Pastor Welcome Thamsanqa Mlungisi Dlalisa
In this article, together with the subsequent ones, I will zoom strictly into the qualities, traits and attributes of a successful entrepreneur.
In other words, what makes a successful entrepreneur successful? There are clearly some standard qualities and attributes that are common to most if not all successful entrepreneurs. In this article I will list and describe them briefly and in the subsequent articles I will attempt to dig deeper into each in order to learn important lessons. Once we embrace and understand these qualities, we are then on the road to success.
1. They possess a dream
Every successful entrepreneur had a dream. Their dream is often bigger than them. They often see just a portion of their dream happen in their lifetime. The rest of it is shared with family or partners for it to be realised over generations. It unfolds and is achieved over generations. Most of the big brand names evolved and grew over time from generation to generation. The visionary or entrepreneur that started the brand could not see every stage of its development to the end. It is much like a relay race.
This means that an entrepreneur that starts with the concept must never be discouraged. They must understand that they run a lap and hand over to others to run their lap as well.
2. They think long-term
Every successful entrepreneur thinks in the long term. They look at their ideas and concepts over long periods of time. They time in the horizons beyond their lifetime. It is never about putting food on the table. It is about building something that lasts, something that will impact generations. Building foundations, building a brand and legacy are important and far more necessary than making money now. Concepts like integrity, ethics, morality and clean business are crucial. Remember, it is about building something that will last. They also believe in building and developing other leaders, including succession planing.
3. Failure is not failure – don’t give up
An entrepreneur knows that failure is not failure unless you have given up. If you are still determined and moving, you have not failed. Successful entrepreneurs try many times and many times more. I have read that the founder of Kentucky Fried Chicken (KFC) had his recipe rejected 1 000 times before his restaurant became a success. If he stopped trying, there would be no KFC today. KFC has since become a global brand with many franchise outlets being built every day. What I am saying here is that if you have passion, the drive and that conviction about something don’t stop trying. You might stop at the point of breakthrough.
Another story that has inspired me is that of Oprah Winfrey. She was fired from her news reporter gig at a Baltimore news station. Oprah went on to build a successful enterprise following from her daytime talk show “The Oprah Winfrey Show”. Oprah’s net worth is currently valued at several billions of US dollars. If she stopped, there would be Oprah Winfrey Show or even Oprah. Another entrepreneur is Richard Branson. He too tried and failed many times, however he kept on trying.
4. Entrepreneurs take risks
Appetite for risk is very high amongst successful entrepreneurs. They take big risks. They do not mind taking big risks and sacrificing. They understand that big risks lead to big breakthroughs. One of the stories I have read about is how the Shark Tank’s Barbara Corcoran turned a $1,000 loan into a $5 billion-dollar real estate business that she sold for $66-million back in 2001. I have seen people who are very close to me putting down their home as security to get a bank loan. Today they own blocks of town house complexes, shopping malls and several homes.
However, this does not include negligence. Every risk must be calculated and measured, though it may be a significant risk.
5. High level of confidence
Entrepreneurs who have a high level of confidence are able to get the job done even under the most stressful conditions. They understand that big challenges breed big rewards. This is the same mentality that allows successful entrepreneurs to spot an opportunity when most just see a possible challenge. When most focus on the challenge, a successful entrepreneur focuses on the finish line and the end reward.
6. Entrepreneurs love learning
Successful entrepreneurs love new ideas, innovations, trying out new things and learning. They hate old methods but they keep trying out new things. They believe in continuous professional development and learning new things. They understand that Industries constantly change and evolve – only those that are also growing through constant learning will stay ahead. They know that competitors are constantly breathing down their neck trying to surpass them.
Learning does not only mean university studies but watching the news, reading newspapers, listening to the radio and talking to experts including getting yourself life coach or personal mentor.
7. Expert at networking
They always have a large collection of business cards and a huge contact list which they use to build sound relationships. Building value-based relationships that are truly meaningful is what networking is all about – these are the relationships that lead to business opportunities and long-term relationships that are mutually beneficial. They are always networking where there are people. Without effective networking, it is tough to succeed in business these days. This skill is so crucial in entrepreneurship success.
For more information, contact Pastor WTM Dlalisa on 083 395 1165
