Successful entrepreneurs understand their own strengths and weaknesses. To be honest, you don’t need to be a perfect person who excels in every avenue of the business world in order to achieve success as a small business owner. It is always possible to compensate for any weak areas. An honest self evaluation is necessary to ascertain strengths and weaknesses. Don’t be overly concerned with the discovery of your weaknesses; everyone has weaknesses. But there are certain qualities that tend to characterize people who are more consistently successful. Some are intrinsic and are not as easily learned or compensated for, others are extrinsic and originate from outside of the individual. Weaknesses in extrinsic qualities are more easily compensated for. Intrinsic qualities are those innate qualities, or characteristics learned early in life, that are more difficult to change or alter without significant intervention from something outside yourself; this something outside yourself could be as simple as introspection and a good reading list of self-help books, or it could be as complex as having to retrain a fundamental way that you have approached life!
Intrinsic Qualities
1.The willingness to make sacrifices is an intrinsic quality. Not all of us were cut from the same mould, and not all of us consider the same things to be essential to life. A small business owner is usually the last person on the list of people to be paid. The bank, vendors, and all employees must all come before you. And it’s been repeated ad nauseum that as a small business owner in start up mode, you will have almost no free time to yourself. Some people cannot tolerate that kind of ambiguity in their lives. If you prefer a solid, regular work schedule and you value your free time, you might not want to consider starting your own business.
2.Common Sense is not the same thing as book smarts. Common sense is more the street smarts that are learned through experience. Successful business owners can anticipate a potential crisis issue, and they understand through life experience how to take preemptive steps to avoid the big mistakes that they’ve likely already made in their lives. Common sense also includes the problem-solving skill set that lets individuals take the steps to resolve a crisis once it has occurred.
3.Interpersonal skills are a must. The entrepreneur has to network to survive in the business world, and this means maintaining cordial business relationships with employees, customers and clients, vendors, lenders, lawyers, and even government officials. Successful small business owners are able to get along with a wide variety of personality types.
4.Optimistic people tend to fare better as entrepreneurs than pessimists do. This is likely due to how optimist tend to frame failure as a learning experience rather than allowing failure to be a major blow to intrinsic self-esteem. This ability to frame failure as a learning experience enables optimists to handle the tough times without wearing themselves down too extensively.
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