Being an entrepreneur in the current world means a person who has the blend of clear vision, value for ethics and who can think forward. Success is an outcome for entrepreneurs who are willing to give all that it takes to build a startup and sustain in the market for a long time. As every success comes with its own set of prerequisites we have listed below the few traits that will lead to the success of an entrepreneur.
Knowledge of existing product/service
Thorough market research of existing products/services gives a knowhow of the existing competition. This gives an insight of the strengths and weaknesses in them. Apart from that it provides an opportunity to introspect and to find new ways to fulfill the vacuum in the need to be met. This in turn helps to improvise and to create an edge in one’s product/service and market the same.
Knowledge of evolving technology helps while designing one for the market. Has anything come to the market which might save time, effort and manpower would be the question
Being wise with money
Cash flow is not constant all through the year. Hence finances have to be spent after careful planning. Economy has to be balanced well in good and bad times. Hence some part of the cash is always kept as reserve cash to see through rough times.
Market is huge. It is not always possible to target the entire market. Selecting the potential market to which the product/service is catered and being successful with the selected customers gives morale boost to venture further.
Being Flexible /Adaptable
Being flexible or adaptable is a sure thing of survival. In current business world things are changing at a faster rate, it is either to adapt or pave way for new ones. Customer feedback needs to be acknowledged and considered. If changes are to be done, it certainly has to be given a thought. At the end of the day it is these customers who make business a success or a failure.
Embrace the change
Change is the only certain thing. Readiness to accept the change and adapt is the need of the time. This makes a huge difference in the current world of business.
With these characteristics, one can be sure to stay ahead in the startup world and leave a mark that will be looked upon by every aspiring business person.
— Team SoS