4 Key Traits for what makes a good entrepreneur?

What makes a good entrepreneur? The simplest answer to this is survival. If a business survives, the entrepreneur is deemed successful and good. However, if a business fails, no matter how good your idea is, it will be regarded a failure. The entrepreneurial world is tough and it is brutal when it comes to defining a success or a failure. I believe that the most realistic goal you can have as an entrepreneur is to survive.

Multiple traits make you a good entrepreneur. In this article, we will focus on the 4 large segments that make you a good entrepreneur. These traits or qualities can be separated as:

• Emotional / Psychological Skills which determine how well you handle uncertain situations, unfavourable conversations and difficult outcomes
• Interpersonal skills that define how good you are with people – whether it is customers, sales, or your internal team, investors etc
• Technical Skills about the specific market, product, customer and your solution
• Decision making which is the central skillset that ties everything together – it determines whether your business survives at all

These skills help you become a good entrepreneur but are not comprehensive. You can find the detailed list of qualities of an entrepreneur that takes you through the expected traits of a founder. These will help you mould your approaches and define the right path for your business.

What makes a good entrepreneur PPT?

Now, let’s dig deeper to define what makes a good entrepreneur. It is foolish to think that there’s only one trait that can make you a good entrepreneur. But on a broad scale, you can define these good skills into 4 segments as you can see below. You will find a detailed explanation of the skillset in the following sections.

The presentation – what makes a good entrepreneur will give you an overview of what we are talking about today. There are only 5 slides that give a high-level indication of these skillsets. These skills will appear overwhelming, but you have time to learn these skills. Some of these skills will develop more with time allowing you to grow along with your business idea. Remember, the most important thing is to survive, everything else will find a way to follow you. But make sure that you’re aware of these skills so that you’re prepared for an opportunity when it arises.

Skills that make a good entrepreneur

• Psychological traits – Confidence, vision, perseverance, collaboration etc
• Interpersonal skills – reflecting on communication, explaining vision, convincing investors etc
• Skillset and knowledge – about the domain, market, niche
• Decision Making – perhaps the most important segment of all defining what makes a good entrepreneur

Entrepreneurship is not just about having a groundbreaking idea; it’s about transforming that idea into a profitable venture. But what sets successful entrepreneurs apart from the crowd? In essence, it boils down to a mix of psychological traits, interpersonal skills, specialised knowledge, and decision-making abilities.

Emotional Skills for an Entrepreneur

Resilience tops the list. An entrepreneur must have the fortitude to face setbacks and learn from them. Risk-taking is equally important, as you need the courage to venture out of your comfort zone. A clear vision and self-discipline are essential for long-term success. Having a steadfast belief in your capabilities, even when others doubt you, completes the psychological portfolio.

Interpersonal and Communication skills

Unless you can communicate your idea or vision, the startup is dead. This makes communication skills one of the most important needs from an entrepreneur. Whether you’re pitching to investors or leading a team, your message must be clear. Equally crucial are negotiation skills for securing funding and building partnerships.

Technical skills and market knowledge

This can be everything from technical knowledge to a generic skillset of being an entrepreneur. As a founder, you’ll have to wear multiple hats and learn new skills. You don’t have to be the master of all these skills but must show the ability to learn and implement these ideas quickly. This is where having a great team will help. A good leader or entrepreneur with the ability to work well with a team can have a great chance at success.

Decision-Making

Finally, decision-making skills – there are multiple decisions to take each day. You must ensure that you don’t take forever to take decisions. We must learn to move quickly and forward. We don’t have the luxury of time nor the ability or safety to make many mistakes. We work in a small window of opportunity to make things happen which rates this skill as a key trait to become a good entrepreneur.

References:

https://www.forbes.com/sites/theyec/2020/05/11/six-personality-traits-of-successful-entrepreneurs/