Some successful entrepreneurs are born and others have simply learned how to exploit their strengths to their advantage.
Whether you’re a natural or had to figure out how develop an entrepreneurial mindset, there are some key competencies that successful entrepreneurs have in common. Personal and professional development go hand in hand.
Fortitude and Focus
Entrepreneurship is not for the faint at heart. An individual needs to keep their eye on the end game and move past (sometimes heartbreaking) failures and mistakes because they know their purpose is bigger than themselves. Resilience comes from experience. Learning from mistakes, embracing change and having the tenacity to see things through. Fear and failure are consistently replaced with courage and confidence.
No man is an island, and real traction requires collaboration and delegation. Knowing the extent of your knowledge, skill and focus allows you to plug others into the gaps. A collaborative mindset engages and incorporates the strengths of others for the benefit of the business and its clients. Effective delegation increases efficiency, redirects your focus on vision, and leverages time and effort in executing that vision.
Entrepreneurs are solely accountable for the decisions they make. With so many moving parts involved in running a business, mitigating risks is a critical skill. Knowing when, how and where to shift could be game changing. Move too soon and you could be unprepared, move too late and you could miss an opportunity. Timing is everything and successful entrepreneurs understand that. They know the right amount of due diligence helps them make informed decisions and informed decisions help mitigate risks.
You don’t have to be an audacious speaker, but you do have to be able to inspire people enough to see, understand, and engage in your vision. Transparency and candidness are fundamental elements in your speak. You have to be able to clearly convey your ideas, motivate staff, effectively pitch investors, and instill confidence from stakeholders. Speak the language of your industry and market. Know when to hire a copywriter, how to give a moving speech, and how to express your passion with authenticity.
Use Knowledge as a Competitive Advantage
Relevant knowledge helps you ascertain what and when to expand, what to stop and cancel, and what to change. Tone down weaknesses by acquiring basic knowledge in unfamiliar areas. Use the experience of others (mentors, advisors, colleagues, etc.) to enhance and expand your knowledge base. A functional support system could serve as the blanket you need to cover knowledge gaps.
Progressive and Forward-Thinking
Entrepreneurs cultivate their intuition by opening their minds to new ideas, change, and innovation. They know status quo and complacency can kill a business. Trends are balanced with an established vision and robust purpose to meet changing needs of clients and the market. Breaking through boundaries with creative solutions is a forethought because they can predict, with a certain degree of accuracy, what’s coming ahead.