A Million Dollar Entrepreneur
A business constantly faces challenges from multiple competitive forces like existing competitors, potential new entrants, shifting consumer demand, availability of resources for your business, and many more. And in times of recession, these become even more intense. In certain situations, the right strategy and a socially appealing purpose fall short of sustaining a business. The only way to overcome these challenging times is if the entrepreneur has the right personality traits. These traits consist of competencies, driving forces(motivators), and behaviors that have been observed to produce the highest degree of performance in an individual and can determine an entrepreneur's success in leading their business in difficult times. Let's understand these personality traits in detail.
Competencies
- Successful entrepreneurs are achievement-oriented. They are motivated to set objectives and take the necessary initiatives to achieve them, despite unfavorable circumstances. They are assertive and lead their teams with courage and confidence.
- Thinking out of the box is another competency of high-performing entrepreneurs. They always find innovative ways to accomplish tasks. They encourage new ideas, concepts, processes, and technologies to solve problems and achieve objectives.
- The best entrepreneurs understand that learning is the foundation of growth and progress. Hence, they invest their time and energy in upgrading their knowledge. They are curious learners who actively seek opportunities to acquire new skills, explore new concepts, and stay updated on current business trends.
- Decision-making is one of the cornerstones of entrepreneurial success. Highly successful entrepreneurs are good decision-makers consistently. But they act decisively only after analyzing all aspects of a situation. They have a knack for asking the right questions to gather the most relevant information for decision-making.
- Futuristic Thinking is a competency that only a few entrepreneurs have. Their ability to envision the future beyond the current situation gives them the leverage to guide their organization in the right direction proactively.
- Great entrepreneurs exhibit high levels of emotional intelligence. They can easily connect with their teams at a deeper level and have sharp eyes for the motivation, abilities, and aspirations of people around them.
- Successful entrepreneurs are exceptional leaders who inspire others to achieve a shared vision. They strive to build trust and nurture an environment for others to become successful. They demonstrate high personal integrity and optimism.
Driving Forces
The motive behind any action determines the quality of its outcome. Following are the top 4 motivations observed in successful entrepreneurs.
- They are very objective and relent in making emotional decisions. They never hesitate to lend a helping hand to someone if they see a purpose behind it, especially if it somehow helps them get to their goals.
- They value practical results. They are skilled at overcoming any barrier to achieving an objective. They carefully utilize every resource at their disposal to accomplish tasks and derive the best possible outcome.
- They enjoy status, recognition, and control over their freedom. They are frank and quite direct in their approach. They are verbally expressive, which makes things transparent within the team.
- They live beyond the boundaries of social norms. They love exploring new ideas, adopting new methods, and challenging the status quo. They are very receptive and motivated by innovation and openness.
Behaviors
Successful business owners tackle business and personal challenges in a way that allows them some leverage. These are the top 4 behavioral patterns noticed in high-performing entrepreneurs.
- They are challengers and possess a strong will to win in a competitive environment. This behavioral trait helps during tough market conditions.
- They have a high sense of urgency to get ahead of the competition. They assertively push their teams to accomplish goals faster. They understand that if urgency is not established, complacency will set in, and it will be challenging to move to the next stage of growth.
- Being an entrepreneur requires being able to wear many hats simultaneously. So, having a versatile personality is key to growth and survival. This trait is beneficial when an entrepreneur faces employee or talent issues.
- In the world of entrepreneurship, 'CHANGE' is the name of the game. Especially in today's VUCA world, CHANGE is happening faster than ever. So, being flexible to adapt to frequent changes is one of the foundational traits of an entrepreneur.