By Tej Kohli, a Guest Contributor
If you look at the stories behind the world’s successful entrepreneurs, each is unique in how they overcame obstacles and grew their business. However, there are a few common traits that budding entrepreneurs need to be aware of and learn from to help ensure success in the global market.
Before you embark on an entrepreneurial journey: If you need security and a regular income, a career in entrepreneurship may not be for you. You need to weigh carefully up the short-term risks against your long-term goals of independence and being in control of your own destiny.
Are you able to offer full commitment? An almost obsessive work ethic is needed to ensure success and it is in the DNA of every successful entrepreneur. This means devotion to succeed 365 days a year, 24 hours a day.
Establish what your goals are: Once you have decided to give it your all to make your business a success, you need to define success in terms of goals. Many businesses fail because they fail to establish targets so that the business drifts.
Adapt your plan as you learn: It’s impossible to plan for all outcomes and it’s essential that you regularly review your plans and targets and adapt as necessary. Never be afraid to adjust your plan as you go along. This is very much part of the creative process of the successful entrepreneur.
Understand who you’re up against: No business operates in a vacuum, so it’s essential that you research thoroughly who the competition are and their ambitions, strengths and weaknesses. This will enable you to define your key differentiator—and it is this that needs to be maintained and focused upon as you continue your journey.
Recognise your strengths and weaknesses: Although an entrepreneur needs to be able to multi-task, it is nevertheless important to be able to recognise your strengths and weaknesses. For example, one area that is critical is selling your product or service; the business will fail if you are unable to sell. In this case, a sales specialist will need to be recruited.