According to the Erasmus+ ProBM 2 European project, there is an increasing number of established enterprises, but less than 40% of those survive the first five years of operation. This happens for many reasons, but this project focuses on the business model’s importance during company creation. However, except for a compelling business model in place, entrepreneurs should also have specific traits for entrepreneurial success.
Core Competencies Entrepreneurs Should Have
There is no such thing as a natural-born entrepreneur, let alone a successful one. Therefore, all entrepreneurs must learn and practise specific skills that will help them in their entrepreneurial ventures. If the opposite were true, it would mean that only a small number of people can become good entrepreneurs, something that reality itself proves false.
There is a series of failed business ventures for nearly every successful business or behind every successful entrepreneur. I know this has an inherent bad ring to it, but every failed business is a lesson learnt for the future. It is through these “lessons” that entrepreneurs hone their skills for entrepreneurial success.
Generally, all entrepreneurs should have these three distinct levels of competencies highlighted below:
- Personal competencies
- Interpersonal competencies
- Business competencies
All entrepreneurs combine a mixture of skills that belong to the above competency levels. As becoming an entrepreneur is a difficult task, possessing or developing many skills to increase your chance to become successful.
What are Some of the Traits for Entrepreneurial Success?
Probably, the majority of you reading along those lines automatically associate creativity with artistic outputs. However, creativity is an essential personal trait that entrepreneurs are good to have. When talking about business, creativity refers to solving problems, creatively or thinking outside the box.
During a business’ lifecycle, entrepreneurs will face multiple challenges requiring to be solved. Creative entrepreneurs can solve those challenges more quickly and more effectively, thus enhancing the business’s growth.
Communication plays a significant part in entrepreneurial success. Business leaders need to be good listeners, good communicators, and to be able to provide feedback in a supportive way. By exhibiting the above qualities, business founders can listen to their customers’ feedback and provide tailored services according to their needs. Furthermore, it can boost employee performance as they can relate with the business on a deeper level based on trust.
Professional networks are a great way to lead your business to success. In business, it is more important who you know, rather than what you know. Based on that, entrepreneurs need to attend conferences, business and social events where they will be visible, and they will make their face known to other businesspeople. Attending those events and participating in them in a meaningful way is sure to increase your contact list, while it can offer you an abundance of opportunities for collaboration.
The above characteristics are only a few of the extensive list of entrepreneurial success traits, and each belongs to a different level of competencies. However, having those skills are not a panacea for business, but it can certainly go a long way.
Becoming an entrepreneur is not, or at least it should be considered something only for a few. Everyone who has a strong will and, of course, the financial backing to engage in entrepreneurship should go for it. No one is a clear-cut entrepreneur, and entrepreneurship is a long learning process that will certainly teach you a lot and hone your skills. Knowing beforehand what are some essential skills will better prepare you for your business venture.