Five Essential Traits Of Successful Startup Entrepreneurs

India is slowly becoming a hub for startups and micro and small businesses. With over 40 million small and micro businesses registered in India, it’s safe to say that a lot of people dream of being successful entrepreneurs. But who are these successful entrepreneurs? Are they born with a bit of luck, a chance of success, and all the essential entrepreneurial skills.?

Well, yes but also no at the same time, entrepreneurs are not just born but they learn some essential traits which help them in their business journey.

In this blog post, we will talk about some of the key traits of an entrepreneur.

1) Risk-taking

Your success always lies beyond your fears. for any successful business, you need to take risks to make your business stand out from your competition. Not every risk to take will guarantee positive results, sometimes it may fail, but the most common trait among successful business owners is their ability to take risks.

One the famous examples of a risk-taking business owner are non-other than Ratan Tata and Tata Groups. From the launch of Nano to investing in companies like land rover and range rover. The only reason why Starbucks even has a branch in India is because of Tata Group.

Risk-taking

2) Adaptability

Charles Darwins theory of evolution states that the species that survives is the one that is most adaptable to change. Thats also true of business. There are countless examples of big-name players who failed to adapt to changing circumstances whether thats new technology or changing consumer habits and were subsequently overtaken by disrupters of the day.

Adaptability is an essential trait of a business owner If a business is not able to change with time it risks being obsolete. The business plan should be able to sustain the change in policies and other market fluctuations. The latest example of a company being obsolete in a market because of its inability to adapt is that of QuickBooks. Once GST was introduced to the Indian market other accounting software like ProfitBooks, Zoho, etc were able to adapt to this new development, but Quickbooks was unable to adapt to this change. Hence they exited the Indian market in April 2023.

Tho they had a low price, the software was user-friendly, but the company was not able to cater to the market needs, hence they we unsuccessful in the Indian market.

3) Perseverance

Im convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance. Do you know who said that? Arguably the most notable entrepreneur of the last 50 years: Steve Jobs.

It’s easy being a risk taker, but being consistent and perseverant with that effort is an altogether different ball game.

It’s very common for business owners to get tired and give up on their dreams, it’s very easy to have a positive attitude during the start of your business venture, but as things get difficult, it’s very hard to have the same outlook.

If you look into entrepreneurs in history, the only way they were able to be successful in their fields is because of their perseverance alone.

4) Passion

As the famous quote states “Don’t have a dream while you sleep, have a dream which keeps you awake.” If you have passion for what you make, create, or provide, work will not feel like a choice, but like something you which is your ambitious goal.

Passion is an essential trait of a business owner. Once you have the fire of passion in your heart, other things which support this passion come to you like discipline, learning, and development.

5) Creativity

If there is one thing we know Indians for around the world is our creativity. Which we lovingly call Jugard. It’s no surprise that this trait is important for being a successful businessperson.

Creativity not only helps you differentiate your brand from others, but if you are giving a creative solution for a problem, you make yourself irreplaceable. For Eg. Nykaa. This startup is worth 2.3 billion in 2023, and their solution is simply a hub for beauty products.

Before Nykaa, high-end cosmetics and skincare were just restricted to Safor shops. Which do not have outlets countrywide. Nykaa changed the game by bringing these high-end beauty products available to everyone, so today if you buy any cosmetics, your first choice is Nykaa.

Conclusion

A business owner in 2023 is a jack of many traits if not all. These traits mentioned above take time and hard work. These skills should be practiced to be an entrepreneur who has the potential for success. There are other sets of skills to convert that potential into a reality.

Having a good understanding of your accounts is one such skill. Not ever a business owner is an excellent accountant, but with ProfitBooks you can take care of your accounting needs even with minimum accounting knowledge.

ProfitBooks also has a “Forever free” plan for entrepreneurs like you, visit our website and sign in your business today.

FAQs

What does it take to become a successful entrepreneur?

To become a successful entrepreneur, you need to have a combination of skills, including creativity, critical thinking, problem-solving, communication, leadership, and risk-taking.

How do I come up with a business idea?

To come up with a business idea, start by identifying a problem or need in the market that you can solve or fill. You can also look for ways to improve upon existing products or services, or capitalize on emerging trends.

What are the most common mistakes made by entrepreneurs?

Some of the most common mistakes made by entrepreneurs include failing to conduct adequate market research, underestimating the importance of cash flow management, not building a strong team, and being overly optimistic about their business’s potential.

How can I finance my startup?

There are many different ways to get funding for your startups, following are two blogs that will help.
10 funding options to raise startup capital for your business.
Mudra loans- Pradhan mantri mudra yojanan (PMMY) 2023.

How do I measure the success of my business?

The success of a business can be measured in many ways, including revenue growth, profit margins, customer satisfaction ratings, employee retention rates, and market share. It’s important to set clear goals and track progress regularly to ensure that your business is on the path to success