Having a great idea doesn’t mean you’ll have a viable business. And having a viable business doesn’t mean you’re always full of great ideas. Being an entrepreneur takes special qualities that help you triumph in the face of adversity. That allow you to embrace your failures and keep moving forward to create your empire.
Take Elite Daily founder, Gerard Adams. He didn’t always have it easy, even though he sold his online magazine to the Daily Mail for $50 million dollars. It wasn’t all rainbows and unicorns. Because when you look at a successful corporation, (or the man or woman behind that successful corporation), what you’re really seeing is the tip of the iceberg.
You don’t see the years of hardship or hard work behind the scenes. The night after night spent at the office, the sacrifice, rejections and fear. Sean Hopwood, President of online language services provider, Day Translations, knows a thing or two about that. When he first started his company, he ran into problems, had to take out a bank loan and max out his credit cards just to pay his staff.
He had a few sleepless nights and “oh no” moments before getting into his groove and running the successful company he has today. So, what are the most important qualities that all entrepreneurs should have? Find out here.
One quality that separates the “wantrepreneurs” from the entrepreneurs is persistence. The ability to develop a thick skin and carry on in the face of rejection. Actually, according to many specialists, failure is one of the best things that can happen to any entrepreneur. Why? Because when you do something wrong and fall short of your goals, you can learn from your mistakes and come back twice as strong.
Getting turned down as an entrepreneur is pretty much par for the course. Many of the world’s most successful people today had doors slam in their faces on their way to the top. The list of entrepreneurs who faced rejection is long. But to give you a few ideas, includes Michael Bloomberg, Walt Disney, Oprah Winfrey, and even Albert Einstein. Did they skulk back into their caves licking their wounds never to be seen again? No. They persisted, got stronger and kept on going.
Leaving your 9-to-5 and setting up on your own takes a lot of courage. Whatever stage of life you decide to make the leap, there will always be something that makes you doubt your decision. Whether it’s a student debt, a family to feed, a downturn in the economy or change in legislation.
A successful entrepreneur needs to have the courage of his or her convictions. They need to understand that their goal is to lead the pack (not to follow). And that putting themselves out there may create a vacuum of loneliness. They may feel like they have no one to talk to and like giving up a lot of the time.
Says Hopwood: “You have to make the hard decisions. Sometimes it’s not very pleasant, but you have to stick to your guns. Good entrepreneurs see a demand even when it’s not obvious and learn to be comfortable taking risks.”
- Emotional Intelligence
This is one of the most sought-after qualities of HR departments today. As the world becomes increasingly globalized, entrepreneurs must be willing to work with people who come from diverse backgrounds and possess different skillsets. Emotional intelligence, otherwise known as EQ, can be even more important than IQ. Especially when it comes down to seeking investors, who will always consider a strong, diverse management team as a bonus.
A successful entrepreneur will know how to put together a culturally diverse team who can work together to solve problems. They’ll be able to diffuse potential arguments, tap into emotions to use them for the good of the company.
“At Day Translations, our company is propelled by one ingredient in particular, and that’s passion. I’ve learned to harness my emotions and those of my employees to build a dynamic company culture. We value contributions from all, fresh ideas and are always moving forward.”
You don’t need to have a million dollars to start a million-dollar business. And you don’t have to be an experienced entrepreneur to be successful. But showing persistence in the face of adversity, courage to take risks, and emotional intelligence will assure that you’re on the right path.
Christina Comben is Content Manager at translation and medical translation services specialists, Day Translations. Multilingual and qualified to MBA level, Christina is passionate about writing, traveling and continued education.