By: Natalie Zweig
Entrepreneurs need certain qualities to be successful. Of course, this isn’t always the case. It’s possible to lack some of these qualities and still run a successful business. However, these qualities make entrepreneurs more likely to succeed in business and in life. Some people are born with these qualities, others must learn them throughout their life. Either way it’s important to find these qualities within yourself and grow on them. Most startups fail, leveraging these qualities can help any type of startup succeed. Other tips for startup founders and help getting started can be found here.
Here are the 6 qualities every entrepreneur needs:
Self discipline is the most important quality for finding success. Oxford dictionary defines this as the ability to control one's feelings and overcome one's weaknesses; the ability to pursue what one thinks is right despite temptations to abandon it. Startup founders must be able to make rational decisions on a daily basis and push themselves to work continuously no matter the circumstances. You can improve on this trait by removing distractions, breaking habits, and thinking forward. You must be able to move past failure and continue towards success.
As startup founders build their business and their network, it’s important to earn trust. Loyalty can make or break your business. No one wants to get into business with a shady startup founder. The best way to keep up your reputation is by practicing integrity in everything you do. People who trust you are much more likely to be investors, customers, partners, and co-founders.
Starting a business comes with many challenges. It’s important to keep your head up and keep working towards your goals. Tasks often take much longer than expected, especially in the beginning, so remember that even if you can’t see the progress, things are moving forward and all the time you are putting in is making a difference in the long run. Harvard Business Review found that the average age of a successful startup founder is 45. The media often highlights young founders such as Mark Zuckerburg, however most startups take years of patience and practice. Others may face challenges and give up, you can stand out through your persistence. Don’t give up, you got this.
You must have a plan for your startup. Most startup founders focus too much on the short term and not enough on the long term. Successful startup founders set clear targets and goals and stick to their plan as much as possible. Try not to let short term problems cloud your judgement. Solve the small problems quickly and effectively and move on to the bigger challenges coming in the future. Set a clear direction and your team will follow.
Startup founders run into many problems and must be willing to tackle them effectively and in a timely manner. The most important trait is to be willing to try. Successful startup founders are action-oriented, this helps them move forward towards success. Looking for help? Improving business acumen skills can improve your problem solving.
6. Don’t be afraid to ask for help
Entrepreneurs need to leverage their connections. It’s important to have your own strong qualities and skills, but it’s just as important to build connections, work with others and gain knowledge from connections. Networking is essential to having a successful startup. You may not have all the tools for a successful startup, but with the help of others you can get there. Your connections may possess what you are missing. Maybe you lack software skills, in that case, MassLight may be able to help.
Do you want to build a successful startup? Consider using MassLight for all your technical efforts. We build software for early stage startups solely in exchange for equity. Learn more about our build for equity program or contact us directly.