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Summary: Starting a business is a challenging task. It requires substantial strength, intelligence, creativity, knowledge, passion, will, and days and nights of intense hard work. Therefore, it would be best to learn from past inventors and imbibe their entrepreneurial traits to become successful business tycoons.
The number of entrepreneurs has been increasing globally in the past few years. It’s a positive sign as the world needs more job creators than job seekers. Recent statistics show that there are 42.5 million SMEs in India that make up 95% of all the industrial units in the country. Another staggering data tells that SMEs do 45% of the entire manufacturing output in the country.
But there’s a catch!
Bureau of Labor Statistics says that about 20% of businesses fail within the first year of being founded. This percentage rises to 30% in the second year, swells to 50% by the fifth year, and inflates to 70% over ten years.
Bloomberg.com says that 8 out of 10 entrepreneurs fail within the first 1.5 years.
So, do you have the required skills to reach the zenith?
Here are the top 4 entrepreneurial traits of innovators that will encourage you to become a leading innovator.
Risk-taking is one of the most significant attributes you will find in entrepreneurs worldwide. The following points show why:
Do you love drinking tea? Tea, more fondly known as “chai,” is a refreshing snack. Preparing a cup of tea is the first thing many people do when they get up in the morning. So, when Nitin Saluja decided to open CHAAYOS, a tea-serving outlet, he didn’t know that he would soon receive blessings from millions of Indians. Today, he is the king of the “Chai-industry” in India and is working relentlessly to expand his chain across the country.
Are you a travel freak? Do you like to make solo trips to exotic locations? If yes, I’m sure that OYO occupies a big room in your heart. Imagine how challenging it would have been for tourists to find an affordable space to stay in had Ritesh Agarwal, founder of OYO, hadn’t dropped out of college to start a budget hotel company?
Finding unique solutions to complex problems is one of the in-demand entrepreneurial traits. Entrepreneurs are famous for coming up with innovative solutions or “Jugaad” to challenging issues. Think about this:
Many Indian villages are still devoid of electricity. So, it gets challenging for rural people to use basic amenities like refrigerators and water filters. M.R. Prajapati, the founder of Mitticool, is revered as a living God by many people for his out-of-the-box ideas and determination to build products for marginalized people. Mitticool is famous for building top-notch products that are inexpensive and eco-friendly. Prajapati used the principle of “jugaad” to turn clay into a building material.
You will find a massive pile of flowers lying inside the sanctum sanctorum and outside the temple’s premises if you visit one. Unfortunately, you will also get to see many people dumping flowers inside rivers and other water bodies. You might have heard the maxim: “Cleanliness is next to Godliness” but it appears as if most of us aren’t concerned about maintaining religious places clean. Ankit Agarwal, the founder of PHOOL, came up with an innovative solution. He assembled a team to collect waste flowers from temples and move them to a cleansing facility. Over there, women would handpick flowers from the pile, clean them using biochemicals, dry them in the sun, and finally roll them into incense sticks. Agarwal’s venture has made a significant impact on the lives of marginalized women by offering them a dignified life. Moreover, this initiative is also helping clean temples and rivers in the city of Kanpur. The company has got several awards and accolades from prestigious institutions and governments for their phenomenal work.
One of the most common entrepreneurial traits is life-long learning that enables innovators to shoot to the top. Recent statistics reveal that most CEOs read about 4-5 books in a month. It helps them know about the most recent inventions and technological breakthroughs in the industry. With modern industry 4.0 solutions, getting a college degree has become redundant. Therefore, learning new skills and sharpening one’s perspective has become vital to remain competitive.
The following points explain why entrepreneurs are called life-long learners:
Entrepreneurs are always keen to learn the financial aspects of a business, such as profit & loss statements, general ledgers, balance & income sheets, Bills of Materials (BOMs), and other financial assets. Sound knowledge of financial markets allows them to turn ideas into profitable businesses.
Effective communication is the art of empathetically conveying thoughts, ideas, and solutions to others. Entrepreneurs have excellent communication skills to create robust and long-lasting relationships with customers, employees, vendors, suppliers, and distributors. They also develop the ability to ask the right questions to the right people at the right time that helps comprehend changing market trends & customer preferences. Effective communication also plays a critical role in the efficient execution of business plans.
Market forces change every second, and companies must develop and implement new tools to enhance their market understanding. For example, factors impacting the supply and demand of their products and services, brainstorming effective strategies to deal with competitors, and global events impacting the industry help get a comprehensive understanding of the market forces at play.
Yes, you heard it right!
Entrepreneurs work day and night to realize their dreams. They are ambitious and leave no stone unturned to achieve what they want. They spend their energy, time, and resources to become experts in their profession and build excellent customer relationships. Let’s see why working hard is one of the essential entrepreneurial traits today:
John isn’t as famous as Bill Gates or Elon Musk, but his achievements surpass those of his rivals. He began as a newspaper courier, then worked as a janitor and a tow truck driver to earn a living. Eventually, John met Paul Mitchell while working in a haircare company. They took a USD 700 and founded John Paul Mitchell Systems, a conglomerate today. Later, he co-founded Patron Spirits and House of Blues Chain. Today, he owns a mind-boggling property worth USD 3.1 billion. He attributes his phenomenal success to many factors, hard work being one of them.
Kevin Plank, the founder of Under Armour, a fitness apparel company, was broke when he began selling his signature t-shirts. So, he invested his life-long savings of USD 20,000 and took an additional USD 40,000 of credit card debt to finance his company. Due to his sheer hard work, he sold USD 17,000 worth of outfits to Georgia Tech University and then made sales to 20+ NFL teams. In a few years, he hired 100+ employees and made more than a million dollars in sales.
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Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.