Entrepreneur, Managing Director, GeoTechVision
Entrepreneurship seems to be the new buzz word these days and while many are trying to build and contribute to creating an entrepreneurial ecosystem, few entrepreneurs have excelled by turning their ideas into high growth businesses. What is clear is that entrepreneurial success is not automatic but requires hard work, perseverance, commitment, risk taking, creativity and so much more.
Starting a business in the Caribbean comes with its own unique set of challenges. An entrepreneur’s day is filled with new and sometimes unexpected events and situations that challenge one’s problem solving skills, tenacity and one’s will to succeed. If you are contemplating entrepreneurship below is my 11-point checklist of key characteristics of a successful entrepreneur:
Valrie Grant Ambitious – Successful entrepreneurs are driven by ambition. It is like being hard-wired to succeed. They will often have a drive and desire to want to fix a problem and to make the most of any opportunities doing so with unrelenting vigour.
- Focus and goal oriented – Successful entrepreneurs are focused, goal oriented and disciplined. They must have the discipline to plan and follow their road map, and work on achieving their short, medium and long-term goals and objectives. Even when thrown a curve-ball that forces one outside the crease, being focused is required to get back on track as long as the original business objectives remain relevant. Being profitable is always a relevant outcome.
- Creative – Successful entrepreneurs must be able to think of new and innovative ideas and have insights on how to capitalize on new opportunities. They must be willing to be disruptive, instead of just going along with the status quo. They must see what no one else is able to see at the time and have the vision and courage to bring that idea to fruition.
- Calculated risk taker – Successful entrepreneurs are not afraid of taking risks. They take calculated risks where the potential for rewards if/when successful will far outweigh the accumulated losses along the way. Your risk profile cannot be one who at the sight of first losses starts to wonder if what you are doing makes sense. Even when a detour or a risk event occurs, your desire to take calculated risk should not be diminished. You must be prepared to regroup with adjusted risk mitigation strategies and move your business forward.
- Persuasive communicator – A successful entrepreneur must be able to engage new contacts comfortably and articulate compelling arguments grounded in facts. Even if you have the best idea in the world and are unable to sell the idea it can prove challenging for you to succeed.
- Hard worker – Being an entrepreneur is not glamorous, it is hard work. You do not have 9 to 5 work hours. Especially in the startup to growth phase, your workday may start or end anytime with a 24-hour day. Most small business owners are constantly on call and end up working 50 to 60 hours per week. After all, for many startups the business owner is a multitasker and wears several hats at the same time. They are the project manager, marketer, accountant, sales person customer service manager, human resource manager and the list goes on. At the start you will probably work harder than you have in your entire life.
- Lead responsibly – Successful entrepreneurs possess good leadership skills and must lead responsibly. Responsible leaders make business decisions that take the interests of relevant stakeholders (employees, clients, suppliers, the environment and community) into account.
- Willing to sacrifice – Entrepreneurs will inevitably have to make many personal sacrifices. These will range from sleepless nights or even missing some special family occasions. Having an understanding and supportive family and a support system will make this journey a lot easier. You must persevere, be resilient and never give up.
- Not afraid to make mistakes or to fail – An entrepreneur is not afraid to make mistakes or to face failure. In fact, they understand that this is a part of the journey and each mistake and failure is seen as a learning experience. At times a failure may be what kick start a new and very successful venture. Hence failed endeavours are always seen as opportunities to become better and stronger.
- Supported by others: An entrepreneur needs a strong support system in place. Successful entrepreneurs must build – and this take effort, and surround themselves with a network of supportive persons who can help to give advice and guidance, and sometimes to share your grief. But they in turn become your motivator, invigorator and ally.
- Confident. Becoming an entrepreneur comes with a lot of risks, but successful entrepreneurs have confidence in their idea as well as their ability to reach their goals. An entrepreneur goes into every situation with an abundance of confidence. Do not confuse this with being arrogant as being humble is a valuable quality.
I could continue to list many more qualities that make for good entrepreneurs, but I have found the above to be some of the most important. This is not one size fits all, as entrepreneurs have different characteristics but what it shows is that entrepreneurship is not for the faint of heart, but those who are mentally prepared to embrace the many challenges and fight to overcome them – one obstacle after another. As an entrepreneur you embrace your choices because you understand that the sacrifices of today are what will guarantee the successes of tomorrow.
Do you have the mental strength for this journey? An honest answer will determine if you are ready to start the journey towards being a successful entrepreneur. Consult the checklist today!
If you have a question related to this article or just a general question on entrepreneurship, write to us at guyanabusinesswise@gmail.com. Your question may be addressed directly or in our next article.
