Small Business Tips
4 Qualities That Make For a Great Entrepreneur
What makes a great entrepreneur? That may very well depend on a number of factors, ranging from their field of expertise to their personality. Nevertheless, there are a few qualities that any business owner can benefit from.
These qualities, both learned and naturally obtained, enable owners to not only better themselves but also improve their businesses. With that in mind, here are four qualities that all entrepreneurs should strive to emulate.
Frugal
Admittedly frugality might not be the first aspect that comes to mind when you consider of what makes a strong entrepreneur. However, when you’re running your own business, your ability to cut costs and prioritize expenses could actually make or break your company. While you don’t want to cut corners that compromise your product quality, the service you provide your customers, or the safety of your employees just to save money, looking for ways to increase efficiency and make your capital go further is a habit all entrepreneurs should adopt.
Decisive
On any given day, there could be dozens of decisions that a leader and entrepreneur will need to make. Sure some will involve minute details that may not make a big impact one way or another while others could severely affect your business for better or worse. That’s why a good business owner is able to consider many different sides of an issue and lay out a plan to move forward. Additionally, while some decisions may require more time than others, being able to arrive at conclusions in a reasonable amount of time will prevent a “log jam” while your business awaits your insight.
Collaborative
Just because a good leader is one that can make solid decisions when needed doesn’t mean they need to be the one coming up with all of the ideas every time. In fact being able to work well with others, collaborate, and develop ideas together can be the mark of a truly great entrepreneur. Backblaze’s CEO Gleb Budman recently wrote an intersting post about the process they used to develop the idea for their first product. By being open to suggestions and letting the best idea win — no matter who it came from — your business will benefit tremendously.
Motivated
Finally, there’s a certain drive that all great entrepreneurs have that not only keeps them focused on what’s best for their business but also allows them to stay personally motivated even in tough times. In addition to keeping yourself motivated to continue your grind and make your company the best it can be, it’s also important to maintain positive morale amongst your team and keep them motivated to push through the obstacles all startups face. Of course, no matter how driven you are, there may be times when you’ll feel like you’re in a slump. To combat this, consider instating or referring to a company mission statement that will remind you of why you started your business and perhaps provide you inspiration for how to move forward.
There are many aspects that ultimately make for a great entrepreneur. From work ethic to ability, every business owner will have their set of strengths and weaknesses that may help or hinder them. That said, if entrepreneurs can learn to be frugal, decisive, collaborative, and motived, chances are they’ll be able to go a long way.
