Whether you`re out on speaking circuit, working with startups, back in teaching MBAs, or just socializing in a coffee shop. In an entrepreneur`s journey – some question will continuously Madden you!
It might come in different forms. But the essence is the same: “What does it take to be a successful entrepreneur?”
Nechelle Vanias made an implicit clarification. Although, his answer evolved over the years. In his experience, She found himself settling on five traits that are shared virtually by every truly successful entrepreneur she met, observed or studied. The true rock stars are all:
Ability to Endure:
For building a successful startup, Nechelle Vanias mentioned a spirit of determination united with a high pain tolerance is necessary. A person should be willing to learn and insight his/her mistakes – to avoid repetition. Dust yourself off, and move forward with renewed motivation.
Procrastination from others in the form of negative comments such as your baby’s ugly, your business won’t work is likely to come your way. Listen to them and be open to constructive criticism. Sometimes, these repeatedly slamming doors of pessimism in your face can make you wither. But the one who learns to feed off the negativity can actually gain strength from it.
Strong Sense of Passion
A strong sense of purpose and passion is what drives your success. A special trait – passion comes from one of two sources – the topic of the business, or the game of business-building itself.
Importantly, why do you need passion?
Probably, you are going to work too hard, for too long, for too little pay with no guarantee that where passion comes in the way, keeping you motivated by something intrinsic and not money-related.
Personal Financial ‘Runway’
To be an entrepreneur, Nechelle Vanias advised the right personal financial profile to make the leap. This doesn’t mean that only the rich can be entrepreneurs. Unless and until you’ve got the personal financial ‘runway’ (ability to go without a steady paycheck and subsidized benefits) of at least 18 to 24 months (ideally longer), you might hold off on quitting your day job.
It`s better to initiate the journey of your startup as a side-business. If possible, continuing to work the 8-to-5 shift to cover the bills. Or approach your boss about going part-time. Once your business generating cash flow, you can dial back on your hours, or submit your resignation and go full-time with your startup.
Sense of Self-Possession
A strong sense of self is required to you. Involving yourself with talented, driven people will never threaten you. Your self-confidence encourages your surroundings – attract proficient people implicate skills, background and domain knowledge that completes you. Ego is another detriment factor found by Nechelle Vanias that outweighs your ability to interact socially: Make sure you won’t mind preparing to make coffee for the team, empty the waste baskets, or do the bank runs.
Frequent Decision Making
Developing a comfort-level with uncertainty and ambiguity is essential especially for entrepreneurs. They should be competent enough to make frequent decisions and take decisive action on the fly, in spite of following the attitude of chronic uncertainty and rarely if ever having adequate information. In today`s rapid-growth online businesses, we don’t have the luxury of time, nor do we have the luxury of adequate decision-support information. If you cherry-pick to wait for information and simultaneously take steps – you will be merely indecisive.