6Ds of Successful Entrepreneurs
“Everyone can be an entrepreneur. But, not everyone can be a big, successful entrepreneur.”
That was what my business mentor Bo Sanchez said in a webinar he had last February.
“Some do not have the wiring to be on top of a company. Some are wired to give a supporting role,” he explains.
I agree with him. I believe that not everyone is shaped to be business owners. To be a successful business owner or entrepreneur, there are certain qualities that one must possess.
Let me share the 6 important qualities that successful entrepreneurs possess as enumerated by Bo Sanchez during his webinar.
He said that drive is a fuel. It burns inside the entrepreneur. It can come from 3 possible sources: dream (for the future), delight or despair (pain). He says that drive is more important than the dream. Because without drive, nothing would happen to your dream.
My drive in doing business is to maintain (at the least) or improve the kind of lifestyle that my family has right now. I want to continue being hands-on with my children while contributing to the family income. My other drive is to help my family of origin. Lastly, I want to earn big enough to support ministries and churches.
What sets the successful entrepreneurs from the rest is that that are implementors. They have a bias for action. They execute. They start/launch products. Action is what sets a dreamer from the doer. Successful entrepreneurs are not afraid to take action or calculated risks.
I am definitely a doer. I have a bias for action and it gives me so much happiness whenever I accomplish the things that I envisioned and planned to do. I like making new products. Writing new books excites me. Designing new programs for my clients to solve their problems or concerns energizes me.
Bo says that most of the time, being an entrepreneur is hard. But an entrepreneur has to stick to the game and finish even as he faces many difficulties.
This is so true. There are days when I don’t feel like working. But I don’t have a boss to remind me or nag me regarding my deliverables. I need to be self-disciplined to stick to my tasks even when no one is monitoring me or checking on my progress.
A successful entrepreneur has an appetite for reasonable risks. That is why some people prefer to be employees because they are afraid of taking risks. Imagine, to be an entrepreneur means around 90% of what you will do will not work.Can you live with that? Do you have the tenacity to keep on going even when you experience failure after failure? Will you keep going and trying even if you do not earn money during your first year of business? Because that’s the reality. Businesses do not earn profit right away.
That’s why I believe that entrepreneurship is not for the faint of heart. It takes a lot of guts and courage to make a leap of faith as you do business. The greater the risks, the greater are the possible gains.
Successful entrepreneurs have a devotion to their customers. They do crazy things to please their customers. They love their customers and they are willing to go the extra mile to serve them. Do you have this kind of customer-orientation and devotion?
I read in the book Raving Fans that it’s not enough anymore that we satisfy our customers because everyone else is doing the same thing. What would set us apart from the competition is if we turn our customers into raving fans.
A successful entrepreneur is always innovating, learning and growing. He/she keeps on finding ways to do things better.
I agree with this. If an entrepreneur stops innovating or improving their products or services, their competition will eventually overtake them or their market will no longer find them relevant at a certain point.
The last advice shared on the webinar is this:
“Don’t start a business. Solve a problem.”
I have been doing business for several years now, but I still joined the webinar because I wanted to keep on learning. I’m so glad I watched the webinar because I felt affirmed that I have the qualities of becoming a successful entrepreneur. I’m also happy that my business was created to solve the problems of my target market. It gives me much joy and fulfillment every time I help parents to grow and become better at balancing work and their other priorities. I feel happy every time I help companies improve their employees’ performance and productivity or every time I help companies build better company cultures and policies. I have not yet reached some of my business goals, but I am delighted that I am on the right track!
Are you thinking of becoming an entrepreneur also? Do you have these qualities in you?
Being an entrepreneur can help one become a more hands-on parent because you can decide when to work and when to allocate time for family. If you need help or coaching on how to work smarter either as a professional or business owner, I invite you to check out my iHOPE Coaching Program or other coaching packages.
If you missed this webinar by Bo Sanchez, you can still watch the replay here.
Do you want to know more about starting a business and find out what is the right business for you? You may learn more about entrepreneurship through our video talk iHOPE through Entrepreneurship. You can download or watch this video for only P500. Click here.