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Must-Have Qualities for an Entrepreneur (Part 3)

4. Vision;

An entrepreneur of necessity should be a visionary. You should constantly have your mind seasoned enough to be able to see the future of your business, see the possibilities and opportunities when they come your way. You should be able to see and set achievable goals for your organization/business to take it to the next level, and always be a step ahead of your competition. A business without a vision would always remain stagnant.

 

5. Commitment:

Absolutely anyone can have a good or even great idea. Almost anyone can take steps to implement their ideas. But commitment is a major factor in determining the end of their great ideas. Not everyone has the discipline to follow through. Lack of commitment causes people to give up on their dreams, ideas, or goals. It’s not enough to start something and see the future… You require the discipline to stay and be committed to see success in your ventures.

 

6. Focus:

Focus definitely seems similar to commitment, but the difference I would like to point out here, is about staying in your lane. Focus helps you stay committed to not being the “Jack of all trades”. Sure!  You could thrive in various industries, but your focus helps you manage your attention and timing appropriately.

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Must-have qualities for an Entrepreneur (Part 2)

2. Boldness;

Firstly, taking the choice to own and run a business requires some guts. But it does not end at just starting. As an entrepreneur, you are always expected to be bold. Bold at meetings, in making decisions, providing solutions or whatever your “bossly” duty is at the time. You are always expected to be a “badass” when you are in work mode.

3. Meticulousness;

You attention to detail must always be at its peak. You are expected to see what everyone else has missed out to see. In handling projects or providing products and services, you should always be able to see with the eyes of your clients and even ahead of them.

Sometimes, a meticulous person could be mistaken for being a pessimist, but the necessity of a critical eye cannot be overemphasized.

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Must-have qualities for an Entrepreneur (Part 1)

 

The rate of entrepreneurship in Nigeria, and Africa at large seems to be ever increasing… And truth be told, it is quite commendable. Then again we need to ask ourselves, the reasons people seem to easily venture into business these days. Running a business is not just about attaching “CEO” or “Director” to your name. There is a whole lot of self-investment required, which would definitely determine the life span of your business.

An entrepreneur is a leader, and hence must have certain qualities, values and evident investments in his/her personality, if there truly is a desire to see a business thrive.

Some of these necessary leadership qualities for an entrepreneur include the following;

  1. Passion;

You have got to be passionate about your business and brand. Your passion to what you do is the very foundation of what makes you a master salesman. Ask yourself, “how passionate am I about my business?” Is the passion still the same as it was when you had the idea? Has your passion decreased or increased? Do you still believe you can make a difference with your brand?  Passion is contagious. A boss without passion can never have his/her employees get passionate about their jobs.

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Qualities of a Good Business Partner

Here are some Qualities to look out for in choosing a Business Partner;

  1. Sincerity; this is usually the most challenging quality to find in a partner, and it is however one of the most important qualities needed.
  2. Open mindedness; It is quite important to partner with someone who is open to change and different ideas… As such ideas could help take the business to the next level.
  3. Risk taker; This could almost be similar to be open mindedness, however it is not just enough to welcome an idea, but a totally different game when decisions and steps need to be taken to follow through on an idea or opportunity.
  4. Complimentary; In every form of relationship and partnership, it is necessary for the partners to compliment each other. Look for a partner who you is not easy to relate with, but one is can also make up for your lapses and weaknesses.
  5. Passion; Like I stated in “Laying the Right foundation”, passion is a necessary foundation to start up a business. And hence in working with a partner, you need to be sure that your partner has passion for the aim of the business.
  6. Commitment; This is another vital point, that can only be got from passion. A partner who has passion for the business, is more likely to be commit him or herself to trthe growth and development of the business.
  7. Good communicator; it is one thing to have a knowledge or passion for something, and it is another thing to be able to express or communicate effectively. Communication here may not just have to do with presentations or pitching, but also between you and your partner. You can only successfully work together when, there is healthy and effective communication and understanding.
  8. Team player; it is possible for one to have passion, be a great communicator, and have the above mentioned qualities, but is just not a team player. This could simply be as a result of the person’s previous experiences of working alone on projects.
  9. Self Confidence; An insecure partner will generally be unableto deliver his full potential, when he is not confident of himself. It would also be difficult to have such a person interact with clients
  10. Forward thinker: Every team needs a forward thinker. Someone proactive and always thinking of solutions before the problems come.
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Be Open to Partnership

One way to surely tire out in running a business, is when you feel the need to do everything yourself.  I hear some people say, “I’ll think of bringing in a partner when the profit is big enough to be shared”, and hearing such never ceases to amaze me.  It takes us back to my previous DYBR piece; “Laying the right foundation”, where we addressed the mind-set to have in starting-up a business. If all that concerns you about starting-up a business is the profit, then your thought process on the expansion of your business may be quite limited.

Sometimes, these partnerships do not necessarily have to be the contract signed or conventional partnership. It could actually involve you subcontracting out jobs to a partner with a mutual understanding. However, on fairly large business scales, it is quite advisable to sign MOUs (Memorandum of Understanding) between partners to avoid any form of ambiguity in your transactions and delivery processes. The aim of every form of partnering should be to provide your client utmost satisfaction with your service or goods delivery.

Depending on the kind of business you run, it could be fair enough to start out your business by yourself, and consider getting partners in view of expansion. But my point is, one could actually start working with partners from the very start of the business.  Partnerships give you room to be more productive and innovative with your business. You really do not have to do it all yourself… and sometimes, the best way to get rid of competition is to partner-up!

People often have this fear of their business ideas being stolen by folks they open up to, with the intention of partnering up with. And in such cases, your intended partner, may just become your competitor. But it is always important to note, that as an entrepreneur you are supposed to take risks. And realistically speaking, there is no idea that one could have, that has not already been thought of, or already being implemented somewhere else. So, you see, It is always worth a shot!

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