Entrepreneurship

I always think about “which qualities will make an entrepreneur successful?'”. I tried to list few qualities which I think are essential.

1. Persistence: This is one of the most important characteristics. Many people think passion is more important but I give importance to persistence. Passion can motivate you to pursue things of your interest but if you want to be a successful entrepreneur then you have to be persistent with boring and least interesting things. These background tasks can make or break a business. You may have a great idea and a nice product but in today’s business world regulations, administrative functions and paperwork is equally important. Just your passion will not help you get through these hurdles, but if you are persistent enough then you will.
2. Spontaneity: Today’s world does not wait. If you don’t act now then your chance to grab an opportunity is gone. World is becoming extremely competitive. Internet has opened doors to many entrepreneurs and everyone is looking for that next big thing. So if you do not act right now, then you should just forget about catching up.
3. Vision: This quality is recognized by almost everyone. Unless you know where you are heading, you cannot take correct decisions and identify strategy to reach your target. Vision is pivot on which your wheel of business is going to revolve. Connecting the dots (As Steve Jobs says) is important and again web provides easy access to these dots. But presence of vision is critical in identifying these dots.
4. Resourceful: Gone are days where entrepreneurs could survive by being an expert in a particular field. Today, world demands networked and resourceful managers who can make things happen. Internet has played a major role in this. Knowledge is available more easily than ever before and hence people who are resourceful can catch up with the extremely knowledgeable.
5. Flexible: Days of ego are gone. Today you have to be extremely flexible. Accept partnerships and co-operate even with your rivals. Those who resist this either shut down their business or remain a small insignificant company.

There are many other attributes I can think of, but those are all related to one or more of these attributes. Again, having all these attributes does not guarantee success. This unpredictability makes entrepreneurship such an exciting adventure.

“Stay hungry, Stay foolish”- Steve Jobs.

Signing off

Nikhil Parchure