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What Entrepreneurs Need: Qualities For Business

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Forge Your Wealth is meant for education and entertainment and should not be used for financial advice.

I have previously brought up information about entrepreneurship and the negative aspects of being an entrepreneur. However, I focused mostly on the sacrifices you will have to make to be an entrepreneur. While the details I shared illustrated the struggles of being an entrepreneur, I feel like most people innately believe they are capable of making sacrifices when necessary. Heck, you would not be reading Forge Your Wealth if you did not feel like you could make necessary sacrifices. Unfortunately, entrepreneurship is a very difficult process in which you should only take on if you have a certain set of qualities. In this post I will address more of what entrepreneurs need so you can look at yourself and determine if you have what it takes.

This post is not meant to insult you. Not everyone has what entrepreneurs need. Lack of these qualities has no implication on your value as a person.

Unnatural (Almost Supernatural) Determination

Every entrepreneur I know are among the most determined individuals I have ever met. They have told me about the struggles they had – or have – as a business leader. If you desire to become an entrepreneur, you need to embrace the fact that you will have many bumps. Almost 50% of businesses fail within the first 5 years. Unfortunately, that number may go up in the fallout of the Coronavirus. There are many reasons businesses could close, but a lack of determination can turn these potential reasons into reality. If you want your business to survive, you must have a determination that makes people question your sanity.

A Belief That Money Is Not A Driver But A Goal

No one would mind some more money. Even Bill Gates would feel at least a little happy if you gave him a dollar. However, money should not be the drive to become an entrepreneur. I know some people who started a business with only money in mind. Granted, all but three of them were teenagers or in their early 20’s. The other quality these people have in common is that none of them have a successful business.

Riches should not be the drive for your enterprise. Your enterprise should be driven by a dream or at least idea in which people would support and even pay for because the dream or idea actually makes a contribution to their lives.

The best entrepreneurs need to care more about their contributions to people than the money they will get from said contributions. Entrepreneurs need to focus more on improving their contributions to keep their clients and obtain new ones. You get clients then you get money, not the other way around.

An Enjoyment Of Solitude

There is a difference between solitude and loneliness. Loneliness is the feeling that you are missing out from things in the world. Solitude is where you take in knowledge and observations from around you to improve yourself. Solitude helps you bring out the best in yourself.

That does not mean you should not have friends nor love. In fact, you should. However, you should seek both where they bring out the best in you like you do them.

Self-Confidence

You cannot sell anything without making your customers believe they should part with their hard earned money in exchange for your goods or services. How do you expect to convince others what you do is worthwhile if you cannot convince yourself what you do is worthwhile?

Self-confidence is one of the best characteristics of any salesman. If you have self-confidence, you can sell just about anything.

Decisiveness

An enterprise requires the breath and soul of an entrepreneur. When an entrepreneur stops giving their breath or soul to their enterprise their enterprise is in trouble. You cannot waste your breath or soul being indecisive, especially when your enterprise requires a decision for a fleeting moment.

What entrepreneurs need is the ability to make impactful decisions. If you cannot decide on what you want for dinner, you cannot decide what your enterprise needs.

Competitive Nature

Every enterprise is a contender in a series of games. You cannot win without some competitive nature. Every moment your enterprise exists in a market is one someone else’s enterprise has exposure in the market. Either your enterprise seizes the moment or someone else’s will.

Passion

All of the determination, competitive nature, etc. you have to put in your enterprise requires energy. Lots of it. How do you expect to keep up that energy if you hate your enterprise, or even grow to hate it? You need to either have a passion for your enterprise, or develop it.

Vision

Anyone who has climbed up a summit will tell you that the view at the top is unimaginable. You can try to imagine it, but it will not compare to what you will see at the summit. The same applies to building a successful enterprise. You will not know what life will be like with a successful enterprise until you make it.

The vision you have of what your business can become should drive you to go out and see what your business could actually become. Your vision of the enterprise that will forge your wealth will be the quality you need the most to become an entrepreneur.

Author: Papa Foxtrot

Most of my life I was careful with money and learned where I should invest it. I was very lucky to have parents who taught me financial literacy when I was young. Unfortunately, I am very lucky because many people lack the financial literacy I know. The purpose of Forge Your Wealth is to teach people who are just starting out in life how to obtain their wealth or anyone who just realized they may need to learn more to handle their finances. I currently have a PhD in biochemistry, just started a job in industry (will not disclose where exactly for personal and professional reasons) and am currently married to the love of my life. I am one of the lucky few people in America who graduated with no student debts, my wife was not. Over the series of a little over 3 years we paid for our wedding with no debt and paid off her federal student loans.

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