Millions of successful businesses will have started with a single idea from a talented individual. This person will have used their skill, insight and knowledge along with immense amounts of dedication and hard work to transform the idea from a simple concept to a fully realized business venture. In business terms, these individuals are known as entrepreneurs. Many people will be aware of some of the most successful entrepreneurs. In America, Elon Musk is one of the world’s wealthiest private individuals and he has built incredible business success in the fields of automotive development and, more recently, space exploration. In the UK, entrepreneurs such as Richard Branson and Anita Roddick started small businesses at an early age, before transforming them into multi-million dollar enterprises that employ thousands of people. Their success has led to increased wealth generation for their staff and has demonstrated how drive and determination can result in significant success in the field of business. Whilst all entrepreneurs may look different and have varying attitudes, values and beliefs, they all tend to share some key traits when it comes to business. In this article, three distinct traits that are shared by many of the world’s top entrepreneurs will be explored in detail.
An instinct for when to buy and sell
It is a fact that the best entrepreneurs have a well-developed business mindset. Their instincts and business acumen play a key role in making high-level decisions that will affect the course of any business. One of the key traits to possess is knowing when to buy and when to sell. This can be in terms of getting the best prices for raw materials (often by using keen negotiation skills and having access to the latest industry-specific information) and knowing the correct sales strategies for their company’s products and services. On a larger scale, many established entrepreneurs will have cultivated business empires that encompass multiple business interests. During the life and development of a business, there may be an ideal opportunity to sell the concern to raise capital for other ventures. In these circumstances, entrepreneurs commonly seek the services of intermediary companies to assist with selling to a recognized buyer. Companies such as Poe Group Advisors specialize in this field of business and are a vital source of assistance when either buying or selling firms. In short, having a highly developed instinct for when to buy and sell is a key trait that is shared by many successful entrepreneurs.
The ability to lead
Almost without exception, the greatest entrepreneurs are also exceptional leaders. Leading by example in business is a key way to motivate others and this can be achieved by demonstrating a hard-working ethic and by being able to listen effectively as well as delegating tasks to others that allow their own personal development. The best leaders will be able to inspire their workforce to work more productively and intelligently. They should also be approachable and visible in any business so that they can act as mentors to other staff members and guide them in their own career journeys. There are many key traits that combine to allow an entrepreneur to also act as a successful leader and you can read more about this by clicking here.
One of the most important traits of any successful entrepreneur is being able to draw upon high levels of determination. This trait is required in many different areas of business, including effectively negotiating with other stakeholders and clients to close important deals. In the early stages of a business, it is incredibly important to use determination to drive the long hours and high levels of effort that are required to get a business functioning effectively and products ready for sale. Determination also helps the entrepreneur to make difficult business decisions and to “weather the storm” when there are unfavorable economic conditions or challenges in the business environment.
Jeena Alfredo is a passionate digital marketer at The Business Goals. She is working with other companies to help them manage the relationship with The Business Goals for the publications.