It is wonderful to be in business, and it guarantees personal freedom and the capability to build up one’s one wealth. But starting and sustaining a successful business is no joke. It takes passion and strength and a lot of resources to make it in business.
And these are however some of the essential competencies or fundamental qualities that every entrepreneur must have to succeed in business. Any business.
Essential qualities required for business success
- Leadership: This is the ability to give directions and motivate others to give their best in any business setup. It is the ability to encourage others to be productive while leading by example and providing the conducive environment for others to work. A leader should be a man of great responsibility and serious disposition to business success; but not one that rules others and behaves like a tyrant.
- A great planner: You must be able to think ahead of others and exhibit great traits of strategic thinking to be a great leader. You must be capable of making short and long-term goals and executing them within deadlines to achieve set objectives to be an excellent leader. Your mental processes must be a step ahead of what others could think, and you must know how to evaluate things to reach set goals.
- Teamwork: You can’t be a leader if there is nobody to lead, and you can’t be a leader when you work in isolation. So you must have and operate by a “we” spirit and not by a “I” spirit. You must be able to get along with people and help them to get along with you. You must be able to put people together for a task and get them to complete it with satisfaction to all. You achieve through the powers of relationship-building.
- Service focus: This is essentially focusing your business strengths to meet the needs of customers and other people with whom you have to do. It is true you have a personal focus as an individual but your business must also have a corporate focus as a public entity. The quality of your service or products must never wane and your prices must remain average to maintain optimum operations.
- Business acumen: Insights, penetration, sharpness, shrewdness, good judgment, intelligence, wisdom and expertise are all personal gifts and abilities every entrepreneur must possess to succeed in business. A complete business acumen is inclusive of all these traits and the ability to manifest them to the delight of others and the achievement of set objectives.
- Communication: What sort of leader would you be if you lack powers of interpersonal communication or have a difficulty expressing yourself clearly in words? You do not have to be an orator to be a good leader, even though great leaders are all great speakers; but you need good communication skills to lead others and manage people effectively.
Other traits include flexibility, adaptability, continuous learning, personal authority and marketing prowess.