pune

Jan. 29, 2013 - PRLog -- How to become a successful entrepreneur? What are the traits that bring success? Is there a formula? Dozens of articles have been written on this, but there is no one-size fit all theory. However, when we peep into lives of great business leaders, we find them sharing some common characteristics. I would like to discuss here a few such qualities and urge you to check whether you possess them.

First of all, I think successful entrepreneurs don't view risk the same way ordinary people do. Risk-taking is an important aspect of entrepreneurial life, and a successful entrepreneur is he who has a strong faith in himself and in his ideas. There will always be detractors, but they are unafraid to fail, to take risks, and aim at tasks that are not easy to accomplish. Nonetheless, while opting for a risk, they don't play like gamblers. Awareness and faith in own ability are key to a successful entrepreneur's unique perspective on risk.

Entrepreneurship demands hard work. Success comes to only those who dares as well as works hard. Ask any successful entrepreneur and they will tell you how much they have to work to start their business or to stay in business, and it's hard work by which they attract luck to themselves. Besides, they act smart. They are passionate with what they do, but know their limitations and stick to their core competencies. They can set clear goals, and plan and organize. Patience and perseverance bring success to their hard work.

Thirdly, I believe that leadership quality is a must for success. An entrepreneur cannot make his company succeed by himself. He has to work through others, and for this he must be able to identify the right people, communicate his vision, instill passion, and generate enthusiasm. A leader needs to earn respect, for which he must nourish a sense of ethics and integrity inside himself. He must set an example to employees, demonstrate positive moral as well as work qualities, and accept responsibility for actions.

And finally I would like to mention about learning. Personally I believe that every entrepreneur should seek to become better. Of course, to be a successful entrepreneur, you don't necessarily need to have a big business degree. In fact, you cannot learn a lot of things in college: how to build a business, make money, how not to be betrayed, how to fail and bounce back, and so on. But it is the real world where you cannot afford to stop learning. It's not an option.

Of course, and the list cannot end here, and there are many other qualities such as ability to adapt to changes, business and industry knowledge, organization and management capabilities, marketing skill, innovative mindset, competitive spirit that are some important aspects of entrepreneurial life. I hereby invite our readers to share their entrepreneurial experience. Your insights would certainly help budding entrepreneurs